Private lender Yes Bank has recently raised interest rates on fixed deposits and savings accounts. Now, the rate of interest on one-year deposits stands at 6.50 percent while the two-year and three-year deposits will give an interest rate of 6.75 percent per annum.
The latest rates were introduced with effect from November 3.
Even the interest rates on deposits with longer than three-year tenure is 6.75 percent. And as one would assume, the rate of interest on short term deposits stays anywhere between 3.25 percent to 5.75 percent.
As we can see in the table above, the rate of interest will be 4.1 percent for a 90-day deposit. It increases to 4.75 percent when the tenure is 180 days. For tenor between 181 days to 271 days, the rate of interest is 5.5 percent and further to 5.75 percent when the tenor is between 272 days to less than one year.
The private lender also introduced special term deposits rates with effect from October 12, 2022. The special rates for a fixed deposits are 7.25 percent on deposits less than ₹2 crore.
Even HDFC Bank raised its term deposit interest rates with effect from October 26, 2022. Prior to that, State Bank of India (SBI) raised interest rates the second time in a short span of one week.
It is worth mentioning that ICICI Bank, on the last day of September, raised interest rates on its term deposit.
Also, seven banks raised fixed deposit (FD) rates in the month of August alone after the banking regulator raised repo rates to 5.4 percent on August 5. These banks were Canara Bank, ICICI Bank, Indian Bank, Bank of Baroda, DBS Bank, Fincare SFB and IDBI Bank.