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Yes Bank FD Rates | New Delhi: Private sector bank, Yes Bank, has launched floating rate fixed deposit (FD) scheme. Under the scheme, the interest rate on FD will be fixed according to the current repo rate. If the repo rate changes, so will the interest on such deposits. It lets the customer enjoy the dynamic rate of return.
According to the latest statement by the bank, the floating rate FD can be availed for a period of one to three years. Currently, Yes Bank offers a 6.5 per cent interest rate on standard deposits. For senior citizens, the FD interest rate stands at 7.25 per cent. In case of a repo rate revision by the Reserve Bank of India (RBI), the interest rate on such deposit will be changed automatically, according to Yes Bank MD & CEO Prashant Kumar, as quoted by News18.
The Reserve Bank of India (RBI) has hiked the repo rate twice in the last two months, in toto by 90 basis points. The rate hike was announced to control the surging inflation in India. According to government data, inflation in India stood at 7.79 per cent in April 2022. It eased a little o 7.04 per cent in May. However, the inflation figures are expected to stay above RBI’s upper tolerance limit of 6 per cent.
After the recent rate hike by RBI, several banks including HDFC Bank, SBI Bank and ICICI Bank also hiked the FD interest rates.
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