Home / Money / Personal Finance /  Yes Bank revises interest rates on savings accounts: Details here

Yes Bank, a private sector lender, has altered its savings account interest rates. According to the bank's official website, the new rates are effective as of 17th September 2022. After the change, the bank is now providing an interest rate on savings bank accounts of up to 6.25%.

Yes Bank Savings Account Rates

The bank is guaranteeing an interest rate of 4.00% on daily savings account balances up to 1 lakh and an interest rate of 4.25% on daily savings account balances between 1 lakh and 5 lakh. On savings account balances more than 5 Lac and up to 10 Lac, Yes Bank will now pay an interest rate of 5.00%, and on balances more than 10 Lac and up to 25 Lac, the bank is now paying an interest rate of 5.50%. The bank promises an interest rate of 6.00% on savings balances between 25 lac and 1 crore. Yes Bank is now offering an interest rate of 6.25% on daily balances in savings accounts between 1 crore and 10 crore, and an interest rate of 6.00% on daily balances in savings accounts between 10 crore and 25 crore.

Yes Bank Savings Account Rates
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Yes Bank Savings Account Rates (yesbank.in)

Yes Bank has mentioned on its website that “Savings account interest rate is calculated on a daily basis i.e. closing balance in the account maintained in the savings bank account type; the rate is specified by YES BANK in accordance with Reserve Bank of Indian directives. The interest rate amount is calculated and is rounded off to the nearest rupee."

“The payment of interest on Savings Bank Account is done quarterly. Thus, the interest rate on savings account will be paid at quarterly intervals on 30th June, 30th September, 31st December & 31st March every year," stated Yes Bank on its website.

YES BANK offers many savings account options with competitive interest rates. The bank offers a variety of savings account kinds, including Customizable Savings Account, Savings Value, Smart Salary Platinum, Smart Salary Exclusive, and Smart Salary Advantage. The advantages of establishing savings account online with YES BANK include access to mobile and internet banking, unlimited use of ATMs, a debit/credit card, free utility bill payment, savings rewards, a higher interest rate, and tax-free interest income on savings account balances up to Rs. 40,000, as per the bank.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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