Yes Bank is all set to raise the premature FD withdrawal penalty charges on regular Fixed Deposits (FD) with effect from 8th August 2022. The bank has shared this information on its website as well. This will be upward revision in the premature penalty charges on Fixed Deposits. Premature withdrawal penalty will be charged for both partial and full withdrawal. Further details are as below :
For FD of 181 days or less, new penalty will be 0.50% which was 0.25% before.
For FD of 182 days and above, new penalty will be 0.75% which was 0.50% before.
The above penalties are applicable for regular Fixed Deposits opened by both individuals (non senior citizens) and institutions.
Senior Citizen FDs are not levied any premature penalty by Yes Bank. But for senior citizen customers who booked or renewed their fixed deposits between 5-July-2019 to 15-May-2022, the new penalty will be applicable.
No premature penalty for staff FDs booked or renewed on and after 10th May 21. Staff FD booked or renewed for the period 5-July- 2019 till 9-May-2021 will have to pay the premature FDs withdrawal fine at the abovementioned rates.
No premature penalty on FCNR and RFC deposits.
For FD of Rs 5 Crore & above, existing penalty of 0.25% will continue for all tenures and values.