This Private Sector Bank Now Offers 7.5% Interest Rate On FDs To Senior Citizens-Check Details

After the latest RBI repo rate hike by 50 basis points to pre-Covid levels to combat the soaring inflation, banks across the private and public space are announcing interest rate hikes on fixed deposits. Likewise, Yes Bank has announced the revision on its FD rate that comes into effect beginning today i.e. August 10, 2022.

On deposits with maturity period between 7-14 days, the bank will extend interest rate of 3.25%, while for Fds booked for a term of 15-45 days, the interest rate shall be 3.7%. The interest rate on fixed deposits maturing from 46 days to 90 days is 4.10% now, while the interest rate on deposits maturing from 3 months to less than 6 months is 4.75%.

On a 1-year to less than 18 months FD, the bank offers 6.25% interest rate. And for over 18 months to less than or equal to 10 years FD, the rate shall be maintained at 6.75%.

Rates for deposits
Tenure	Regular
	Interest Rates	Annualised Yield
7 days to 14 days	3.25%	3.25%
15 days to 45 days	3.70%	3.70%
46 days to 90 days	4.10%	4.10%
3 months to	4.75%	4.75%
6 months to	5.50%	5.54%
9 months to	5.75%	5.83%
1 Year to	6.25%	6.40%
18 Months to	6.75%	6.92%
3 Years to	6.75%	6.92%

Annualised yield as per the bank website is compounded quarterly.

Yes Bank FD rates for Senior citizens

Senior citizens who usually get a 0.5% higher rate of return on deposits when compared to general public, in the case of Yes Bank's FD maintained for 3 years to less than or equal to 10 years tenure will get 7.5% return, which makes it a 0.75% higher rate in comparison to rate on regular deposits.

For other tenures, the FD rate for senior citizens is 0.5% more than the regular deposits.

	Rates for
	Senior Citizen
Time Period	Interest Rates	Annualised Yield
7 days to 14 days	3.75%	3.75%
15 days to 45 days	4.20%	4.20%
46 days to 90 days	4.60%	4.60%
3 months to	5.25%	5.25%
6 months to	6.00%	6.04%
9 months to	6.25%	6.35%
1 Year to	6.75%	6.92%
18 Months to	7.25%	7.45%
3 Years to	7.50%	7.71%

As per the bank's website, the minimum amount for creating an FD with Yes Bank is Rs. 10,000. Also, the reinvestment tenure is for a minimum of 6 months 1 day.