Yes bank hikes key rates

Mumbai, Jul 3: Leading private sector bank, Yes Bank, announced a further increase of its prime lending rate by 50 basis points from July one and also an increase in fixed deposit interest rates for tenors ranging from nine months one day to three years.

Deposits for a tenor of a year and a day up to 18 months will earn a higher return of 9.75 per cent per annum (previously 9.50 per cent), while Senior Citizens will earn an attractive return of 10.25 per cent per annum (previously 10.00 per cent). These fixed deposit interest rates are effective from July 3, the Bank stated in a release here.

The fixed deposit products from Yes Bank are structured with greater flexibility, and are held in clusters of Re 1, allowing easier access in withdrawal with an annualised yield of 10.11 per cent per annum for a period of one year, one day, the release said.

Bank MD and CEO Rana Kapoor referring to the hike in key rates said that the Bank believed that this trend would sustain given the safety, security, liquidity and flexibility provided under the Bank's deposit programmes. The new Fixed Deposit Scheme from Yes Bank continued to provide highly competitive interest rates with flexible tenors and no hidden costs, fully considering customer needs he added.

UNI