YES Bank hikes interest rates on term deposits

MUMBAI: Private sector lender YES Bank today increased interest rates on term deposits by up to 50 basis points depending on the maturity.

The move, which comes within a week of the Reserve Bank hiking its key short term rates by 50 basis points, is in line with other lenders like Kotak Mahindra Bank and Union Bank of India .

Under the revised rates which are applicable from today, a 7-14 day deposit under Rs 15 lakh will earn an interest of 4 per cent per annum from 3.5 per cent earlier, YES Bank said.

Similarly, 12 months to 15 months 21 days deposit under Rs 15 lakh will earn the depositor a rate of 8.75 per cent per annum, 50 basis points more than the earlier 8.25 per cent.

Rates on the Rs 15 lakh to Rs 1 crore bucket have also been increased by the bank, a release issued here said, adding the deposit rates were hiked last on March 21.

Source: EconomicTimes