Yes Bank hikes deposit rates :NS Capital Partners

Please Share:: India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��

Yes Bank  (22 December 2011) hiked its deposit interest rates for resident and non-resident customers. The interest rate for resident savings accounts, with balances over Rs 1 lakh, has been raised by 100 basis points (bps), to 7%. This is in addition to the existing 6% interest offered to customers for balances below Rs 1 lakh.

For the non resident savings accounts (NRE & NRO), Yes Bank has raised the interest rates by 200 bps to 6% for balance up to Rs. 1 lakh and by 300 bps to 7% for over Rs 1 lakh balance.

Further, the interest rates on NRE fixed deposits, which were earlier regulated and linked to LIBOR, has also been increased to mirror the resident term deposit rates of 1 year and above, with a peak rate of 9.60% currently. This is in response to the recent development where Reserve Bank of India (RBI) deregulated the non resident deposit rates.

Speaking on the announcement, Dr. Rana Kapoor, founder, managing director & CEO, Yes Bank said, "In light of the current volatile global economic situation, we believe that the new Yes Bank deposit rates will be a highly beneficial and an attractive source of returns for our customers."

<< Translation :  "Gosh, we are about to go broke due to lack of liquidity. Repo rates are 9% plus we don't have significant assets to show&qualify, if you retail folks are willing to lend me at 7%, I will gleefully accept." As for you, when inflation is at 9% if you save with our bank at 7% you are -2% for the record. Never mind the numbers !!  oh, on a finishing note, spare a thought to SBI - totally inept and incompetent. PSU banks , Cake walk for us >>

The bank said the latest announcement provides a significant opportunity for the bank to leverage its 325 plus branch network to accelerate mobilisation of granular retail deposits, one of the key objectives of its strategy for building its retail banking franchise with unprecedented service and innovative experience.

-- 
______________________
Navin
NS Capital Partners