YES BANK launches Floating Rate Fixed Deposit for domestic customers
Mumbai, June 21, 2022: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 perthe customer’s preference.
Commenting on the launch, Mr Prashant Kumar, MD & CEO, YES BANKsaid, “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 tosuch 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:
|Fixed deposit amount||Min.: INR 10,000Max.: Less than INR 5 crore|
|Tenure||1 year to less than 3 years|
Frequency of ROI reset: Monthly (on thefirst 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 ratewhich is the Repo rate in this case