After offering higher interest rates on fixed deposits for nearly two years, banks now seem to be moving towards easing FD rates. In this regard, Yes Bank has taken the first step by lowering its interest rates by 25 bps on select tenor FDs for both general customers and senior citizens.
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It is expected that the RBI may implement a 25 bps rate cut in next month’s policy review. If that happens, banks are likely to follow suit and lower rates, including on loans and FDs. The next bi-monthly meeting of the RBI Monetary Policy Committee (MPC) is scheduled for December 4-6, 2024.
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Yes Bank lowers FD rates by 25 bps
Private sector bank Yes Bank has cut interest rates on its fixed deposits of select tenors by up to 25 basis points (bps) on deposits less than Rs 3 crore, effective November 5, 2024.
After this revision, interest rate on 7 days to 14 days tenure fixed deposit plan for general customers stands at 3.25% and senior citizens gets 50 bps extra at 3.75% on this tenure FD.
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The bank is offering the highest rate of 7.75% on 18-month FD plan to regular customers and 8.25% to senior citizens. Earlier, the bank was offering 8% interest rate on 18-month FD to general customers and 8.5% to senior citizens.
Take a look at Yes Bank FD plans across tenors post revision in interest rates.
