In a recent move, Yes Bank has introduced changes to its savings account interest rates for both domestic and non-resident customers, effective from August 21, 2023.
Customers will now enjoy a variable interest rate ranging from 3.50% to 7% on their savings account balances.
This adjustment ensures that interest is calculated on a daily basis and credited quarterly.
Breakdown of Yes Bank’s New Savings Account Interest Rates
According to information sourced from the official Yes Bank website, the updated interest rates are as follows:
- Balances up to Rs 1 lakh: 3.5% interest
- Balances above Rs 1 lakh and up to Rs 5 lakh: 4.25% interest
- Balances above Rs 5 lakh and up to Rs 10 lakh: 5% interest
- Balances of Rs 10 lakh and above: 7% interest
For higher sums, the bank is offering a 6% interest rate on daily balances below Rs 5 crore and a 5% rate for balances between Rs 5 crore and Rs 25 crore.
Shift in Fixed Deposit (FD) Interest Rates
In addition to modifying savings account rates, Yes Bank has also made changes to its Fixed Deposit (FD) interest rates for amounts less than Rs 2 crore, effective July 28, 2023.
The revised rates now span from 3.25% to 7.75%. Notably, senior citizens enjoy an even more attractive interest rate of 8.25% for an 18-month to less than 36-month tenure.
It’s important to note that Yes Bank imposes a penalty for premature withdrawals on deposits below Rs 5 crore. However, this penalty does not apply to senior citizens.
Stay informed and make the most of these updated interest rates with Yes Bank’s services. Keep an eye on your financial planning to reap the benefits of these changes effectively.