Yes Bank announce increase in PLR by 50 bps

YES BANK, India's new-age private sector bank, has announced a further increase in PLR by 50 bps effective July 1, 2008 and an increase in fixed deposit interest rates for tenors ranging from 9 months 1day to 3 years. Deposits for a tenor of 1 year and 1 day up to 18 months will earn a higher return of 9.75% p.a. (previously 9.50%) while Senior Citizens will earn an attractive return of 10.25% p.a. (previously 10.00%). These fixed deposit interest rates are effective from July 3, 2008.

The fixed deposit products from YES BANK are structured with greater flexibility, and are held in clusters of Re. 1, allowing easier access in withdrawal with an annualized yield of 10.11% per annum for a period of 1 year, 1 day.

Mr. Rana Kapoor, Managing Director & CEO, YES BANK, said, "The Bank has been observing keen interest among customers to invest in deposit products and we believe this trend will sustain given the safety, security, liquidity & flexibility provided under the Bank's deposit programmes. The new Fixed Deposit Scheme from YES BANK continues to provide highly competitive interest rates with flexible tenors and no hidden costs, fully considering our customer needs. This offer combined with YES BANK's recent rankings in the Financial Express-E&Y Survey of India's Best Banks of 2007 where the Bank was ranked overall #1 amongst 56 public, private and foreign banks on the key parameter of Credit Quality and ranked #1 on Growth in its private Indian Banks category (overall#2 on Growth) provides for overall attractive and balanced deposit products.

The scheme is open to both existing and potential customers of the Bank. YES BANK currently has 80 branches. The Bank has additional licenses to open 37 new branches nationally (currently under implementation), taking the total branch network to 117 branches by October 2008.

The Fixed Deposits can also be auto-renewed ensuring that the Fixed Deposit will be rolled over for a similar period at the interest rate applicable on the date of renewal. If the deposits are prematurely withdrawn, the interest rate prevailing at the date of deposit, for the period for which the deposit was with the Bank shall be payable.

Fixed Deposit Interest Rates effective Thursday, July 3, 2008

Sourced From: Adfactors Public Relations Pvt Ltd