Yes Bank: Now there will be double penalty for breaking FD before time, know what is the penalty

Yes Bank Now there will be double penalty for breaking FD before time, know what's the penalty 

YES BANK News Update Private sector Yes Bank( YES Bank) in the country has tensed the rules applicable to Fixed Deposit( FD). Now guests of the bank will have to pay a advanced penalty for breaking the FD before the cinch- in period. According to the website of YES Bank, thepre-maturity pullout rate is different for each tenor FD. The quantum of forfeiture has been changed on this and the new rule is going to come into effect from 8 August 2022. still, investors will have to pay a advanced quantum as penalty, If the FD is broken precociously. The penalty quantum will be grounded on the term of the FD. 

how much will be fined 

According to YES BANK Bank, unseasonable pullout on FDs of lower than 181 days will attract double penalty. On this, the bank has increased the quantum of penalty from0.25 to0.50. also, unseasonable breaking of FDs with a term of 182 days or further will now attract a penalty of0.75 per cent, which was0.50 per cent before. still, this rule won't apply to elderly citizens. 

Bank increased interest rates 

Let us tell you that on the June 18, the interest rates on FDs were increased by the YES Bank. Under this, the bank now pays interest ranging from3.25 to6.50 to common citizens on FDs of different time ages, while for elderly citizens, it gives interest from3.75 to7.25. This includes FDs with tours ranging from 7 days to 10 times. On FDs of lower than 2 crores growing between 18 months to 10 times, the bank offers6.5 FDs to ordinary citizens and 7 to7.25 for elderly citizens. 

 Discount to bank workers 

The penalty assessed by YES Bank on FD is common to all guests. But bank workers have been given impunity in this. workers who got FD between July 5, 2019 to May 9, 2021, will have to pay the penalty as per the new system for unseasonable breaking and pullout of FD. Those making FD after 10th May 2021 won't have to pay any penalty on unseasonable pullout. 

Discount to elderly Citizens 

The bank said that elderly citizens will also have to pay a penalty for unseasonable pullout on FDs made between July 5, 2019 to May 15, 2022. On the other hand, elderly citizens who have made FD after May 15, 2022, won't have to pay penalty for unseasonable pullout. Pre-maturity penalty will be applicable on both full or partial recessions from the FD.