Yes Bank has increased interest rates on FDs below Rs 2 crore. However, the new rates will be applicable on FDs with deposit tenure of 1 year or more. The interest rates for FDs with lesser maturity have not been changed.
After increasing the repo rate by RBI, many banks have now started increasing the interest rates on FD. A new addition has been added to this list, Yes Bank. It has increased the interest rates on FDs below Rs 2 crore. The new rates have come into effect from June 18. However, this increase has been made on FDs with maturity from 1 to 10 years.
Now the bank is giving an interest of 3.25 percent to 6.50 percent on FDs of 7 to 10 days. However, senior citizens will get interest ranging from 3.75 to 7.25 per cent.Details of interest rates The
bank is giving 3.25 percent interest on FDs with maturity of 7 to 14 days. After this, 3.50 percent on FDs of 15 to 45 days, 4.00 percent on FDs of 46 to 90 days and 4.50 percent on FDs with deposits of less than 3 to 6 months.
After this, interest of 4.75 percent is being given on deposits maturing in 6 to 9 months. The bank is giving 5.00 percent interest on FDs with tenures ranging from 9 months to less than 1 year. None of these interest rates have changed.
Changed interest rates
The bank has increased the interest rate from 5.75 percent to 6.00 percent on FDs less than 1 year to 18 months. On FDs with maturity period of 18 months to less than 3 years, the bank will give interest at the rate of 6.50 percent.
It has been increased by 0.50 percent. After this, the bank will also give interest at the rate of 6.50 percent on FDs with a deposit period of 3 to 10 years.
Additional interest to senior citizens
The bank is giving an additional 0.50 percent interest on FDs of less than 7 days to 3 years for citizens aged 60 and above. At the same time, the bank is giving 0.75 more interest to senior citizens on FDs of 3-10 years.
RBI Repo Rate
Let us tell you that RBI had increased the repo rate twice in May and June. After this the loans from RBI to banks became costlier by 0.90 percent.
As a result, most of the banks increased the loan rate 2 to 3 times. However, FDs are also affected by the change in the repo rate, so now gradually FD investors are starting to get the benefit of the increase in the repo rate.