YES Bank hikes interest rates on term deposits

Private sector lender YES Bank today increased interest rates on term deposits by up to 50 basis points depending on the maturity.

The move, which comes within a week of the Reserve Bank of India hiking its key short term rates by 50 basis points, is in line with other lenders like Kotak Mahindra Bank and Union Bank of India.

Under the revised rates which are applicable from today, a 7-14 day deposit under Rs 15 lakh will earn an interest of 4% per annum from 3.5% earlier, YES Bank said.

Similarly, 12 months to 15 months 21 days deposit under Rs 15 lakh will earn the depositor a rate of 8.75% per annum, 50 basis points more than the earlier 8.25%.

Rates on the Rs 15 lakh to Rs 1 crore bucket have also been increased by the bank, a release issued here said, adding the deposit rates were hiked last on March 21.