Yes Bank has good news for investors! They have increased the interest rates for a specific time on deposits under Rs 2 crore.
This means that if you put your money in the bank for a certain period, you can earn more interest.
The rates have gone up by 25 basis points (bps). Now, regular people can get interest rates from 3.25 percent to 7.75 percent,
and senior citizens will get rates between 3.75 percent to 8.25 percent. These new rates started from November 21, 2023.
Here are the new rates
1) For deposits maturing in seven to 14 days, the interest rate is 3.25 percent.
2) If you keep your money for 15 to 45 days, you will get a 3.70 percent interest rate.
3) For longer periods, like 272 days to one year, the interest rate is 6.35 percent.
4) If you put your money for one year, you’ll get a higher interest rate of 7.25 percent.
5) The interest rate for deposits maturing in one year to less than 18 months is 7.50 percent.
6) The highest rate, 7.75 percent, is for deposits maturing in 18 months to less than 24 months.
For senior citizens
1) Senior citizens can get interest rates from 3.75 percent to 8.25 percent.
2) The highest rate, 8.25 percent, is for tenures from 18 months to less than 24 months.
Remember, the minimum amount to start a fixed deposit (FD) in Yes Bank is Rs 10,000. Interest is calculated from the date you put the money in until it matures.
You can choose to get your interest every month, every three months, or all at once when your FD matures if it’s for less than six months.
