New Delhi: In yet another unexpected move, given the slew of banks that have changed their interest rates post the RBI Monetary policy, Yes Bank too has hiked interest rates. However, the good part is that the bank has increased its interest rates for Fixed Deposits (FDs) below Rs 2 crore. The new rates on different time span FDs ranging from minimum 7 days to maximum 10 years will be effective from today, 10 August itself.
The decision may have a direct impact on Yes Bank customers and they will get more returns on their FDs. It is to be noted that RBI increased repo rate by 0.50 basis points to 5.40% last week and many banks raised repo rate-linked lending rate (RLLR) for loans in the last few days.
New Interest rates for FDs below 1 year
The customers will get a 3.25% interest rates on FDs held for 7 to 14 days and a 3.70% interest rate for 15 to 45 days. Moreover, a 5.83% interest rate will get for those deposits held over 9 months but less than a year.
New Interest rates for FDs above 1 year
FDs which have been held for over a year but not more than 18 months will get a 6.40% interest rate from today. Likewise, a 6.92% interest rate will be given if the term period is above 18 months but less than 3 years. Last but not least, a 6.92% interest rate will be given to deposits that will be held between more than 3 years and less than 10 years.
Senior Citizens will get 0.50 bp cent above normal rates
Bank provides additional 0.50 basis points interest rate along with normal interest rates to its senior citizen members. The new rates have been revised with additional benefits for senior citizens. Therefore, senior citizens will get a 3.75% interest rate on FDs maturing in 7 to 14 days, and a 4.20% interest rate for 15 to 45 days.
While a 5.25% interest rates will be given to FDs maturing between 3 months but not above 6 months, and a 6.35% interest rate for above 9 months to less than a year.
The news rates for FDs above 1 year but not more than 18 months will be 6.92%, and a 7.45% interest rate will provide to deposits held above 18 months but less than or 3 years. Moreover, a 7.71% interest rate is given to those senior citizens’ FDs which are maturing between over 3 years and less or equal to 10 years.