YES Bank hikes deposit rates and Kotak Mahindra lending rates

The hike in the policy rates from the Reserve Bank of India has triggered the banks to hike their lending and deposit rates. A lot of the leading banks have already announced hike in their deposit and lending rates and other are likely to do that very soon.

Private sector lender YES Bank has announced a revision in the deposit rates offered by it. The bank has hiked the deposit rates across various maturities maximum by 50 basis points. The revised rates are applicable form 9^th May.

Another private sector lender Kotak Mahindra Bank has hiked the BPLR and Base Rate both by 50 basis points. Due to the hike the loans will now cost more to the borrowers. The new rates are applicable from 10^th May.

Lakshmi Vilas Bank hikes deposit rates

Following the bellwethers in the banking sector, private sector lender Lakshmi Vilas Bank has also revised the deposit rates across various maturities.

The deposit rate for a maturity period of 46-90 days has been increase from 4.25 percent to 6.00 percent; a deposit with maturity period of 91-180 days will now fetch an interest rate of 9.00 percent. Increments have been made across several other maturity periods also.

The hike came post a 50 basis /point hike from the Reserve Bank of India in the policy rates. Te revised deposit rates are applicable from 9^th May.