Yes Bank increased the fee for premature withdrawal From fixed deposit. higher a punishment According to the Yes Bank website, this amount will be effective from August 8, 2022.

From August 8, the amount of fine will be applicable:

If the tenure of the FD (Full) is less than equal to 181 days, the penalty will be 0.50% (above 0.5%).

If the tenure is 182 days and above, the penalty will be 0.75% (above 0.50%). Note that Yes Bank does not impose premature penalty on its senior citizen customers.

According to Yes Bank website, these are the key points to note

• If the customer withdraws the deposit prematurely, the rate of interest prevailing on the date of deposit for the period for which the deposit was with the bank shall be payable. In case of domestic and NRO deposits, no interest will be paid if the deposit is prematurely withdrawn within 7 days from the date of booking. In case of NRE/FCNR deposit no interest will be paid if the NRE/FCNR deposit is withdrawn prematurely before completion of 1 year from the date of booking.
• Premature penalty will be applicable for all individual and non-individual customers.
• For employees of YES BANK who have booked/renewed FDs for the period from July 5, 19 to May 9, premature penalty as per the above arrangement will be applicable. Zero premature penalty for FD booked/renewal will be applicable for YES BANK employees booked on and after 10 May 21.
• For senior citizen customers who have booked/renewed FDs for the period from July 5, 19 to May 22, premature penalty as per the above arrangement would be applicable. No premature penalty will be applicable for Senior Citizen FD booked/renewed on and after 16th May 22nd.
• Premature FD Withdrawal penalty interest Fees will be charged for partial and full withdrawals.
• Penalty for premature withdrawal is not applicable on FCNR and RFC deposits.