In yet another unexpected move, Yes Bank too has raised interest rates in response to the RBI's monetary policy announcement.
The good news is that the bank has increased its interest rates on Fixed Deposits (FDs) below Rs 2 crore.
From today, 10 August, new rates will be implemented on various time span FDs ranging from 7 days to 10 years.
Yes Bank customers may benefit from the decision, as their FDs will yield higher returns.
In recent days, many banks have raised repo rate-linked lending rates (RLLR) for loans by 0.50 basis points to 5.40%.
Revised interest rates on FDs below Rs 2 Crore:
7 days to 14 days: For General Public – 3.25%; For Senior Citizens – 3.75%
15 days to 45 days: For General Public – 3.70%; For Senior Citizens – 4.20%
3 months to 6 months:For Senior Citizens – 5.25%
9 months to less than 1 year: For General Public – 5.83%; For Senior Citizens – 6.35%
1 year 1 day to less than 18 months: For General Public – 6.40%; For Senior Citizens – 6.92%
18 months to 3 years: For General Public – 6.92%; For Senior Citizens – 7.45%
3 years 1 day to 10 years: For General Public – 6.92%; For Senior Citizens – 7.71%