Yes Bank Savings Account Interest Rates: Private sector lender Yes Bank has revised the interest rates for its savings accounts, with the new rates already coming into effect. The new Yes Bank savings account interest rates are applicable for all customers with savings account with the lender. With the latest revision, Yes Bank offers an interest rate of up to 6.25 per cent to its customers.
Yes Bank Latest Savings Account Interest Rates
The revised Yes Bank savings account interest rates have come into effect from September 17, Saturday. With the latest change, the Yes Bank will provide an interest rate of 4.00 per cent on daily savings account balances up to Rs 1 lakh and an interest rate of 4.25 per cent on daily savings account balances between Rs 1 lakh and Rs 5 lakh. In case of savings account balances of more than Rs 5 lakh and up to Rs 10 lakh, Yes Bank gives a daily interest rate of 5 per cent, while for account balances of more than Rs 10 lakh and up to Rs 25 lakh, the interest rate is 5.50 per cent.
Yes Bank now provides 6.25 per cent interest rate on account balances of over Rs 25 lakh and less than Rs 1 crore. On the other hand, for account balances between Rs 1 crore and up to Rs 10 crore, Yes Bank savings account interest rate is 6.25 crore, while the same for account balances of Rs 10 crore to over Rs 25 crore is 6.50 per cent.
Yes Bank has said on its website that, “Savings account interest rate is calculated on a daily basis i.e. closing balance in the account maintained in the savings bank account type; the rate is specified by YES BANK in accordance with Reserve Bank of Indian directives. The interest rate amount is calculated and is rounded off to the nearest rupee.”
“The payment of interest on Savings Bank Account is done quarterly. Thus, the interest rate on savings account will be paid at quarterly intervals on 30th June, 30th September, 31st December and 31st March every year,” added Yes Bank on its website.
Yes Bank Savings Account Benefits
The benefits of opening a savings account at Yes Bank include access to mobile and internet banking, unlimited use of ATMs, a debit/credit card, free utility bill payment, savings rewards, a higher interest rate, and tax-free interest income on savings account balances up to Rs. 40,000, as per the lender’s website.
Yes Bank provides customers a range of options to choose from in case of opening a savings account, including Savings Value, Smart Salary Platinum, Smart Salary Exclusive, and Smart Salary Advantage.
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