There is more pressure now to raise the interest rate on bank deposits. Banks are gradually raising their deposit interest rates in such a scenario. Yes Bank, a private sector bank, has recently announced plans to raise the interest rates on its deposits. It has been announced that interest rates would be increased on fixed deposits.
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Less than two crores have seen an increase in interest rates from the bank on FDs. Interest rates have gone hiked by the bank from 0.25 to 0.50 basis points. As of February 21, 2023, the bank’s new rates will be in effect. The 25-month FD rates have altered, according to the bank. The bank also stated that interest on 36-month FDs will be given up to 8%.
Yes Bank has indicated that interest will be paid at the rate of 6 percent instead of 5.75 percent on deposits from 181 days to 271 days in the list of its freshly declared interest rates. The bank has announced a 6.25 percent interest rate on deposits made between 272 days and one year. Earlier, this rate was 6 percent.