Yes Bank hikes FD rates after RBI’s repo rate increase
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The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) hiked the repo rate by 35 basis points (bps) to 6.25 per cent on 7 December. RBI has been raising the repo rates since May to contain inflation. This has led to various banks across India increasing the interest rates on their fixed deposits (FDs). Yes, Bank has hiked the interest rates on its term deposits of less than Rs 2 crore. The revised interest rates came into effect on 5 December. The new rates stand between 3.25 per cent and 6.75 per cent on maturity periods ranging from seven days to 10 years. The bank is providing interest rates, ranging from 3.75 per cent to 7.5 per cent to senior citizens on FDs maturing in seven days to 120 months.
Yes Bank latest FD rates 2022
On deposits maturing in seven to 14 days, the interest rate stands at 3.25 per cent, while the rate is 3.7 per cent for FDs with a maturity period of 15 to 45 days. The bank offers a 4.1 per cent interest on term deposits maturing in 46 to 90 days. For FDs with a tenure of three to six months, the bank is providing 4.75 per cent returns.
On FDs maturing in six to nine months, the interest rate stands at 5.5 per cent, while a return of 5.75 per cent is offered on deposits maturing in nine months to one year. The bank is providing an interest rate of 7 per cent on FDs with a tenure of one year to 36 months. On deposits maturing in 36 to 120 months, customers will earn 6.75 per cent interest.
Yes Bank rolled out a special fixed deposit scheme on 12 October 2022 with a tenure of 20 to 22 months. The bank’s special FD plan is still in practice, and the general public can earn an interest rate of 7.25 per cent, while senior citizens will receive 7.75 per cent interest. The recurring deposit (RD) interest rates of Yes Bank have also been revised. The interest rates stand at 5.5 per cent to 6.75 per cent on RDs maturing in six months to 10 Years for general individuals. Senior citizens can earn 6 per cent to 7.5 per cent interest on RDs with the same tenure.
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