| Yes Bank today announced a special scheme offering 8 per cent interest on deposits of 10 months and 1 day, ahead of the launch of its retail business. The interest offered on deposits of up to one year by most banks ranges from 6.25 per cent to 6.50 per cent.
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| Rana Kapoor, managing director and CEO, said, “The special deposit scheme has been launched in preparation of our retail launch.” The bank will launch its retail business in the next few months, while the scheme comes into effect from June 28.
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| “The product has been announced considering the recent meltdown in markets for commodities and stocks. For the small investor, the allocation to deposits is likely to go up as his risk appetite stands diminished with market volatility which can cause financial losses,” Kapoor said.
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| This 8 per cent interest offer will be applicable on deposits of Rs 10,000 to Rs 1 crore. Yes Bank wanted to provide retail investors this level of returns, which is already available to large depositors, Kapoor said.
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| Manoj Adlakha , group executive vice-president and country head retail banking, said, “Through the launch of this scheme we also expect to expand our retail database. we would like to observe the response to the scheme before setting a timeline for the scheme.” |
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