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HomeBusinessFinanceYes Bank revises interest rates on NRE deposits: Details here

Yes Bank revises interest rates on NRE deposits: Details here

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For non-resident external (NRE) deposits below 2 crore, the private sector lender Yes Bank has modified its interest rates. According to the bank’s official website, the new rates take effect on October 3, 2022. Following the modification, the bank is now permitting NRE deposits at a maximum interest rate of 7.50%.

Yes Bank NRE deposits

The bank is now paying an interest rate of 7.25% on NRE deposits maturing in one year to less than 18 months, while Yes Bank will give a maximum interest rate of 7.50% on deposits maturing in 18 months to 24 months. The interest rate on NRE deposits maturing in 24 months to 10 years has adjusted to 7.25%. When withdrawing FCNR, NRE, and RFC FDs before the completion of the 12-month term has completed, no interest is payable; nevertheless, NRE and NRO FDs are excluded from the senior citizen-friendly interest rate. Yes Bank says that interest rates for monthly interest payout will be discounted based on prevailing rates and if the Customer prematurely withdraws the deposit, the interest rate prevailing at the date of deposit, for the period for which the deposit was with the bank shall be payable.

Yes Bank NRE deposits

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Yes Bank NRE deposits (yesbank.in)

Yes Bank NRE RD Rates

On October 3rd, Yes Bank also updated the rates for NRE recurring deposits. The bank is now offering an interest rate of 7.25% on NRE RDs maturing in 12 to 15 months, while Yes Bank is now providing an interest rate of 7.50% on NRE RDs maturing in 18 to 21 months. Yes Bank is now giving an interest rate of 7.25% on NRE deposits maturing in 24 months to 10 years.

Yes Bank NRE RD Rates

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Yes Bank NRE RD Rates (yesbank.in)

According to Yes Bank, no interest is payable if NRE RD is withdrawn before the completion of 12 months. The minimum tenure is 12 months, and there are multiples of 3 months after that, up to a maximum tenure of 10 years. The minimum monthly installment is 1,000 rupees at Yes Bank.

All customer categories (e.g., Individual, Non-Individual, Senior Citizen, Staff, etc.) will be subject to premature penalty. Premature FD withdrawal penalty interest will be imposed for both partial and complete withdrawals, depending on the kind of withdrawal. Yes Bank levies a 0.50% penalty on deposits with a term of less than or equal to181 days and a 0.75% premature penalty on fixed deposits with a term of 182 days or more.

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