Good news came for the customers of private sector Yes Bank in the new year. Actually, Yes Bank has increased the interest rates on Fixed Deposits (FD). Explain that after increasing the repo rate by the Reserve Bank of India (RBI), banks are increasing the rates of fixed deposits.
According to the official website of the bank, the new rates have come into effect from January 3, 2023. The bank has increased the interest rates on FDs of less than 2 crores. According to the new rates, now common investors will get interest ranging from 3.25 percent to 7 percent on fixed deposits ranging from 7 days to 120 months. At the same time, senior citizens will get interest ranging from 3.75% to 7.75% on FDs of the same period.
For 8 percent interest, investment will have to be made for 30 months.
Investors will get up to 8 percent return on Yes Bank’s special FD scheme. Common investors will get 7.50 percent interest and senior citizens will get 8 percent interest on 30-month fixed deposits.
Yes Bank FD rates for general investors FDs of
7 to 14 days – 3.25% FDs of
15 to 45 days – 3.70% FDs of
46 to 90 days – 4.10% FDs of
91 to 180 days – 4.75%
181 FDs of 272 to 271 days – 5.75 per cent FDs of
272 to less than 1 year – 6 per cent FDs of 1
year to 120 months – 7 per cent
RBI has increased the repo rate
5 times in the last year Reserve Bank had increased the repo rate 5 times in the last year. With the intention of reducing inflation, the central bank increased the repo rate by another 0.35 percent to 6.25 percent in the bi-monthly monetary policy review on December 7, 2022.
Many banks have increased the rates of fixed deposits.
It is noteworthy that recently SBI, PNB, Kotak Mahindra Bank, HDFC Bank, Suryoday Small Finance Bank, Yes Bank, Jan Small Finance Bank etc. have also increased their FD rates. . This process of increasing FD rates has started after the increase in repo rates by RBI.
