YES Bank had recently revised its fixed deposit (FD) rates. The bank offers up to 6.5 interest on bank FDs, depending upon the timeframe. Both general citizens and senior citizens can avail these interest rates. With the new interest rates, there is some new information to consider before opening your FD account with the bank.
The bank FD interest rates ranges between 7 days to 10 years. For the 7-to-14-day period, the bank is now giving an interest rate of 3.25 per cent for regular citizens. Customers who opt for the 15 days to 45 days timeframe get to enjoy a 3.50 per cent interest rate.
If you were to opt for the 46 days to 90 days package, you would receive a 4 per cent interest rate on your FD account. For a 3 month to less than 6-month timeframe, customers in the general category would receive an interest rate of 4.50 per cent. The 6 months to 9 months bracket carry an interest rate of 5 per cent. Fixed Deposit Bank accounts that fall between the ranges of 9 months to less than a year or 1 year to less than 18 months will have interest rates of 5.25 per cent and 5.75 per cent respectively.
Customers who choose the 18 months to less than 3 years package for their fixed deposits, will see a return of 6 per cent. At the higher end of the YES Bank FD rates, customers get an interest rates of 6.25 per cent to 6.50 per cent for 3 years to less than 5 years and 5 years to less than – or equal to 10 years, respectively.
Revised FD Rates for Senior Citizens
The maturity on FDs for the 7 days to 14 days period will bring senior citizens an interest rate of 3.75 per cent. If elderly customers chose to go for the 15 days to 45 days period of FD, they would see a return of 4 per cent. For a period of 45 days to 90 days, senior citizens can expect to see an FD interest rate of 4.50 per cent. If the elderly were in need of 3 months to less than 6 months period on the FD, the accompanying maturity would stand at 5 per cent.
Choosing an FD account period between 6 months and less than 9 months will provide an interest rate of 5.50 per cent for senior citizens. The bank would offer a 5.75 per cent interest rate to seniors if they opted for 9 months to less than 1-year package. An FD account with an interest period of 1 year to less than 18 months would yield an interest rate of 6.25 per cent for the elderly. Similarly, an 18 months less than 3 years bracket would get senior citizen customers a maturity of 6.50 per cent.
YES Bank’s also offers FDs for 3 years to less than five years and 5 years to less than or equal to 10 years. Customers in the senior citizens’ category can see an interest rate of 7 per cent for the 3 years to less than 5 years bracket. On the other hand, customers who pick the maximum time frame, 5 years to less than or equal to 10 years, will see a maturity of 7.25 per cent, which is the highest that the bank offers as per its newly revised interest rates.
Across the board, senior citizens continue to get 50 basis points higher interest rates than that received by the general citizen category. The Bank’s interest rates for senior citizens range from 3.75 per cent to 7.25 per cent. General citizens only get an interest rate of 3.25 per cent to 6.50 per cent at the most.
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