Attractive opportunity to earn additional yield

Yes Bank offers a competitive 7 per cent interest rate on NRI-special savings accounts and fixed deposits

YES Bank is India's fifth largest private sector bank with a pan-India presence across all states and union territories. In April, it launched its first international representative office in Abu Dhabi.
"The GCC is the most important geography for our Non-Resident Indian (NRI) business and our Gulf foray will play a key role in our aspiration to become the 'finest large bank of India'," says a bank spokesperson.
The bank provides services for the unique investment needs of the Indian diaspora through its flagship global Indian banking programme. It offers customised financial solutions that are tailored to suit such customers' needs.
Yes Bank offers NRIs a superior interest rate of 7 per cent per annum on Non-Resident External (NRE) and Non-Resident Ordinary (NRO) rupee savings account as well as attractive interest rates on NRE/NRO fixed deposits. With the FCNR deposit and Premium Rupee plan, the bank gives NRIs an attractive opportunity to earn additional yield.
The bank recently announced results for the quarter that ended on June 30. Net profit grew (year-on-year) at 27.7 per cent to touch Rs5.51 billion, while net interest margin (NIM) expanded to 3.3 per cent in Q1 of the fiscal, from 3 per cent in the previous year's Q1. Net interest income saw a year-on-year growth of 42.2 per cent at Rs10.6 billion.
"Yes Bank has begun its 12^th year of operations and posted another satisfactory quarter of consistent results, which is reflected in strong loan growth, NIM expansion and continued resilience in asset quality," said Rana Kapoor, Managing Director and CEO. "The bank has continued its uncompromising commitment towards quality, sustainability and innovation, which is evident through multiple prestigious awards garnered at international platforms across categories of business sustainability, information security and cash management."
The bank recently got an approval from the Reserve Bank of India to set up an International Financial Services Centre (IFSC) banking unit (IBU) at the Gujarat International Finance Tec-City (GIFT). This will propel its growth plans further by providing access to international financial markets, as well as offering comprehensive product suite to its corporate clients requiring foreign currency funding, besides allowing it to raise FCY funding.
"This is a significant development in the overall augmentation of our business model and will help in further diversification and expansion of cross border asset products. It will also widen the scope and depth of our liabilities base. The opening of an IBU will boost our cross border trade offerings, External Commercial Borrowings, Foreign Currency syndications and offshore M&A, funding business additionally," said Kapoor.

• India