Yes Bank Customers ALERT! Bank Hikes Penalty Rates On Premature Withdrawal Of Fixed Deposits

Yes Bank Fixed Deposit: Private bank Yes Bank has increased the penalty charges for premature withdrawal of fixed deposits. The new penalty charges will come into effect from August 8, according to the lender’s website. The lender raised penalty rates for premature withdrawal of fixed deposits booked for a period of less than or equal to 181 days by 25 basis point from 0.25 per cent to 0.50 per cent. Meanwhile, the penalty charges for premature discontinuation or withdrawal of fixed deposits booked for a period of 182 days and above have been hiked by 25 basis points, from 0.50 per cent to 0.75 per cent. Senior citizens customers will not be subject to this premature penalty.Also Read – Fixed Deposits With Punjab National Bank Getting More Interest | Check New Interest Rates Here

“Premature withdrawal penalty shall be applicable on all deposits booked / renewed for amount less than INR 5 Crore as per the below table,” according to Yes Bank’s website. Also Read – Yes Bank Floating Rate FD Launched! Customers To Get Dynamic Interest Rates On Fixed Deposits | Deets Inside

Key Points on Yes Bank Premature FD Withdrawal

  • If a customer prematurely withdraws his or her FD within the period of seven days from the date of deposit, Yes Bank will not pay any interest on that deposit, the lender says on its website. Further, the bank does not pay any interest in case NRE Deposit is closed prior to completion of 12 months tenure. Premature closure charges are also not applicable in such cases, Yes Bank said on its website.
  • Premature penalty at the abovementioned rates will be applicable for all individual and non-individual customers who open a fixed deposit at Yes Bank.
  • Premature FD withdrawal penalty will also be applicable as per the abovementioned rates for senior citizen customers who booked or renewed their fixed deposits between July 5, 2019 to May 15 this year. However, yes Bank will not charge any premature penalty in case of senior citizen fixed deposits booked or renewed on and after May 16 this year.
  • Yes Bank employees who booked or renewed FD’s for the period July 5, 2019 till May 9, 2021 will have to pay the premature FDs withdrawal fine at the abovementioned rates. On the other hand, no premature penalty will be applicable for employees of the bank for FDs booked or renewed on and after 10th May 21.
  • Premature FD withdrawal penalty interest will be charged for partial as well as full withdrawal, Yes Bank has said on its website. “Penalty for premature withdrawal is not applicable on FCNR and RFC deposits. For values more than or equal to Rs 5 crore, existing penalty structure shall continue at 0.25 per cent for all tenure and value buckets.
  • Further, you will submit a FD premature closure request on the following day, that is, the day after an FD is booked at Yes Bank.

Also Read – Top 7 Private Banks Offer 6% To 7% Interest Rate On Fixed Deposits For Senior Citizens | Full List Here

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