Yes, Bank announced the launch of Floating Rate Fixed Deposit, a novel product offering for all domestic customers. The rate of interest on this fixed deposit (FD) will be linked to the prevailing Repo rate, allowing the customers of the bank to enjoy dynamic returns on their fixed deposits.
This floating rate FD can be availed for a tenure of 1 year to less than 3 years, as per the customer’s preference. Floating Rate Fixed Deposit is a unique offering designed to benefit customers by enabling them with an asset class that offers the safety of a fixed deposit along with dynamic returns which are linked to the Repo rates published by the central bank.
Mr Prashant Kumar, MD & CEO, Yes Bank said, “Floating Rate Fixed Deposit is a one-of-a-kind FD product which is yet another testament to such continuous endeavors. One of the main advantages of this product is that the revision on the interest rate will happen automatically and will not require any manual intervention by the Bank or the customers. There has been careful deliberation and thought behind the launch of this floating rate FD, and it is another step towards further enhancing our retail product offering.”
In order to book this novel floating-rate fixed deposit, customers can give a missed call on 07127191191 or visit the nearest branch of Yes Bank. The Bank has also raised its interest rates on standard fixed deposits up to 6.5% p.a. for regular customers and up to an enhanced rate of 7.25% p.a. for Senior Citizens.
