YES Bank launches new FD scheme

New Delhi, June 27 (UNI) YES Bank today launched its Special Fixed Deposit Scheme targeted at investors seeking liquidity and safe returns.

''This product has been announced considering the recent meltdown in the markets for commodities, real estate and stocks. For the small investors, the allocation to deposits is likely to go up as his risk appetite stands diminished with market volatility that can cause financial losses. This scheme will offer individual investors both easy liquidity and safe returns,'' YES Bank CMD Rana Kapoor said.

Under the scheme, an interest rate of 8 per cent, effective from June 28, would be applicable for deposit values between Rs 10,000 and Rs 1 crore for a period of 10 months and 1 day.

The scheme is open to both existing and potential customers of the bank.

The scheme offers a return which is about 100 basis points higher than the standard rate offered by other banks, a company statement said here.

YES Bank has 17 retail branches across 15 locations including Mumbai, New Delhi, Gurgaon, Hyderabad, Chennai and Ahmedabad. It would also be opening 11 branches in nine new locations.

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