YES BANK hikes interest rates on NRE and FCNR Fixed Deposits

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YES BANK

Bangalore, September 02, 2022:  YES BANK has revised the interest rates on its Non-Resident External Account (NRE) Fixed Deposits by 50 to 75 basis points. This move is in accordance with the recent announcement made by the Reserve Bank of India (RBI) to aid incremental fund flows. The Bank has also hiked its peak interest rate on Foreign Currency Non-Resident (FCNR) deposits by 20 basis points, allowing the NRI customers to avail healthy returns on their Fixed Deposit.

The NRE Fixed Deposit rate for the tenure of 12 months to less than 18 months has been revised to 7.01% p.a. Similarly, the rate for the tenure greater than 18 months has been revised to 7.25% p.a. These revised rates are applicable for deposits less than INR 5 crores. Furthermore, the Bank is also offering a peak rate of 4.25% p.a. on USD FCNR deposits for the tenure of 24 months to less than 36 months.

Commenting on the development, Mr. Prashant Kumar, MD & CEO, YES BANK said, “At YES BANK, driving innovation and customer centricity has always been at the core of our banking initiatives. We constantly strive to provide the best-in-class benefits to all our customers across segments. The recent relaxation announced by the RBI to attract forex inflows has allowed us a window to hike interest rates on our NRE and FCNR Fixed Deposit offerings, thus extending the benefit to our customers. This initiative is in alignment to the various strides the Bank has taken in the recent past to benefit customers, which will allow us to further diversify and grow YES BANK’s retail portfolio.”

Below are the details indicating key features of NRE Fixed Deposits and Foreign Currency Non-Resident (FCNR) deposits

ParametersFeatures (NRE Fixed Deposits)Features (FCNR)
Fixed deposit amountMin.: INR 10,000Min.: 1000 units of foreign currency
Tenure1 year to 10 years1 year to 5 years
Taxation & RepatriabilityExempt from taxes in India & Freely  repatriableExempt from taxes in India & Freely  repatriable

In order to book NRE fixed deposit, customers can visit YES BANK’s digital banking channels viz YES Online (Net Banking), YES Mobile (Mobile Banking) or YES Robot (Personal banking chatbot) or visit the nearest branch of YES BANK if they are in India or write to gib@yesbank.in (dedicated email ID for NRIs transaction requests).

Similarly, FCNR deposits can be booked through YES Online (Net Banking) or customers can visit the nearest branch of YES BANK if they are in India or write to gib@yesbank.in 

About YES BANK’s NRI Banking Services

YES BANK NRI Services offer a comprehensive bouquet of products and services including deposits, remittances, investment, and insurance solutions for NRI customers of YES BANK. These products and services are a bunch of customizable offering that provide multiple avenues for wealth creation across various product categories, with in-person and digital fulfilment models.

About YES BANK

YES BANK is a ‘Full Service Commercial ‘Bank’ providing a complete range of products, services and technology driven digital offerings, catering to Retail, MSME as well as corporate clients. YES BANK operates its Investment banking, Merchant banking & Brokerage businesses through YES SECURITIES, a wholly owned subsidiary of the Bank. Headquartered in Mumbai, it has a pan-India presence including an IBU at GIFT City, and a Representative Office in Abu Dhabi.

For more information, please visit the Bank’s website at http://www.yesbank.in/ 

Follow YES BANK on Twitter @YESBANK

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