Private sector lender Yes Bank has launched an online goal-based recurring deposits (RD) scheme, which will enable customers to calculate their monthly installment to achieve financial goals, a bank release said.

"Based on the systematic investment plan (SIP) model, using the bank's net banking services, this feature can calculate the monthly installment amount required to achieve the customer's financial goals by computing targeted amount, time horizon, inflation, prevalent interest rates and recommend a tailor-made SIP," the city-based lender said.

This would encourage disciplined savings among customers, the bank said.

"The goal-based recurring deposits will encourage customers to commit themselves into disciplined savings.

Additionally, customers can give the RD a distinct name tag of their goal, such as 'Family Trip to Singapore' or 'Savings for Family Car' or 'Higher Education for kids' etc, creating an emotional value in the customer's mind," senior president and country head, savings liabilities management, cards and direct banking Chitra Pandeya said.

At present, Yes Bank provides 7 percent interest on savings accounts and 9.6 percent on NRE fixed deposits.