On its website, Yes Bank announced that it has raised the penalty for premature withdrawals of fixed deposits.
In a statement on its website, Yes Bank said the new higher penalty amount will take effect on August 8 of this year.
A new rate of penalty for premature withdrawals of Yes Bank FDs was recently notified on the bank's website.
Yes Bank will charge investors a 0.50 per cent penalty for tenures shorter than 181 days, up from 0.25 per cent previously.
Yes Bank FD premature withdrawal penalties are as follows:
For FDs with a tenure of 182 days or more, Yes Bank will charge a penalty of 0.75 percent, up from 0.50 percent previously.
Yes Bank FD premature withdrawal penalties are as follows:
As a result, these rates are not applicable to senior citizens since Yes Bank does not charge a penalty for senior citizen FD withdrawals.
Yes Bank FD premature withdrawal penalties are as follows:
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Notes on Yes Bank Premature FD Withdrawals:
The customer will not receive interest if the FD is prematurely withdrawn. No interest is earned on NRE deposits. Yes Bank also does not charge premature closure fees.
Each individual and non-individual customer who opens a fixed deposit with Yes Bank will be subject to a premature penalty at the abovementioned rates.
Customers who booked or renewed their fixed deposits between July 5, 2019 and May 15, this year will also be subject to a premature withdrawal penalty as per the abovementioned rates.
However, people aged 65 and older who book or renew a fixed deposit at the bank on or after May 16 will not be charged a premature penalty.
FDs purchased between July 5, 2019, and May 9, 2021, must be prematurely withdrawn. Employees who book or renew FDs after May 21 will not be penalized.
According to Yes Bank's website, both partial and full withdrawals of FDs will be subject to a penalty interest charge.
A penalty for premature withdrawal is not applicable to FCNR and RFC deposits. All tenures and value buckets over Rs 5 crore will be subject to a 0.25 percent penalty.