Yes Bank does not impose any penalty on senior citizens for FD withdrawal, so the new rules will not apply to them.
Yes Bank has brought a new rule on FD. According to the new rule of Yes Bank, now the bank has increased the penalty for breaking the FD prematurely. The new rules will be applicable from the coming August 8. Yes Bank has increased the penalty by 0.25 percent. However, the increased rates will not be applicable for senior citizens, as Yes Bank currently does not impose any penalty on senior citizens for FD withdrawals.
For a period less than or equal to 181 days, Yes Bank will levy a penalty of 0.50 per cent from investors as against 0.25 per cent earlier. Yes Bank will levy a penalty of 0.75 per cent for premature FD withdrawals for a period of 182 days and above as against 0.50 per cent earlier. The penalty at the above rates will be applicable for all individual and non-individual customers who are in Yes Bank Open fixed deposit.
If this happens then interest will not be available on FD
If a person breaks his FD within seven days of making the deposit, then the bank will not pay any interest on the deposit amount. Also, for closing the NRE deposit before the completion of 12 months, no interest is paid by the bank and neither will the premature closure charge be applicable.
Yes Bank employees who have booked or renewed FD for the period 5th July 2019 to 9th May 2021 will have to pay premature FD withdrawal penalty at the above rates. At the same time, no premature penalty will be levied on the employees of the bank for FDs booked or renewed on and after 10 May 21.
Yes Bank has stated on its website that 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. The existing penalty structure for value greater than or equal to Rs 5 crore will continue at 0.25 per cent for all tenures and value buckets. That is, there has been no change in it.
