After HDFC Bank, Yes Bank cuts fixed deposit rates

Private lender Yes Bank has slashed the fixed deposit interest rate on selected tenure for deposits below ₹2 crore. 

The bank has reduced FD rates by up to 25 basis points (bps) on some tenures. 

After the latest revision, the bank offers interest rates between 3.25% to 7.25% to general citizens, and 3.75% to 8% to senior citizens on FDs maturing in seven days to ten years , according to the Yes Bank's website. 

The revised FD rates have been effective from October 4, 2023.

On FDs maturing in one year to less than 18 months, and 18 months to less than 36 months, Yes Bank will now pay 25 bps less than what the lender was paying earlier. 

Yes Bank will now pay a 7.25% rate on FDs maturing in one year to less than 18 months, and 7.50% on FDs maturing in 18 months to less than 36 months.

HDFC Bank has slashed term deposit interest rates on select tenures. After the latest revision, the bank is offering an interest rate ranging from 3% to 7.20 % to general customers on deposits maturing in 7 days to 10 years.

Senior citizens will earn an interest rate of 3.5% to 7.75% on these deposits.

These rates are effective from 1 October 2023. The bank has reduced the tenure on FD of 4 Years 7 months or 55 months by 5 bps. Now these deposits are fetching a 7.20% interest rate.

IndusInd Bank, Punjab & Sindh Bank have also revised FD interest rates on their term deposits in October 2023.

The Reserve Bank of India (RBI) left interest rates unchanged again Friday for the fourth time in a row. 

The benchmark repo rate has stood at 6.50 percent since February, following a series of hikes by the central bank to curb rising prices last year.

Yes Bank to declare July-September quarterly numbers on October 21

Private lender Yes Bank has announced October 21 as the date for reporting the second quarterly results for the period ended September 30.