Yes Bank hikes interest rates on NRE and FCNR Fixed Deposits

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, 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.”