Yes Bank launches floating rate FD for domestic customers; check details

Private money lender Yes Bank today 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, the bank stated.

What is Floating Rate Fixed Deposit?

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.

How to book Floating Rate Fixed Deposit?

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.

Prashant Kumar, MD & CEO, Yes Bank said, “At YES Bank, we are committed to innovation and customer centricity as the very core of our banking initiatives. Floating Rate Fixed Deposit is a one-of-a-kind FD product which is yet another testament to such continuous endeavours. 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."

The bank has also raised its interest rates on standard fixed deposit up to 6.5 per cent per annum for regular customers and up to an enhanced rate of 7.2 per cent per annum for senior citizens, an official statement mentioned.

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