Yes Bank raises savings rate to 7%

Competition to attract depositors is getting fierce. Private sector lender Yes Bank on Thursday announcing a hike in its savings deposit rates to 7% from 6%.

Competition to attract depositors is getting fierce. Private sector lender Yes Bank on Thursday announcing a hike in its savings deposit rates to 7% from 6%.

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“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,” said Rana Kapoor, managing director and chief executive officer, Yes Bank.

The bank will give 7% on deposits to over Rs1 lakh. The customers with cash balance of less than Rs1 lakh in savings bank deposits will get an interest of 6%.

Yes bank, had earlier hiked saving deposit rates to 6% from 4% on October 25, on a day when the Reserve Bank of India announced to deregulate saving deposit rates. Kotak Mahindra Bank had also hiked saving deposit rates to 6%.

For the non-resident savings accounts, the lender has raised the interest rates by 2 percentage points to 6% for balance up to Rs1 lakh and by 3 percentage points to 7% for over Rs1 lakh balance.