India, 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 4.05% p.a. 4.25% p.a. on USD FCNR deposits for the tenure of 12 months to less than 24 months. 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:
|Parameters||Features (NRE Fixed Deposits)||Features (FCNR)|
|Fixed deposit amount||Min.: INR 10,000||Min.: 1000 units of foreign currency|
|Tenure||1 year to 10 years||1 year to 5 years|
|Taxation & Repatriability||Exempt from taxes in India & Freely repatriable||Exempt 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 email@example.com (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 firstname.lastname@example.org