This step corresponds to the reserve
The recent (RBI) announcement to aid incremental fund inflows, said Yes Bank’s press release.
NRE Fixed Deposit
The NRE fixed deposit rate has been increased to 7.01% per annum from 12 months to less than 18 months. The rate of tenure of more than 18 months has also been increased to 7.25% per annum. These revised rates are applicable on deposits below Rs 5 crore.
FCNR Deposit
“The bank is offering the highest rate of 4.05% p.a. to 4.25% p.a. on USD FCNR deposits for tenures ranging from 12 months to less than 24 months. 24 months to less than 36 months,” the press release said.
Prashant Kumar, MD & CEO, Yes Bank said, “Recently announced relaxation by RBI to attract foreign exchange inflows has allowed us to increase the interest rates on our NRE and FCNR fixed deposit offerings, thus benefits provided to our customers. This initiative is in line with the various initiatives taken by the Bank in the recent past to benefit the customers.
How to Invest in NRE, FCNR Deposits
To book NRE Fixed Deposit, customers can visit YES BANK’s digital banking channels such as YES ONLINE (Net Banking), YES MOBILE (Mobile Banking) or YES Robot (Personal Banking Chatbot) or if they can visit the nearest YES BANK branch. india or write to [email protected] (dedicated email id for NRI transaction requests).
Similarly, FCNR deposits can be booked through YES Online (Net Banking) or customers can visit the nearest YES Bank branch if they are in India or write to [email protected].
Penal Structure for FCNR(B) Fixed Deposit
According to Yes Bank’s website, “Penalty will be applicable on the basis of interest rate, the period of which FD, For example, if the principal interest rate of FCNR(B) deposit is 3% for a tenure of 3 years and it is prematurely closed after completion of 2 years, with interest rate of 2%, there will be a premature withdrawal penalty. The interest will be paid at the rate of 1.95% after deduction of interest. Where interest payment is not applicable, no penalty shall be applicable for premature withdrawal of FCNR deposits for a period of less than 1 year.”
If an FCNR, NRE FD, or RFC FD is withdrawn before the end of the 12-month period, no interest is payable. The additional interest rate offered to senior citizens on fixed deposits is not applicable on NRE and NRO fixed deposits.