Yes Bank FD’s new interest rates are also effective today from August 10.
Now those who have FD from 7 days to 14 days will get 3.25 percent interest.
Senior citizens are being offered higher interest rates of up to 0.75 percent.
New Delhi. After the Reserve Bank increased the repo rate, banks started offering higher returns on deposits and increased interest rates on loans. In this phase, now the private sector Yes Bank has increased the interest rate on its FDs, effective today, August 10.
According to the bank’s website, the interest rate has been increased for various tenures on deposits below Rs 2 crore. The bank is now offering 3.25 per cent interest to those with FDs between 7 days and 14 days, while it is offering 3.50 per cent interest on FDs between 15 days and 45 days. Similarly, 46 days to 90 days FDs have to pay 4.10 percent and 3 months to 6 months FDs have to pay 4.75 percent.
Also Read – RBI Monetary Policy 2022: RBI hikes repo rate again by 0.50%, how will it affect you now?
Interest on one year FDs has also increased
Yes Bank is now offering 6.25 percent interest on FDs from one year to 18 months. Similarly, interest rates on fixed deposits from 18 months to 3 years and from 3 years to 10 years have also been raised to 6.75 percent. The increase was due to a 0.50 percent increase in the repo rate by the bank.
High interest for senior citizens
Yes Bank offers high interest on FDs to senior citizens. 0.50 percent higher interest is being offered to senior citizens in addition to the regular rate on FDs from 7 days to 3 years, the bank informed. Similarly, FDs from 3 years to 10 years are offering an additional return of 0.75 percent along with the regular interest. After today’s hike, the overall interest rate for senior citizens has gone up to 7.50 percent from 3.75 percent.
Higher penalty on premature withdrawal
Yes Bank, along with increasing interest rates on deposits, is also charging higher penalties on premature withdrawal of FDs. The bank’s new penalty charges came into effect on August 8. Under this, premature withdrawal of FDs of less than 181 days will now attract a penalty of 0.50 per cent, up from 0.25 per cent earlier. Similarly, the penalty for FDs over 182 days has now been increased from 0.50 per cent to 0.75 per cent. This penalty will apply to all deposits below Rs 5 crore
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First Published: August 10, 2022, 09:32 IST