Mumbai: Private sector lender Yes Bank has increased its fixed deposit interest rate by 0.25% on a tenure of one year and one day up to 18 months to 10% from the earlier 9.75%.
Senior citizens will earn a return of 10.50% now as against the existing 10.25%, a bank release said here.
The new rates are effective 1 August.
The new-age lender has also upped interest rates on fixed deposits for tenors ranging from six months 1 day to 2 years.
“The bank has been observing keen interest among customers to invest in deposit products and we believe this trend will sustain given the safety, security, liquidity and flexibility provided under the bank’s deposit programmes,” Yes Bank managing director and CEO Rana Kapoor said.
The private lender has also upped its benchmark prime lending rate (BPLR) by 0.50% to 17% effective 1 August.