YES Bank NRE Fixed Deposits

What is a YES Bank NRE Fixed Deposits?

The YES Bank NRE fixed deposits are an investment instrument designed to cater to Non-resident Indians (NRIs). The depositors can avail of the provision to invest in this scheme overseas through a foreign currency and withdraw the deposited amount from a bank dominated by Indian currency. The YES Bank NRE fixed deposits guarantees assured returns to the depositors.

The YES Bank is one of the most established players in the banking sector. Since 2004, this commercial bank has offered a variety of services and financial products to cater to the diverse needs of consumers in India. The YES Bank has received laurels from domestic and international organizations for its unparalleled products and services. The bank has a Pan-India presence across 29 states and 7 Union Territories.

YES Bank NRE Fixed Deposit interest rates

The YES Bank NRE fixed deposits provide lucrative and assured investment returns. The interest rate provided to the depositors in the scheme are as follows:

Period	Interest Rate (Less than 2 Crores)
One Year	5.75%
One to  Three Years	6.00%
Three Years to Ten Years	6.25%

*It is to be noted that the interest rate mentioned above are subject to the discretion of the bank.

Eligibility Criteria

The YES Bank NRE, Fixed the following depositors can avail of deposits scheme:

• Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs), by the FEMA definition.
• Deputed employees of the Government of India holding diplomatic passports
• Students pursuing education overseas
• Indian origin seafarers

NRI’s: Non-Resident Indians

As the name suggests, NRIs are Indian citizens who reside outside India owing to the following reasons:

• Due to their employment or business
• Citizens residing overseas for an uncertain period
• A government/public sector official deputed by the Government of India overseas.

PIOs – Persons of Indian Origin,

The person of Indian Origin entails individuals who:

• Held an Indian passport
• Either their grandparents/parents were citizens of India
• Spouses of POI/Indian citizens

Documents Required

Find below the list of documents applicants are required to submit to open a YES Bank NRE Fixed Deposit account:

Status Proof

Requirements for Non-Resident Indians:
1. Photocopy of the passport pages where the following are mentioned:

• Name
• Address
• Date of Birth
• Date and Place of Issue
• Expiration Date of the Passport
• Photograph and signature

2. Photocopy of Valid Visa

Requirements for Persons of Indian Origin (POIs)

1. Photocopy of passport pages where the following are mentioned

• Name
• Address
• Date of Birth
• Date and Place of Issuance
• Expiration Date of the Passport
• Photograph and signature

2. Photocopy of the POI card

Overseas Address Proof

The applicant is required to produce any one of the following documents for Overseas address proof:

• Overseas Passport
• Driving License
• Utility Bill
• Credit Card Bill
• Verification from the Banker’s Stationery
• Bank Account statement (should not be older than three months)

Indian Address Proof

The applicant is required to produce any one of the following documents for Indian address proof:

• Indian Passport
• Voter ID card
• Driving License
• Utility bill
• Credit Card Bill
• Bank Account Statement

Identity Proof

The applicant is required to produce any one of the following documents for Identity Proof

• Driving License
• Voter ID Card
• Passport
• PIO Card (Exclusive only to the PIOs)
• Valid Photo ID issued by the central, state or local ministries and departments.

Key Attractions

The YES Bank NRE Fixed Deposits attract a lot of interest among investors for the following reasons:

• The returns on the YES Bank NRE fixed deposits are lucrative and provide a safe avenue for Indian investors overseas to park their savings.
• The potential investor can commence a YES Bank NRE Fixed deposits account with a deposit of as little as Rs 10,000.
• The YES Bank NRE Fixed Deposits provide flexibility in the tenure of the deposit to its investors.

Features & Benefits

The YES Bank NRE Fixed Deposits provides the following features and benefits to its depositors:

• The depositor can earn up to 6.25% interest on the deposits annually.
• The income earned through interest is tax exempted.
• The tenure of investment in the NRE fixed deposit ranges from 1 to 10 years.
• This investment instrument compliments the Indian investors overseas as the deposits are repatriable.
• The deposits can be renewed automatically.
• The depositor can select from the monthly or quarterly interest payout option.
• The depositor can also appoint a nominee to the investments made.
• The facility to avail of an overdraft against the amount deposited is available.

How to Apply for NRE Fixed Deposits

The applicants who meet the eligibility criteria mentioned above can apply to establish a YES Bank NRE Fixed deposits account.

• The applicant who wants to establish the YES Bank NRE fixed deposits with an amount less than one crore can do so through the official banking portal available online.
• In case the deposit amount is equal to or exceeds one crore, the applicant may visit the nearest YES Bank branch along with the relevant documents to start their NRE fixed deposits account.

The applicants can dial 1800 1200 to reach out to the customer care services provided by the bank. The customer care executive will clarify the applicant regarding the application procedure to open a YES Bank NRE Fixed Deposits Account.

Procedure to Download YES Bank NRE Fixed Deposits  Application Form

The applicant can download the YES Bank NRE Fixed deposits form online by

STEP 1: Visiting the official website of YES Bank

STEP 2: Select the ‘Personal Banking Tab’ and click on ‘Deposits’ under the NRI section.

STEP 3: Select the ‘NRE fixed deposits’ option from the various option provided on the new page.

STEP 3: The user will be directed to the ‘NRE Fixed Deposit Page’.\

STEP 4: At the bottom of the Page. Click on the ‘downloads’ Icon.

STEP 5: Select the appropriate form from the list available.

STEP 6: Download the form selected.