Yes Bank Revises FD Rates Effective From Today: Details Here

The interest rates on fixed deposits (FDs) under Rs 2 Cr have been modified by private sector lender Yes Bank. The bank made this decision prior to the meeting of the RBI MPC, which is scheduled for October 4. Following the amendment, the bank is now providing interest rates on deposit tenors of 7 days to 120 months that range from 3.25% to 7.00% for the general public and 3.75% to 7.75% for senior citizens. The bank is now giving a maximum return of 7.50% on deposits held for 18 to 24 months. According to the bank's official website, the new FD rates are in effect as of today, Wednesday, October 4, 2023.

Yes Bank FD Rates

The bank now pays an interest rate of 3.25% on fixed deposits that mature in the next 7 to 14 days, while Yes Bank is now providing an interest rate of 3.70% on deposits that mature in the next 15 to 45 days. The current interest rates offered by Yes Bank are 4.10% for deposits held for 46 days to 90 days and 4.75% for deposits held for 91 days to 120 days. Deposits maturing between 121 and 180 days from now on will earn interest at a rate of 5.00%, while deposits that mature between 181 and 271 days will earn interest at a rate of 6.10%. FDs maturing in 272 days to 1 year will pay an interest rate of 6.35% and those maturing in 1 year to 18 months will pay an interest rate of 7.25%.

The bank is now giving an interest rate of 7.50% on FDs maturing in 18 to 24 months, while Yes Bank is now offering an interest rate of 7.25% on FDs that mature between 24 to 60 months. A deposit term of 60 months and a day to 120 months will now earn interest at a rate of 7%, according to Yes Bank.

"Senior Citizens get an additional interest rate of 0.50% for tenure less than 3 years and 0.75% for a tenure of 3 years and above for FD valuing less than 5 Crores. This is over and above the regular FD rates," mentioned Yes Bank on its website.

For the period ending September 30, 2023, YES Bank has released its provisional business updates. In comparison to Rs 1,92,300 crore in the same time the previous year, the total loans and advances climbed by 9.5% YoY to reach Rs 2,10,576 crore in Q2FY24. With deposits up 17.2% YoY to Rs 2,34,360 crore from Rs 2,00,021 crore the year before, YES Bank marked tremendous growth. On a quarterly basis, loans and advances grew from Rs 2,00,204 crore in the June quarter by 5.2%.

Deposits climbed 6.8% on a quarterly basis in the June quarter, reaching Rs 2,19,369 crore. On a YoY basis, CASA (Current Account Savings Account) deposits climbed by 11.1% to Rs 68,957 crore from Rs 62,073 crore and by 6.8% QoQ from Rs 64,568 crore in the June 2023 quarter. The ratio of CASA to total deposits fell somewhat from 31.3% YoY to 29.4% on a YoY basis.

In comparison to 91.3 per cent in the first quarter of FY24 and 96.1% in the second quarter of FY23, YES Bank's credit-to-deposit ratio was 89.9% in the second quarter of FY24. In comparison to the same quarter last year at 103.90%, its consolidated liquidity coverage ratio (LCR) was 116.7% in the July-September quarter.