yes bank fixed deposit rate: YES BANK launches floating rate fixed deposit for domestic customers

Private lender on Tuesday 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.

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. 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 one-of-a-kind FD product, 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,” said Prashant Kumar, MD & CEO, YES BANK. “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.”

The Bank has also raised its interest rates on standard fixed deposit up to 6.5% per annum for regular customers and up to an enhanced rate of 7.25% p.a. for Senior Citizens.