Yes Bank boosts online remittance scheme

Yes Bank, India’s fourth largest private sectorbank, has launched Yes Remit, an online remittance platform for NRIs based in the GCC, United Kingdom and euro zone states.
The facility empowers NRIs to send money into an account with Yes Bank or any other bank account in India.
Yes Bank is offering attractive exchange rates with nil transaction charges on all the remittances.
The Yes Remit platform will be gradually extended across geographies and currencies in a phased manner.
The Yes Remit service has been created in association with TimesofMoney.
Pralay Mondal, senior group president, retail and business banking, said: “While augmenting our focus on Yes Bank’s Global Indian Banking (NRI business), we realized that seamless transfer of money back home was one of the biggest challenge for NRIs.”
Mondal said: “Yes Remit will now enable NRIs to transfer money back to India within the comfort of their home or office while enjoying an attractive exchange rate and nil transaction charges. TimesofMoney is a pioneer in this space and through our association we will strive to offer a superior and seamless Remittance facility to NRIs globally.”
Yes Bank was the first Bank to offer Interest rate of 7 percent for resident as well as Non-Resident Indians (NRE/NRO) Savings accounts, with balances over Rs100,000 and 6 percent interest for balances below Rs100,000, post the savings rate deregulation by the Reserve Bank of India.