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Money Matters

What is a Fixed Deposit Account? |Features and Benefits of Fixed Deposit| YES BANK

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Investments could be made for many reasons. It could be to stay ahead of the inflation curve, to build your retirement corpus or to save on taxes. While there are many options available to meet such requirements, fixed deposits are a conventional choice for most.

A fixed deposit is an investment scheme that has a pre-decided tenure and rate of interest. It is regarded as one of the safest investment options in the market as it is not affected by market fluctuations. It is a simple and straightforward investment option that works great for risk-averse investors. 

Key features and benefits of a fixed deposit account at YES BANK

YES BANK aims at providing you with a safe and stable banking environment to help you attain your financial goals. Shared below are some of its benefits: 

  • Flexibility to choose a suitable duration 

The tenure of your fixed deposit can be as low as 7 days and go up to a maximum of 10 years. This provides you with the flexibility to choose a suitable duration, as per your investment goals. 

  • Versatile interest pay-outs 

You can collect the interest gained on your principal amount in two ways - cumulative and non-cumulative. If you choose the cumulative option, the interest is compounded and deposited in your account at the end of your fixed deposit tenure. As for non-cumulative interest, you can choose to collect it at scheduled intervals, monthly, quarterly or yearly.

  • Doubles as a liquid asset 

Assets that can easily be converted into cash are liquid. Fixed deposits at YES BANK are liquid assets since they offer customers the option for sweep-in facility. The facility allows you to easily tap into your fixed deposit funds, without having to pay a penalty which is an industry norm (fixed deposits under the tenure of fewer than 182 days).

  • Higher rate of interest 

Investing your money in a fixed deposit with YES BANK will yield high interest. A higher rate of interest on your investment can help you stay ahead of the inflation curve. However, confirm the interest rates with the bank as interest rates are subject to change.  

  • Auto-renewal of policy

In case you miss out on mentioning if the fixed deposit should be renewed or withdrawn at the end of its tenure, YES BANK auto-renews your fixed deposit. The entire sum at the end of the tenure is reinvested for the same period. 

  • Overdraft facility 

YES BANK provides you with an overdraft facility against your fixed deposit. In your hour of need, you can borrow up to 90% of the total fixed deposit amount. This does not impact your savings in any way. 

  • Tax saver deposit 

As a special benefit, YES BANK has a Tax Saver Deposit plan that allows you to enjoy the same rate of interest as a regular fixed deposit while helping you reduce tax liability. The plan has a lock-in period of five years. 

  • Inter-city banking 

One of YES BANK’s unique features is their inter-city banking facility. They allow their customers to avail banking facilities at any of their branches across India. 

 

Conclusion 

Fixed deposits have been a preferred investment option for the majority of the population. This is because it offers investors guaranteed returns and is not volatile, unlike other similar products. Its simple structure and multiple benefits have worked in its favour. Moreover, the terms on which YES BANK offers its fixed deposits ensure a steady growth in your wealth. 

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