Breaking News

YES BANK launches Floating Rate Fixed Deposit for domestic customers…

Share

 

Mumbai: YES BANK today announced the launch of Floating Rate Fixed Deposit, a novel product offering for all domestic customers. The rate of interest on this fixed deposit (FD) will be linked to the prevailing Repo rate, allowing the customers of the bank to enjoy dynamic returns on their fixed deposits.

Floating Rate Fixed Deposit is a unique offering designed to benefit customers by enabling them with an asset class that offers the safety of a fixed deposit along with dynamic returns which are linked to the Repo rates published by the central bank. This floating rate FD can be availed for a tenure of 1 year to less than 3 years, as per the customer’s preference.

Commenting on the launch, Mr Prashant Kumar, MD & CEO, YES BANK said, “At YES BANK, we are committed to innovation and customer centricity as the very core of our banking initiatives. We consistently strive to provide the best-in-class benefits and experience to our customers across segments. Floating Rate Fixed Deposit is a one-of-a-kind FD product which is yet another testament to such continuous endeavours. One of the main advantages of this product is that the revision on the interest rate will happen automatically and will not require any manual intervention by the Bank or the customers. There has been careful deliberation and thought behind the launch of this floating rate FD, and it is another step towards further enhancing our retail product offering.”

 

In order to book this novel floating rate fixed deposit, customers can give a missed call on 07127191191 or visit the nearest branch of YES BANK.

The Bank has also raised its interest rates on standard fixed deposit up to 6.5%* p.a. for regular customers and up to an enhanced rate of 7.25%** p.a. for Senior Citizens.

*for a tenure of 18 months and above

** for a tenure of 3 years and above

 

Below are the details indicating key features of the product:

Parameters

Features

Fixed deposit amount

Min.: INR 10,000

Max.: Less than INR 5 crore

Tenure

1 year to less than 3 years

Benchmark

Repo rate

 

 

Frequency of ROI reset: Monthly (on the first day of every month subject to change in Repo rate)

Current Repo Rate: 4.90%

 

Tenure

Repo Rate

Mark-up rate ***

Rate of Interest

1 Year to < 18 Months

4.90%

1.10%

6.00%

18 Months to < 3 Years

4.90%

1.60%

6.50%

***mark-up rate is the additional rate of interest offered by the Bank over and above the base rate which is the Repo rate in this case

 

Check Also

Tynimo announces the launch of its new store at Lucknow Airport and e-commerce services…

Share   Bengaluru: Tynimo, Bengaluru-based lifestyle retail brand has announced the launch of its new …

Leave a Reply

Your email address will not be published. Required fields are marked *