You will get less interest on FD, this bank has reduced the interest rate on fixed deposits

Fixed Deposit: A large part of the country’s population deposits money in FD for the safest investment. The interest rates of fixed deposits, which give fixed and guaranteed returns on investment, may soon see a reduction and it has already started. Private sector Yes Bank has reduced the interest rates on FDs of certain tenures by 0.25 percent (25 basis points). Therefore, now other banks can also reduce the interest rates on FDs. Let us tell you that among the private sector banks, Yes Bank is known for giving attractive interest to its customers on FDs.

12 months to 24 months FD

If the Reserve Bank of India (RBI) decides to cut the repo rate in its next MPC meeting, then all banks may start reducing FD interest rates. Yes Bank offers interest rates ranging from 3.25% to 7.75% for ordinary citizens on FDs of different tenures for amounts less than Rs 3 crore. Whereas, earlier this private bank was giving interest ranging from 3.25% to 8% on FD. After this latest cut in interest rates, Yes Bank is giving the highest interest of 7.75% on FDs with tenures ranging from 12 months to 24 months, whereas earlier FDs with the same tenure were giving 8 percent interest.

Interest on FD

Yes Bank is now offering 8.25 per cent interest to senior citizens on FDs with tenures ranging from 12 months to 24 months, up from 8.50 per cent earlier. Apart from this, this bank will now give 7.25 percent interest on FDs with tenure ranging from 24 months to 60 months, whereas earlier it was giving 7.50 percent interest. Whereas, the bank will now give 7.75 percent interest to senior citizens on FDs of 24 months to 36 months and 8.00 percent interest on FDs of 36 months to 60 months.