Yes Bank has increased interest rates on fixed deposits of less than Rs 2 crore. The bank has made this increase on deposits maturing in 1 to 10 years.
The interest rate on normal deposits ranges from 3.25 per cent to 6.50 per cent. At the same time, interest will be given to senior citizens at the rate of 3.75 percent to 7.25 percent.
Yes Bank: Private sector lender Yes Bank has given great news to the customers. The bank has increased the interest rates on fixed deposits (FD) of less than Rs 2 crore. These increased interest rates have come into effect from June 18. The bank has increased the rate of deposits maturing in one year to 10 years. The bank is now providing interest rates between 3.25 per cent to 6.50 per cent on normal deposits of 7 days to 10 years. At the same time, now it is giving interest at the rate of 3.75 percent to 7.25 percent to senior citizens.
Let us inform that since the decision of the Reserve Bank of India to increase the repo rate, many banks are continuously increasing the interest rates of their FDs (FD Rate Hike). Many big public sector banks i.e. State Bank of India, Punjab National Bank etc. have given the benefit of higher FD interest rates to their customers in the past.
How much interest rates
Yes Bank is offering an interest rate of 3.25 percent on deposits for 7 to 14 days and 3.50 percent on deposits for 15 to 45 days. The interest rate on deposits maturing from 46 days to 90 days is 4.00 per cent. Whereas the interest rate on deposits from 3 months to less than 6 months is 4.50 percent. At the same time, deposits maturing in 6 to 9 months will get 4.75 percent interest. Whereas deposits maturing in the period from 9 months to less than 1 year will get 5.00 percent interest.
Yes Bank will now offer an interest rate of 6.00 per cent on deposits maturing in less than one year to 18 months, as against 5.75 per cent earlier. In this sense, there has been an increase of 25 basis points. The bank has increased the interest rate by 50 basis points on deposits maturing in 18 months. The bank will offer an interest rate of 6.50 per cent on deposits maturing in from 18 months to less than 3 years. On the other hand, deposits of 3 to 10 years will also get interest at the rate of 6.50 percent.
For senior citizens
Senior citizens will get an additional benefit of 0.50% on deposits from 7 days to 3 years. At the same time, deposits maturing in less than 3 years to less than 10 years will get an additional interest of 0.75 percent. Overall, Yes Bank is now giving interest at the rate of 3.75 percent to 7.25 percent to senior citizens.
- FD of 7 to 14 days – 3.75%
- FD of 15 to 45 days – 4.00%
- FD of 46 to 90 days- 4.50%
- 3 to 6 months – 5.00%
- 6 to 9 months – 5.25%
- 9 to 12 months- 5.50%
- 1 to 18 months – 6.50%
- 18 months to 3 years – 7.00%
- 3 to 10 years – 7.25%