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 this strategic 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 customers in the UAE to systematically invest in India through competitive loans from Emirates NBD and create long term wealth back home in India.
The partnership with Emirates NBD will help in bolstering YES BANK’s growing liability franchise and offer a comprehensive offering to the bank’s growing NRI client base.
The NRE FD facility will also enable Emirates NBD’s NRI customers to continue to accumulate savings in the home country via fixed deposits, while gaining continued access to liquidity to set up businesses or buy property in the UAE.
Speaking on the partnership, Pralay Mondal, Head, Retail & Business Banking, YES BANK said, “As a knowledge driven Bank, YES BANK understands the specific needs of NRIs and we are proud to partner with Emirates NBD to provide convenience to our NRI customers through liquidity (in AED) in the UAE against their deposits in India. GCC is an important geography for YES BANK’s GIB proposition and the Gulf foray will play a key role in our aspiration to become bank of choice for NRIs”.
Commenting on the NRE Fixed Deposit Facility, Suvo Sarkar, Senior VP and Group Head – Retail Banking and Wealth Management, Emirates NBD, said “We are delighted to partner with YES BANK to offer this first-of-its-kind initiative to NRI clients of the two banks. This facility will go a long way towards supporting our NRI clients 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 attractive return.”