FD Interest Rate: If you look a few years back, people got high interest rates from banks. Even the common people could get good returns from their respective banks. Time has changed everything. Interest rates are getting lower day by day. Government Banks to Private, even Post Office not offering too much interest rate on any schemes. But as we all know, there is always an odd one. A private bank in India offers an 8.25% interest rate on fixed deposits.
Yes Bank has given a big gift to investors. In fact, the bank has announced to increase the interest rate for a particular period on deposits of less than Rs 2 crore. These interest rates have been raised by 25 basis points (bps). After this increase, the common citizen can now avail interest rates ranging from 3.25 percent to 7.75 percent. Senior citizens will get interest in the range of 3.75 per cent to 8.25 per cent. These revised interest rates are effective from November 21, 2023.
According to Yes Bank’s website, the bank is now offering an interest rate of 3.25 per cent for FDs maturing in seven to 14 days. Similarly, customers will get 3.70 percent interest on deposits maturing in 15 to 45 days. For a long-term bond maturing in 272 days to one year, the interest rate will be 6.35 per cent, while the one-year maturity will fetch an interest rate of 7.25 per cent. The interest rate on deposits maturing in one year to less than 18 months is 7.50 per cent. For FDs maturing in 18 months to less than 24 months, the highest interest rate has been increased from 7.50 per cent to 7.75 per cent.
Senior citizen FD interest rates range from 3.75 per cent to 8.25 per cent. The highest interest rate of 8.25 per cent is offered on tenors ranging from 18 months to less than 24 months. The minimum amount to book a fixed deposit (FD) in Yes Bank is Rs 10,000. Interest is calculated from the value date to the maturity date. Customers can choose the interest payout monthly, quarterly or at maturity for FDs with a tenure of less than six months.