Yes Bank raises savings rate to 7%

Private sector lender Yes Bank today raised its savings deposit rates by 100 basis points to 7% for domestic customers.

The interest rate for resident savings accounts, with balances over Rs 1 lakh, has been raised by 100 basis points, to 7% from 6%, Yes Bank said in a statement today.

This is in addition to the existing 6% interest offered to customers for balances below Rs 1 lakh.

For the non-resident savings accounts, the lender has raised the interest rates by 200 basis points to 6% for balance up to Rs 1 lakh and by 300 basis points to 7% for over Rs 1 lakh balance, it added.

"In light of the current volatile global economic situation, we believe that the new Yes Bank deposit rates will be a highly beneficial and an attractive source of returns for our customers," Yes Bank Managing Director & CEO Rana Kapoor said.
    
On October 25, RBI deregulated savings deposit rates, its last administered bank rate.
    
Soon after the RBI announcement, Yes Bank had raised saving deposit rate by 2 percentage points to 6% with immediate effect.
    
Shares of Yes Bank were trading at Rs 253.80, up 1.36% from the last closing price on the BSE at 1115 hrs.