Yes Bank raised NRI deposit rates to 9.6% from 3.82%

Yes Bank raised NRI deposit rates to 9.6% from 3.82%.

After HDFC Bank increased the interest rates of the saving deposits for the non-resident to 9% from 3.82%, now Yes Bank has also increased the saving deposit interest rates to 9.6% from its earlier rate of 3.82% for the Non-Resident Indians (NRI). This new saving deposit rates will be applicable for the term deposits for the duration of 15 months 15 days to 16 months.

This is in fact the result of RBI’s initiative to provide opportunities to the Bank to attract foreign currencies especially dollars to check the falling value of rupee due to heavy capital outflows from the country. Last week RBI had deregulated the interest rates for both the non-resident externals (NRE) and the ordinary non-resident accounts, so that bank may take proper initiatives to attract foreign deposits.

As discussed by the economics experts, this approach of Yes Bank shows that it is trying to increase its retail banking base when the country’s economy is experiencing heavy decrease in the INR value. Actually this is the second attempt by Yes Bank to attract foreign dollars. Earlier it had increased its saving interest rates by 600 basis points on Thursday.

Hope this initiative of RBI to attract foreign dollars goes good, so that the rupee value stabilize in the international market.

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