Yes Bank has launched an online recurring deposits (RD) scheme which will allow customers to calculate their monthly installment to achieve financial goals.
Based on the systematic investment plan (SIP) model, using the bank’s net banking services, this feature can calculate the monthly installment amount required to achieve the customer’s financial goals. It will be done by computing targeted amount, time horizon, inflation, prevalent interest rates and recommending a tailor-made SIP. This would encourage disciplined savings among customers.
The goal-based recurring deposits will encourage customers to commit themselves into disciplined savings. At present, Yes Bank provides 7 per cent interest on savings accounts and 9.6 per cent on NRE fixed deposits.