Mumbai: Private sector lender Yes Bank has announced a 50 basis points increase in its prime lending rate (PLR), with effect from 1 July.
“Simultaneously, it has increased its fixed deposit interest rates for tenors ranging from 9 months to 3 years,” the bank said in a statement.
Deposits for a tenor of one year and one day up to 18 months would earn 9.75% per annum now from the earlier 9.5%. Senior citizens would get 10.25% the earlier 10% per annum.
“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 MD and CEO Rana Kapoor said.