latest Yes Bank Savings Account Interest Rates
Source: Yes Bank website
According to the official website of Yes Bank, the bank is currently offering 4% on daily balance up to Rs 1 lakh. Bank 4.25% interest on daily balance between Rs 1 lakh to Rs 5 lakh, 5% on daily balance between Rs 5 lakh to Rs 10 lakh, 5.50% interest on balance above Rs 10 lakh and up to Rs 25 lakh rate will be paid. , and 6.25% interest rate on balance between Rs 1 crore to Rs 10 crore.
Yes Bank has also revised the Savings Account – Combined Schedule of Charges with effect from September 1, 2022.
Read also:
Yes Bank’s revised savings account charges effective from September 1
how is savings account average monthly balance (AMB) is calculated by?
As per the Yes Bank website, here is how the average savings account balance is calculated:
To calculate AMB, add the balance at the end of the day for each day in your savings account and divide by the number of days in that month.
AMB = (sum of all EOD closing balances) / (number of days in a month)
For example;
Suppose, a savings account AMB requirement is Rs 10,000:
The balance in the savings account as on January 1 is Rs 10,000.
4,000 is withdrawn on January 12. EOD balance is Rs 6,000.
On January 18, 10 thousand rupees are deposited. EOD balance is Rs 17,000.
Summary of EOD Balance: For 11 days- 1st July to 12th July-Sum of EOD balance will be Rs.(10,000*11) = Rs.1,10,000
From 12th July to 18th July, the sum of the EOD balance will be (6,000*6) = Rs.36,000
From July 18 to July 31, the sum of the EOD balance will be Rs (17,000*13) = Rs 2,21,000.
Sum of all EOD closing balances = Rs 3,67,000
Total number of days in July = 31
So, the minimum average balance will be 204000/31 i.e. Rs 11,838.70