Fixed deposits maturing in 15 days to 30 days have been increased to 2.65 percent, while fixed deposits maturing in 31 days to 90 days have been increased to 3.25 percent. Kotak Mahindra Bank will now offer 3.75 per cent interest rate on deposits maturing in 91 to 179 days.
After the hike, the bank will offer 5% interest rate on fixed deposits with maturities of 180 to 363 days. It will offer 5.25 per cent for FDs with a tenure of one year. For a tenure of 365 days to 389 days, the bank will now offer 5.75% post-increase.
Fixed deposits with maturities between 390 days to 3 years will now attract an interest rate of 5.85 per cent, while fixed deposits with maturities of 3 years to 10 years will continue to earn interest at the rate of 5.90 per cent.
FD Interest Rates
According to the bank’s website, Yes Bank has revised interest rates on fixed deposits of less than Rs 2 crore. The new rates will be effective from August 10, 2022.
The bank will pay interest at the rate of 3.25 per cent on deposits for seven to fourteen days, and earn 3.70 per cent interest on deposits for fifteen to forty-five days. The interest rate is 4.10 per cent for deposits maturing in 46 days to 90 days and 4.75 per cent for deposits maturing in 3 months to less than 6 months. The bank will give 5.75 percent interest on deposits between 9 months to one year.
Yes Bank will now offer an interest rate of 6.25 per cent on deposits with maturities ranging from one year to less than 18 months. The bank has revised the interest rate on fixed deposits maturing in 18 months to less than 3 years and from 3 years to less than 10 years to 6.75 per cent.
Yes Bank Premature Penalty
According to Yes Bank’s website, it has increased the penalty amount on premature FD withdrawal with effect from August 8, 2022.
The following fines will be imposed from August 8:
If the tenure of the FD (completed) is less than 181 days, a penalty of 0.50% (above 0.25%) will be levied.
If the tenure is 182 days or more, the penalty will be increased from 0.50% to 0.75%. It is to be noted that Yes Bank does not charge early fines from its senior citizens.