Yes Bank, Kotak Mahindra Bank Revise Fd Interest Rates

Yes Bank, Kotak Mahindra Bank Revise Fd Interest Rates

Yes Bank and Kotak Mahindra Bank have increased the interest rates on fixed deposits, effective from 10th August 2022.  All the details regarding the hike in the interest rates are mentioned on the official websites of both banks.  The details about revising the interest rates on fixed deposits are explained below.

Yes Bank

Yes Bank was founded in the year 2004.  The founders of Yes Bank are Rana Kapoor and Ashok Kapur.  Yes bank comes under the category of private sector bank.  YES bank stands for the abbreviation of Youth Enterprise Scheme bank.  The headquarters of Yes bank is located in Mumbai in, India.  

Kotak Mahindra Bank 

Kotak Mahindra Bank is one of the famous banks which has approximately 1600 branches.  They also have around 2519 ATMs approximately, which work 24X7.  Kotak Mahindra Bank is considered one of the largest private sector banks.  Kotak Mahindra Bank was founded in 2003, and Uday Kotak founded it.

Hike in the Interest on Fixed Deposits

Yes Bank and Kotak Mahindra Bank have revised their interest rates on fixed deposits.  There is a considerable hike in the interest rates described below.

Revised Interest Rates of Kotak Mahindra Bank

The interest rates are revised for the fixed deposits under Rs 2 crore.  This information is given on the official website of Yes Bank.  The new rates came into effect on 10th August 2022.  

The hiked interest rates on fixed deposits are up to 25 basis points.  The interest on fixed deposits that will mature within 15 to 30 days is increased up to 2.65 per cent.  The interest is increased to 3.25 per cent for deposits that will mature in 31 days to 90 days.

Kotak Mahindra Bank announced that they would offer 3.75 per cent of interest rates on fixed deposits that will mature from 91 days to 179 days.  For maturities that range from 180 days to 363 days, Kotak Mahindra Bank will offer an increased rate of 5 per cent interest rates for such fixed deposits.

Fixed deposits with one year term will have an increased rate of 5.25 per cent interest after the announcement of the new hike.  After the hike announced by the Kotak Mahindra Bank, the interest rates for fixed deposits which have a tenure of about 365 days to 389 days, are increased to 5.75 per cent.

Fixed deposits will now fetch an increased interest rate of about 5.85 per cent of their maturity ranging from 390 days to 3 years.  An interest rate of about 5.90 per cent will be offered for fixed deposits which have a maturity range from 3 years to 10 years.

Revised Interest Rate of Yes Bank

Yes Bank has announced a hike in the interest rates offered on fixed deposits.  The new scheme comes into effect on 10th August 2022.  The interest rates for fixed deposits under Rs 2 crore are revised with an increase.  The complete information about the hike in the interest rates is given on the official website of Yes Bank.

The interest rate on fixed deposits with a tenure of seven to fourteen days for maturity will be increased to 3.25 per cent.  An increased interest rate of about 3.70 per cent will be offered for fixed deposits with a maturity range of about fifteen to forty-five days.  

4.10 per cent of increased interest rate is offered for the fixed deposits, which have a maturity range of about 46 to 90 days.  Yes Bank has increased the interest rate of about 4.75 per cent for fixed deposits, which have a maturity range of about 3 months and less than 6 months.

The bank has increased the interest rate to 5.75 per cent for fixed deposits with a maturity range between 9 months and one year.  The interest rate offered to fixed deposits with tenure of one year to less than 18 months is increased to 6.25 per cent by the Yes bank.

The revised interest rate of fixed deposits, which has a maturity range of about 18 months to less than 3 years, is increased to 6.75 per cent.  Yes bank offers the same interest rate of 6.75 per cent to the fixed deposits, which have a maturity tenure of between 3 years and less than 10 years.

Thus, it is clear that both Yes Bank and Kotak Mahindra Bank have increased the interest rates which are offered for fixed deposits under Rs 2 crore.  As said previously, the hike in the interest rate comes into effect on 10th August 2022.

Read More:

Government Confident of Hitting $500 Billion in FY23 through Rupee Trade, FTAs

- Share this post on -