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Yes Bank on Tuesday announced the launch of floating rate Fixed Deposit (FD) for domestic customers. The rate of interest on this FD will be linked to the repo rate, which means FD holders will get dynamic returns depending on the movement in repo rate .

Floating rate FD will be available for a tenure of 1 year to less than 3 years, the bank said in its statement.

The bank is offering a 6% interest rate on the floating rate FD of 12 months to 18 months tenure, with a mark-up of 1.10% on the current repo rate of 4.90%. Interest rate for those with 18 to 36 months tenure is 6.50% with 1.60% as the mark-up.

After two consecutive repo rate hikes by the Reserve Bank of India, Yes Bank has also raised interest rates on its FDs with the highest rate being offered of 6.5% per annum on FDs with a tenure of 18 months and above for regular customers.

“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. 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," said Prashant Kumar, MD and CEO, Yes Bank.

 

 

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