What does minimum balance mean at Yana?
Minimum balance is more or less a fixed amount that is locked for an indefinite period of time and earns a yield for you and doubles as the cash collateral for credit accounts You don’t need to want a credit account to use the minimum deposits, but you wouldn’t be able to create a credit account without a minimum deposit.
minimum balance screen
Why do you need a minimum balance?
The most obvious reason is that your minimum balance is important for you to access a credit line at Yana. Another reason is that the balance earns you interest of up to 24% APR per annum, as opposed to it depreciating in a regular bank account.
We basically safekeep the funds for you, while it accrues gains.
How to fund your minimum balance
Funding your minimum balance is easy to do. First make sure your cash account is sufficiently funded . You can then click on 3 dot icon at the top right corner on the cash account section. This will bring up the locked funds button, click on it and arrive in the locked funds page. Choose how much you’d like to lock and that’s it. The money will be moved from your cash account into your locked funds.
The yield on minimum deposits are paid on the 2nd of every month into your cash account after the first 3 months. The first time you receive a yield payment would be the 2nd of the third month you have your money locked and an accumulation of all yield during that period. Subsequent payments are monthly. If you liquidate your deposit before the third month, no yield is paid to you.
Your minimum deposit is fully withdrawable as long as you have no pending credit repayment . You can withdraw it any time you deem fit by clicking the unlock button in the locked fund section, imputing how much you’d like to unlock and confirming with your transaction pin. The withdrawn amount is deposited into your cash account within 3 to 12 working days.
If you have any questions, or you need further clarification, do not hesitate to reach out to us by sending a mail to swift@yana.finance.