Yes Bank Launches Special Fixed Deposit (FD) With Yields Up To 7.75%

Yes Bank, a private sector lender, has launched a special fixed deposit program which will come into effect today, October 12, 2022. This special FD program is available for deposits of less than 2 Cr, and the bank offers anti-inflationary returns to the elderly. Today, the bank also revised its interest rates on term deposits under 2 crore, promising a maximum interest rate of up to 6.75% for the general public and 7.50% for the elderly.

Yes FD Special Bank

Yes Bank special FD has a tenure of 20 months to 22 months and Yes Bank promises an interest rate of 7.25% for the general public and 7.75% for seniors on this special tranche of tenure . Retail inflation in India, as measured by the Consumer Price Index (CPI), hit a five-month high of 7.41% in September 2022, from 7% in August. Seniors can now successfully generate inflation-beating returns by reserving a Yes Bank Special FD for the term mentioned above.

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Yes FD Special Bank (ouibank.in)

Yes FD bank rates

According to the official website of Yes Bank, interest rates on fixed deposits are effective from October 12, 2022. On fixed deposits maturing in 7 days to 14 days, the bank will pay an interest rate of 3.25% and on FD booked for 15 days to 45 days, Yes Bank will pay an interest rate of 3.70%. Deposits maturing in 46 days to 90 days will earn an interest rate of 4.10% and deposits maturing in 3 months to 6 months will earn an interest rate of 4.75%.

Yes Bank offers an interest rate of 5.50% on FDs with maturities of 6 months to 9 months and an interest rate of 5.75% on FDs with maturities of 9 months to 1 year. Yes Bank will pay an interest rate of 6.25% on FDs maturing between 1 year and 18 months, and an interest rate of 6.75% on FDs maturing between 18 months and 120 months. Yes Bank grants senior citizens an additional interest rate of 50 basis points on FDs with maturities of 7 days to 36 months and an additional rate of 75 basis points on FDs with maturities of 36 months to 120 months.

Yes FD bank rates

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Yes FD bank rates (ouibank.in)

Following the RBI’s repo rate hike to 5.90%, most banks raised their interest rates on fixed deposits. AU Small Finance Bank, IDBI Bank, IDFC First Bank, HDFC Bank, Bank of Maharashtra, Dhanlaxmi Bank, Central Bank of India, Canara Bank, CSB Bank, Kotak Mahindra Bank, ICICI Bank, DCB Bank, Axis Bank, RBL Bank, Banque of India, Indian Overseas Bank and Karnataka Bank have so far announced interest rate hikes on fixed deposits. While retail inflation in India, as measured by the Consumer Price Index (CPI), approached a five-month high of 7.41% in September 2022, from 7% in August, the RBI is expected to further increase the repo rate at its next MPC meeting in order to tame inflation, leading to more interest rate hikes are deposit and lending products in the country may soon witness.

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