Due to inflationary pressure, Federal Reserve in the United States has been hiking the interest rates and it has been cascading to India as RBI is also raising repo rates from time to time. Recently RBI hiked repo to 5.90% and post that most of banks have raised their retail fixed deposit rates. Few banks who increased FD rates recently include Axis Bank, AU Small Finance Bank, Bank of India, Bank of Maharashtra, Central Bank of India, Canara Bank, CSB Bank, DCB Bank, Dhanlaxmi Bank, HDFC Bank, ICICI Bank, IDBI Bank, IDFC First Bank, Kotak Mahindra Bank and RBL Bank. This is boon time for depositors as so many banks have raised their interest rates on deposits.
Now it is Yes Bank which has raised the retail fixed deposit rates with effect from 12th October 2022. Retail fixed deposits are those which are amount of less than Rs. 2 Crore. Here are the details of the banks new FD rates :
- 3.25% is offered by Yes Bank for retail fixed deposits of tenure between 7-14 days.
- 3.70% is offered for FD between 15-45 days.
- 4.10% for 46-90 days.
- 4.75% offered for FD between 3-6 months.
- 5.50% is offered for deposits between 6-9 months.
- 5.75% offered on FDs of 9 months to 1 year.
- 6.25% is available for 1 year to 18 months retail fixed deposit.
- 6.75% is offered for FDs maturing between 18-120 months.
As special benefit, Senior Citizens get additional 0.50% interest rate on 7 days -36 months & 0.75% interest rate on 36-120 months FD on the above rates from Yes Bank.
Yes Bank has also launched a special fixed deposit which offers 7.25% for regular customers and 7.75% interest rates to senior citizens. This special fixed deposit is offered for tenure of 20-22 months. The banks is looking for stable deposits and is focusing on senior citizens offering the best rate of 7.75% which is the height interest by Yes Bank presently.
