Yes Bank Revises Penalty Charges On Premature Withdrawal of FDs: Check Details

Yes Bank, a private sector lender, has revised penalty charges for premature withdrawals from fixed deposits. The new charges will take effect on May 16, 2022, according to the bank's official website. Previously, there were no penalty charges for fixed deposits with a term of less than 181 days, but now investors will be charged 0.25 per cent. Penalty charges on fixed deposits with a term of 182 days or more have remained constant at 0.50 per cent. Customers who are above the age of 65, however, are exempt from the premature penalty.

Penalty structure for fixed deposits with value less than INR 5 Cr

Key takeaways on premature penalty according to the official website of Yes Bank

• Premature penalty will be applicable for all types of customers. (eg: Individual, Non-Individual, Senior Citizen, Staff etc.).
• Premature penalty will be applicable as per above regime for YES BANK staff who booked/renewed FD's for period 5th July 19 till 9th May 21. Nil premature penalty will be applicable for YES BANK staff FD booked/renewed on and after 10th May 21.
• Premature penalty will be applicable as per above regime for Senior Citizen customers who booked/renewed FD's for period 5th July 19 till 15th May 22. Nil premature penalty will be applicable for Senior Citizen FD booked/renewed on and after 16th May 22.
• Premature FD withdrawal penalty interest will be charged for partial as well as full withdrawal.
• Penalty for premature withdrawal is not applicable on FCNR and RFC deposits.
• For values more than or equal to INR 5 Crs, existing penalty structure shall continue at 0.25% for all tenure & value buckets.

Yes Bank FD Rates

Yes Bank is providing the interest rates indicated below on fixed deposits of less than Rs 2 crore as of January 4, 2022.