After increasing the repo rate of RBI, banks have also started increasing their interest rates. Due to this, along with the loan becoming expensive, more interest has also started getting on the deposits. Yes Bank has increased the interest rates on its FDs and the new interest rate has also come into effect from today, August 10.
New Delhi. After the increase in the repo rate of the Reserve Bank, banks have started giving higher returns on deposits along with increasing the interest rates of loans. In this episode, now the private sector Yes Bank has increased the interest rates of its FD, which have also come into effect from August 10 today.
According to the bank’s website, interest rates have been increased for different tenures on deposits of less than 2 crores. The bank is now paying 3.25 percent interest to those who have FDs from 7 days to 14 days, while it is offering 3.50 percent interest on FDs from 15 days to 45 days. Similarly, FD of 46 days to 90 days is paying 4.10 percent interest and on FD of 3 months to 6 months is paying 4.75 percent.
Interest on one year FD also increased
Yes Bank is now offering 6.25 percent interest on FDs ranging from one year to 18 months. Similarly, interest rates on fixed deposits ranging from 18 months to 3 years and from 3 years to 10 years have also been increased to 6.75 per cent. The bank has made this increase due to the increase in the repo rate by 0.50 percent.
Higher interest to senior citizens
Yes Bank is offering higher interest on FDs to senior citizens. According to the bank, in addition to the regular rate on FDs from 7 days to 3 years, 0.50 percent more interest is being given to senior citizens. Similarly, an additional return of 0.75 per cent is being given in addition to the regular interest on FDs of 3 years to 10 years. After today’s increase, the overall interest rate for senior citizens has reached from 3.75 percent to 7.50 percent.
Higher penalty on premature withdrawal
Yes Bank, along with increasing interest rates on deposits, is also levying higher penalty on premature withdrawal of FDs. The new penalty charges of the bank have come into effect from August 8. Under this, a penalty of 0.50 per cent will now be levied on premature withdrawal of FDs with a tenor of less than 181 days, which was 0.25 per cent earlier. Similarly, the penalty has now been increased from 0.50 per cent to 0.75 per cent on FDs with a tenure of more than 182 days. This penalty will be applicable on all deposits with an amount less than Rs 5 crore.
