Yes Bank, a prominent financial institution, offers a wide range of financial products and services tailored to diverse customer needs. Among its offerings, the Yes Bank recurring deposit stands out as a highly sought-after financial service.

This scheme aims to facilitate individuals in saving more and securing their financial future. The minimum tenure for a Yes Bank RD is 6 months, extending up to 10 years.

Yes Bank RD interest rates vary from 5.00% to 7.00%. Additionally, senior citizens enjoy a higher rate of interest, with the bank providing an additional 0.50% over the regular rate for individuals aged 60 and above.

Eligibility Criteria

Resident Indian individuals and Hindu Undivided Families (HUFs) who maintain an active savings account with YES Bank are considered eligible to establish a YES Bank Recurring Deposit account.

This eligibility criterion ensures that individuals and HUFs with an existing banking relationship with YES Bank can conveniently access and utilize the benefits of the Recurring Deposit scheme offered by the bank.

Documents Required

• Completed application form

• Copies of PAN Card or Form 60/61

• Two passport-size photographs

• Any form of identity proof

• Any form of address proof

• Additional supporting documents

Types of RBL Recurring Deposit Schemes

This program enables customers to effortlessly deposit funds with appealing returns and capital protection. By linking your savings account with the RD account, you can conveniently make monthly payments.

Select the installment amount and duration that best suit your needs. This scheme is particularly suitable for individuals with fixed incomes, as it allows them to contribute small amounts each month and move closer to realizing their aspirations.

RBL Bank RD Premature Withdrawal Facility

Yes Bank allows for premature withdrawal of RD funds, providing customers with flexibility in their investment.

However, in the event of premature withdrawal, a modest penalty may be levied by the bank on the accrued interest, ensuring adherence to banking regulations and policies.

It's worth noting that partial withdrawal of funds from the RD account is not permitted, reinforcing the commitment to maintaining the integrity and structure of the investment.

Tax Exemptions on RBL RD

Below is an outline of the taxation rules pertaining to the Recurring Deposit with YES Bank:

When the interest earned in a fiscal year surpasses Rs. 10,000, TDS at a rate of 10% is applicable. If the depositor's PAN details are not updated, the TDS rate rises to 20%, aligning with regulatory requirements.

Any additional interest income would be subject to taxation based on the individual's applicable income tax bracket, ensuring compliance with tax laws and regulations.

How to Open a Recurring Deposit Account in RBL?

To initiate a recurring deposit account at Yes Bank, individuals must hold a YES Bank Savings Account.

To proceed with opening the account, one should log in using their net banking credentials, review the suitable scheme, furnish the necessary documents, and ensure the initial payment is made by the specified deadline.

How to Calculate the Maturity Amount on RBL Bank RD?

The YES Bank Recurring Deposit interest is computed quarterly. The formula used for compounding interest to calculate the maturity amount is as follows:

𝐴=𝑃×(1+𝑅𝑁)𝑁𝑡A=P×(1+NR​)Nt

Here,

• 𝐴A represents the Maturity Amount

• 𝑃P represents the Recurring deposit

• 𝑁N represents the Number of times the interest is compounded

• 𝑅R represents the Rate of interest

• 𝑡t represents the Tenure

For example,

Suppose Ms. Kusum invests Rs. 1,000 per month into her Regular YES Bank RD account for 9 months. The total accrued interest at a rate of 7% is as follows:

𝐴=𝑃×(1+𝑅𝑁)𝑁𝑡A=P×(1+NR​)Nt =9000×(1+74)4×912=9000×(1+47​)124×9​ =𝑅𝑠.9,264=Rs.9,264

The interest generated would amount to Rs. 264.