Savings Account: Yes Bank customers will get up to 6.25% return on savings account! bank increased interest rate, know the details here...

Yes Bank Revised SA Rate of Interest: Since the increase in the Repo Rate by the Reserve Bank, many banks are continuously increasing their deposit rates. Within the last three to four months, almost every major bank in the country has increased the interest rates of its Fixed Deposit Scheme, Savings Account and RD Scheme. Now the name of the big private sector bank i.e. Yes Bank has also been included in this list. Giving good news to its customers, the bank has increased the rate of interest on the savings account. The customers of the bank will get a maximum interest rate of 6.25% on the savings account. This new rate of the bank has been implemented from 17 September 2022. If you are also thinking of opening your savings account in Yes Bank, then we are giving you information about the interest rate available by the bank on different deposits-

This interest rate is available on the savings account of Yes Bank-
According to the information given on Yes Bank's website, the bank calculates the interest rate on the savings account on a daily basis. After the new rates are implemented, the bank is offering 4.00% interest rate on deposits up to Rs 1 lakh in savings account to the customer. Whereas 4.25% on deposits of Rs 1 to 5 lakhs, 5.00% on deposits of Rs 5 to 10 lakhs, 5.50% on deposits of Rs 10 to 25 lakhs, 6.00% on deposits of Rs 25 lakhs to 1 crores, 1 to 10 crores Offering interest rate of 6.25% on deposits of Rs.10 to 25 crores and 6.00% on deposits of Rs.10-25 crores. The bank credits the interest to the savings account on the last day of every quarter. In this case, you will get interest on 30 June, 30 September, 31 December and 31 March.

Bandhan Bank also increased the interest rate of savings account-
Earlier, Bandhan Bank, another private sector bank of the country, has decided to increase the interest rates of its savings account. According to the information given on the official website of Bandhan Bank SA Rate Increased, an interest rate of 3.00% is being given on the balance up to Rs 1 lakh in the savings account. At the same time, 6.00% interest on savings account balance of Rs 1 to 10 lakh, 6.25% interest rate on deposits of Rs 10 lakh to Rs 2 crore is being offered by the bank. These new rates have come into effect from 16 September 2022. Apart from this, Bandhan Bank has also decided to increase the interest rate on FDs of 5 to 20 crores.

RBI increased repo rate thrice in four months
Significantly, the Reserve Bank of India is taking continuous steps to control the rising inflation in the country. The Reserve Bank has increased the repo rate a total of three times in the months of May, June and August. RBI has increased the repo rate from 4.00% to 5.40%. In such a situation, it has a direct impact on the interest rates of bank deposits. Along with this, the burden of EMI has also increased on the people because the interest rates of the loan have also increased.