Yes Bank has increased the fixed deposit (FD) rates of its Non-Resident External Account (NRE) by 0.50 to 0.75 per cent. This move is in line with the recent announcements made by the Reserve Bank of India (RBI) to help in incremental fund flow. Apart from this, the bank has also increased its maximum interest rate on foreign currency non-resident (FCNR) deposits by 0.20 percent.
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The interest rate on NRE fixed deposits with tenures ranging from 12 months to less than 18 months has now been increased to 7.01 per cent per annum. Similarly, the interest rate on deposits with tenures above 18 months has been changed to 7.25 per cent per annum. The bank said in a statement that these new rates are applicable on deposits below Rs 5 crore. 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
Apart from this, the bank is also offering a maximum rate of 4.05 per cent per annum on dollar FCNR deposits with tenures ranging from 12 months to 24 months and 4.25 per cent per annum on deposits with tenures ranging from 24 months to 36 months.
To make NRE Fixed Deposit, customers can visit YES BANK’s digital banking channels such as YES Online (Net Banking), YES Mobile (Mobile Banking) or YES Robot (Personal Banking Chatbot). Or if they are in India then can also visit their nearest Yes Bank branch. Whereas outside India, they can email [email protected] (Bank’s email id for NRE transactions).
Similarly, FCNR deposits can be booked through Yes Online (net banking) or by visiting the nearest Yes Bank branch if the customer is in India or writing to [email protected], the bank said. Huh.
Meanwhile, Yes Bank shares closed at Rs 16.20, down 0.92 per cent on the NSE on Friday, August 2. Shares of Yes Bank have gained about 15.30 per cent so far this year.
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