The new higher penalty amount will come into effect from August 8 this year, Yes Bank has said on its website.
Yes Bank Fixed Deposit: Private lender Yes Bank has hiked the penalty for premature withdrawal of fixed deposits, it has said on its website. The new higher penalty amount will come into effect from August 8 this year, Yes Bank has said on its website. The bank has recently notified the changes on its website and specified the fresh rates of penalty applicable for premature Yes Bank FD withdrawal.
Here are the penalty charges for Yes Bank FD premature withdrawal:
For tenures less than or equal to 181 days, Yes Bank will charge a 0.50 per cent penalty from investors, up from the earlier 0.25 per cent. For tenures of 182 days and above, Yes Bank will charge a penalty of 0.75 per cent, up from the earlier 0.50 per cent, for premature FD withdrawal. It must be noted in this regard that these rates are not applicable for senior citizens as Yes Bank does not charge a penalty for senior citizen FD withdrawal at the moment.
Key Things to Note on Yes Bank Premature FD Withdrawal:
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- 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.
