Yes Bank increases interest rates on fixed deposits Nre and Fcnr

By CNBCTV18.com IST (Released)

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The NRE fixed deposit rate for the duration of 12 months to less than 18 months has been revised to 7.01% per year Similarly, the rate for the duration greater than 18 months has been revised to 7.25% per year

Yes Bank has revised interest rates on its non-resident foreign account (NRE) time deposits by 50 to 75 basis points. This move is in line with the recent announcement made by the Reserve Bank of India (RBI) to help the flow of additional funds. The Bank also raised its maximum interest rate on foreign currency non-resident deposits (FCNR) by 20 basis points.

The NRE fixed deposit rate for the duration of 12 months to less than 18 months has been revised to 7.01% pa Similarly, the rate for the duration greater than 18 months has been revised to 7.25% pa These revised rates are applicable for deposits below Rs 5 crore, the bank said in a statement.

In addition, the bank also offers a peak rate of 4.05% per annum to 4.25% per annum on FCNR deposits in dollars for a term of 12 months to less than 24 months. 24 months to less than 36 months.

Below are the details indicating the main characteristics of NRE Fixed Deposits and Non-Resident Foreign Currency Deposits (FCNR):

Settings Features (NRE Fixed Deposits) Features (FCNR)
Fixed deposit amount Minimum: Rs 10,000 Minimum: 1000 units of foreign currency
Mandate 1 year to 10 years 1 year to 5 years
Taxation and repatriability Exempt from taxes in India and Freely repatriable Exempt from taxes in India and Freely repatriable
In order to book an NRE fixed deposit, customers can visit YES BANK’s digital banking channels, namely YES Online (Net Banking), YES Mobile (Mobile Banking) or YES Robot (personal banking chatbot) or visit the nearest branch from YES BANK if they are in India or write to [email protected] (dedicated email id for NRI transaction enquiries).

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 [email protected], said the lender.

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