YES BANK will offer structured deposit products to Emirates NBD clients
Bangalore, May 10, 2017: YES BANK, India’s fifth largest private sector bank, has entered into a strategic partnership with Emirates NBD, a leading banking group in the UAE, for its Global Indian Banking (GIB) programme.
With thisstrategic partnership, NRIs in the UAE can now avail loans from Emirates NBD(in AED) against their Non Resident External (NRE) FD/Foreign Currency (FCNR)Deposits with YES BANK in India. The offering will also benefit NRI customersin the UAE to systematically invest in India through competitive loans fromEmirates NBD and create long term wealth back home in India.
Thepartnership with Emirates NBD will help in bolstering YES BANK’s growingliability franchise and offer a comprehensive offering to the bank’s growingNRI client base.
The NRE FDfacility will also enable Emirates NBD’s NRI customers to continue toaccumulate savings in the home country via fixed deposits, while gainingcontinued access to liquidity to set up businesses or buy property in theUAE.
Speaking onthe partnership, Pralay Mondal, Head, Retail & Business Banking,YES BANK said, “As a knowledge driven Bank, YES BANK understands thespecific needs of NRIs and we are proud to partner with Emirates NBD to provideconvenience to our NRI customers through liquidity (in AED) in the UAE againsttheir deposits in India. GCC is an important geography for YES BANK’s GIBproposition and the Gulf foray will play a key role in our aspiration to becomebank of choice for NRIs”.
Commentingon the NRE Fixed Deposit Facility, Suvo Sarkar, Senior VP and Group Head –Retail Banking and Wealth Management, Emirates NBD, said “We are delighted topartner with YES BANK to offer this first-of-its-kind initiative to NRI clientsof the two banks. This facility will go a long way towards supporting our NRIclients to get the best value for their savings both in India and the UAE.Currently, YES BANK offers one of the best interest rates on NRE FDs in India,and we are happy to ensure that our customers benefit from this attractivereturn.”