Yes Bank: Saving rate = 6% (up by 200 bps) RBI Saving interest rate deregulation Impact

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Yes Bank: Saving rate = 6% (up by 200 bps) RBI Saving interest rate deregulation Impact

YES BANK announces increase in Saving Account Rates and Lending Rates

                                                                                                                                                        October 25, 2011
Mumbai: In accordance with the announcement by the Reserve Bank of India (‘RBI’) vide its monetary policy statement dated October 25, 2011, and to provide fullest benefits to its existing and target savings accounts customers, YES BANK is pleased to announce its increased Savings Deposit Rate for ALL Savings accounts by 200 bps to 6.0%.  This increase is a significant positive step towards providing enhanced returns to retail depositors.

Further, for continued and effective monetary transmission of policy rates, YES Bank has increased its Base Rate by 25 bps to 10.5% effective October 25, 2011. The Bank has also increased its PLR by 25 bps with immediate effect.

Speaking on the monetary policy announcement, Dr. Rana Kapoor, Founder, Managing Director & CEO, YES BANK said “YES BANK has been a firm advocate of deregulating the Savings Rate in our country. This path-breaking regulation will enhance and protect savings returns from the brunt of persistent inflation. Alignment of savings rate to the market rates will accelerate greater financial inclusion of the unbanked and under-banked, and also augment a higher savings propensity to a 42-44% level from the current level of 34%, thereby creating a savings multiplier effect. This also gives a significant opportunity for YES BANK to leverage its 300 plus branch network to accelerate mobilization of retail deposits, one of the key objectives of its Version 2.0 Strategy for building its Retail Banking franchise with an unprecedented service and innovative experience.”

About YES BANK

YES BANK, India’s new age private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder, Dr. Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers.

YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Best Quality Bank of the World in India”.