As per the latest news, the interest rate for home savings accounts, with balances over Rs 1 lakh, has been increased by 100 basis points, to 7% from 6%.
Yes Bank, a leading private sector bank in the country, has recently announced to increase its savings deposit rates by 100 basis points to 7 per cent for domestic customers.
In a statement issued by the bank, “The interest rate for resident savings accounts, with balances over Rs 1 lakh, has been raised by 100 basis points, to 7 per cent from 6 per cent.”
Moreover, this is in addition to the present 6% interest given to customers by the bank for balances less than Rs 1 Lakh.
Further, the statement issued by the bank states that for the non-resident savings accounts, the bank has increased the interest rates by 200 basis points to 6% for balance up to Rs 1 lakh and by 300 basis points to 7% for over Rs 1 lakh balance.
Talking to media, Yes Bank Managing Director & CEO Rana Kapoor said, “In light of the current volatile global economic situation, we believe that the new Yes Bank deposit rates will be a highly beneficial and an attractive source of returns for our customers.”
On October 25 this year, Reserve Bank of India (RBI) deregulated savings deposit rates, its last administered bank rate.
Soon after the RBI declaration, Yes Bank had increased saving deposit rate by 2 percentage points to 6% with immediate effect.
