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Yes Bank launches FD linked to repo rate

Tags: Economy/Finance

Leading Indian private sector bank, Yes Bank has launched a floating rate repo rate-linked fixed deposit which will be linked to the existing repo rate.

It means that if the Reserve Bank of India (RBI) increases the policy repo rate then the interest rate on the Fixed Deposit will also increase automatically and if the RBI decreases the repo rate then the interest rate on the FD will decrease automatically.

However the bank will use the repo rate of the previous month to reset the interest rate on the FD. It means that if the RBI has increased the repo rate to 5% from 4.9% in June month then the bank will increase the interest rate of the FD by 0.1% in July.

The bank will offer a mark-up rate (additional interest rate) in addition to the existing repo rate. For deposits with tenure between a year and 18 months, the bank will offer a mark-up rate of 1.1% in addition to the repo rate. For deposits maturing between 18 months and 3 years, the mark-up rate will be 1.6%. 

Currently, the policy repo rate stands at 4.90%.  It means that FD with a tenure between a year and 18 months will get an interest rate of 6 %( Repo rate of 4.9%+1.1% mark-up rate).  

The bank will accept a minimum deposit amount of Rs 10,000, with the tenure ranging from a year to 3 years. 

Senior citizens (60years-80 years) will get an additional 0.5% interest rate for deposits of less than Rs 2 crore. 

The bank will also offer an overdraft facility on up to 90% of the principal value of the FD.

Points to be noted 

RBI has allowed the banks the freedom to offer additional interest rates on Term Deposits. The interest rates on deposits are decided by the banks themselves.

Term deposits include Fixed Deposit and Recurring Deposits.

Policy repo rate is the rate at which RBI provides short term loans (up to 24 hours) to the banks.

Yes Bank  

It is a private sector scheduled commercial bank in India, founded in 2004 

Headquarters: Mumbai 

Chairman: Sunil Kumar 

Chief Executive Officer (CEO) and Managing Director (MD): Prashant Kumar 

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