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YES Bank has launched a floating rate fixed deposit which will be linked to the prevailing repo rate of 4.90 per cent, for a tenure of 1 year to less than three years.
Floating rate FDs of 1 year to less than 18 months and 18 months to less than three years will earn 6 per cent (or at a mark up of 1.10 per cent above the repo rate) and 6.50 per cent (or at a mark up of 1.60 per cent above the repo rate), respectively, according to a statement from the private sector bank.
The minimum and maximum amount that can be placed under the new FD scheme is Rs 10,000 and less than Rs 5 crore, respectively.
Prashant Kumar, MD & CEO, said: “The 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.
“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.”
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