Following the Reserve Bank’s decision to relax norms in order to boost foreign fund inflows, private sector lender YES Bank has raised interest rates on foreign currency deposits. Interest rates on Non-Resident External Account (NRE) fixed deposits have been raised by 50 to 75 basis points (bps). The bank has also raised its peak interest rate on Foreign Currency Non-Resident (FCNR) deposits by 20 basis points, allowing Non-resident Indian (NRI) customers to earn competitive returns on their fixed deposits.
“This move is in line with the Reserve Bank of India’s (RBI) recent announcement to aid incremental fund flows,” YES Bank said in a statement on Friday.
According to the details, 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.
In addition, the bank stated that it is offering a peak rate of 4.05%per annum 4.25% per annum on dollar FCNR deposits with terms ranging from 12 months to less than 24 months.
Customers can book NRE fixed deposits through YES BANK’s digital banking channels, YES Online (Net Banking), YES Mobile (Mobile Banking), or YES Robot (Personal Banking Chatbot), or they can visit their nearest YES BANK branch if they are in India, or they can write to email@example.com.
While FCNR deposits can be made through YES Online (Net Banking), customers can also visit their nearest YES BANK branch in India or send an email to firstname.lastname@example.org.