Yes Bank, India’s fourth largest private lender, announced the launch of a deposit scheme which could fetch up to 8 per cent for a tenure of little over 18 months.
Coinciding with the World Environment Day (5th June), the scheme named ‘Green Future: Deposit’, is targeted at securing Rs 1,000 crore for the private lender.
“Yes Bank has established itself as India’s pre-eminent Green Bank with pioneering initiatives in the Sustainable Finance domain. The bank has been a strong proponent of sustainable banking and has been at the forefront of supporting the ‘Green Good Deeds’ campaign that was recently launched by the Government of India. The new Green Future: Deposit is an important step in this direction, and the first of many green retail products that will be launched by Yes Bank in this financial year,” said Rana Kapoor, Yes Bank’s Managing Director & CEO.
Through an official statement, the bank that also holds the distinction of being the only Greenfield Bank licensee awarded by the RBI in the last one decade, added that in addition to the launch of first-ever green deposit product on World Environment Day, it will earmark equivalent proceeds raised through Green Future: Deposit towards Sustainable Development Goals (SDGs) aligned sectors, which contribute to nation’s growth and safeguard our future. Also, for every Green Future: Deposit opened, the bank will contribute a money plant.
As a special customer benefit, the Green Future: Deposit can be opened for a tenure of 18 months and 8 days to 18 months and 18 days, with best-in-class peak interest rate of 7.50% per annum for regular Green Future: Deposits and 8.00%* per annum for senior citizens.
The Green Future: Deposit can only be opened through Yes Bank NetBanking and Yes Mobile banking application, making the process entirely paperless, thereby helping create a sustainable future, stated the bank’s official communiqué.
Yes Bank is the only Indian bank supported by UN to align global banking sector with SDGs & Paris Climate Agreement. The private lender is also the first and the only Indian bank to support Financial Stability Board’s Task Force on Climate-related Financial Disclosures (TCFD).
