Yes Bank Hikes Interest Rates On Fixed Deposits (FDs) of Less Than Rs 2 Cr

Yes Bank in a surprise move has hiked its interest rates on fixed deposits (FDs) of less than Rs 2 Cr on Tuesday. Following the revision the bank is now promising a maximum interest rate of 7.75% on a tenure of 18 months to 24 months. Additionally, the bank raised its penalty rates on premature withdrawals of FDs by 25 basis points. Details can be found below.

Yes Bank FD Rates

The bank is giving 3.25% interest on fixed deposits that mature between 7-14 days, while Yes Bank is currently offering 3.70% interest on deposits maturing in 15-45 days. Yes Bank is now providing interest rates of 4.75% for deposits with a duration of 91 days to 120 days and 4.10% for those with a duration of 46 days to 90 days. The interest rate on deposits maturing from 121 days to 180 days is 5%, while the interest rate on deposits maturing from 181 days to 271 days is currently 6.10%.

The bank is paying 6.35% interest on FDs that mature between 272 days to 1 year, and Yes Bank is currently offering 7.25% interest on those maturing in 1 year. Yes Bank now offers a 7.75% return on deposits made between 18 and 24 months and an interest rate of 7.50% on deposits made between 1 year and 1 day and 18 months. Deposits that mature between 24 and 60 months will yield an interest rate of 7.25%, while those that mature between 60 and 120 months will provide an interest rate of 7.00%.

Yes Bank Premature Penalty On Fixed Deposits

On tenure of fixed deposits of less than equal to 181 days, the bank has hiked penalty charges by 25 bps to 0.75% from 0.50% earlier whereas on tenure of 182 days and above, Yes Bank has hiked penalty rates by 25 bps to 1.00% from 0.75% earlier. The revised penalty charges on premature withdrawal of fixed deposits are effective as of 3rd November 2023. Both partial and full withdrawals will be subject to a premature FD withdrawal penalty interest charge. A penalty for premature withdrawal would be charged on any fresh deposits made or renewed for less than INR 5 crore.