Yes Bank a new-age private sector lender has increased its fixed deposit interest rate by 0.25 for time period of one year and one day up to 18 months to 10 per cent from the earlier 9.75 per cent
According to bank press release senior citizens will now earn a return of 10.50 per cent as against the existing 10.25 per cent. The revised rates have come in to effect from August 1.
Bank has also hiked its interest rates on fixed deposits for time period ranging from six months 1 day to 2 years.
Yes Bank Managing Director and CEO Rana Kapoor said, "The bank has been observing keen interest among customers to invest in deposit products and we believe this trend will sustain given the safety, security, liquidity and flexibility provided under the bank's deposit program".
Bank has also hiked its benchmark prime lending rate (BPLR) by 0.50 per cent to 17 per cent and have come into effect from August 1.
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Now HDFC and ICICI banks also increased their Fixed Deposits Rates to 10%
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