Premature withdrawal penalties will apply to all deposits booked/renewed for less than Rs 5 crore, as shown in the table below.
Also, these new charges are not applicable for Senior Citizen customers.
According to Yes Bank website, these are key points to note
- Customers of all categories will be subject to the premature penalty. (For example, individual, non-individual, senior citizen, employee, etc.)
- For YES BANK employees who booked/renewed FDs between July 5, 2019 and May 9, 2019, a pre-payment penalty would be applied as per the aforesaid rule. For YES BANK staff FDs booked/renewed on or after May 10, there will be no prepayment penalty.
- Senior Citizen clients who booked/renewed FDs between July 5, 2019 and May 15, 2019, will be subject to the above-mentioned penalty. For Senior Citizen FDs booked/renewed on or after May 16, there will be no prepayment penalty.
- Interest will be imposed on both partial and full FD withdrawals if they are made prematurely.
- On FCNR and RFC deposits, there is no penalty for premature withdrawal.
- For values more than INR 5 crores, the existing penalty structure of 0.25 percent will apply across all tenure and value categories.