Yes Bank has hiked the fee for premature withdrawal from fixed deposits. The higher penalty amount will come into effect from August 8, 2022, according to Yes Bank website.
From August 8, these will be the applicable penalty amount:
If tenure of FD (Completed) is less than equal to 181 days, the penalty charged will be 0.50% (up from 0.25%).
If tenure is 182 days and above, the penalty charged will be 0.75% (up from 0.50%). Note that Yes Bank does not impose a premature penalty on its senior citizen customers.
According to Yes Bank website, these are key points to note
- If the Customer prematurely withdraws the deposit, the interest rate prevailing at the date of deposit, for the period for which deposit was with the Bank shall be payable. In case of Domestic & NRO deposits no interest will be paid if the deposit is prematurely withdrawn within 7 days of the date of booking. In case of NRE/FCNR deposit no interest will be paid if the NRE/FCNR Deposit is prematurely withdrawn before the completion of 1 year from the date of booking.
- Premature penalty will be applicable for all individual & non-individual customers.
- 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.