NEW DELHI: YES BANK, India’s fourth largest private sector Bank, in association with CARE India, a humanitarian relief and development NGO working in India for more than 60 years, has launched India’s first Social Deposit Account (SDA).
YES BANK and CARE India signed a strategic Memorandum of Understanding (MoU) on 9 February 2012 to make this facility available, exclusively for YES BANK’s customers.
“The Social Deposit Account (SDA) is an evolution of the regular Fixed Deposit account where customers have the option of donating their interest income to a social cause through CARE India.
The SDA formalizes the act of philanthropic giving in India by providing a highly transparent and accountable channel to regularly donate and participate in the development of the nation, whilst enjoying fantastic interest returns on deposits.” YES BANK said in the statement.
Explaining the thought behind the SDA, Dr. Rana Kapoor, Founder, Managing Director & CEO, YES BANK said, “The Social Deposit Account espouses the very principles of Responsible Banking at YES BANK, where we strive to develop financial solutions to address social and environmental issues.
This is an innovative retail financial product that YES BANK has launched to further facilitate the sustainable development agenda through a Branch Banking – YES Community focus.”
Speaking at the launch of YES BANK’s Social Deposit Account, Ms. Sonu Bhasin, Group President, Branch Banking, YES BANK said, “It is my privilege to launch this unique retail banking offer along with CARE India. Through the SDA, our customers will be able to actualize their philanthropic inclinations and positively impacting several lives, while enjoying industry’s best interest rates.”
Through the SDA, YES BANK’s customers can allocate a fixed amount to be deducted from the interest return on the fixed deposit and divert it to CARE India projects spread across the country in the areas of Health, Education, Livelihoods, and Disaster Response. All donations made to CARE India through the SDA will qualify for tax benefits under section 80G.
Dr. Muhammad Musa, CEO & Country Director, CARE India, said, “This is an exciting opportunity for the public to get more involved in the development of India, particularly those who envision our country without such dire poverty and grave disparity of wealth. We welcome such socially aware people to join CARE India in our mission to end poverty through reaching out to millions of women and girls across the country and improving their lives and the lives of their families and communities.”
The donators can be sure that their money is reaching its desired destination as the Bank will send regular reports and updates on various development initiatives of CARE India supported by the donator. Anybody who donates has the right to access Bank’s records. As soon as CARE India receives money, a tax exemption certificate will automatically issued to the person donating the money.
The YES BANK Social Deposit Account
1. YES BANK trained Responsible Banker offers SDA to an existing account holder/ customer
2. Customer signs up for the SDA earning industry best interest rate offering, specifying the amount to be contributed to CARE India when the Interest return is credited to their account. E.g., if a customer earns 9.60% interest on a fixed deposit on a tenor of 15 Months 15 Days to 16 Months, he has the flexibility to donate interest earned to a CARE India project on a quarterly, half-yearly or monthly basis
3. On receipt of the donation, CARE India sends e-receipt or physical receipt to the donor, which can also be used to claim tax benefits under section 80G
4. CARE India regularly updates donor on the project’s progress through, annual reports & social impact reports
YES BANK, India’s fourth largest private sector Bank, is the outcome of the professional & entrepreneurial commitment of its Founder, Dr. Rana Kapoor and his top management team, to establish a high quality, customer centric, service driven, private Indian Bank catering to the Future Businesses of India. YES BANK has adopted international best practices, the highest standards of service quality and operational excellence, and offers comprehensive banking and financial solutions to all its valued customers. YES BANK has a knowledge driven approach to banking, and a superior customer experience for its retail, corporate and emerging corporate banking clients. YES BANK is steadily evolving as the Professionals’ Bank of India with the long term mission of “Building the Best Quality Bank of the World in India”.
CARE INDIA: CARE has been working in India for over 60 years, focusing on ending poverty through improvement in the lives and livelihoods of women from poor and marginalised communities. We do this through well-planned and comprehensive programmes in health, education, livelihoods and disaster response. We are part of a global network working for the empowerment of women and girls. We choose to focus on women and girls because our experience shows us that, when equipped with the proper resources, they have the power to help whole families and entire communities escape poverty. Women are disproportionately affected by poverty and discrimination; however they remain a fundamental part of the solution to overcome poverty.