Banks align their interest rates on loans and deposits in accordance with the repo rate set by the Reserve Bank of India (RBI) during its monetary policy committee (MPC) meetings. RBI last changed the repo rate last in February 2023 from 6.25 per cent to 6.50 per cent. Since then, it has kept the repo rate unchanged. RBI’s rate change decision is taken after considering global factors, as well as domestic factors, such as inflation, currency valuation, liquidity, and growth, among others.

Also Read: RBI Opens 10-Year Sovereign Green Bonds To Non-Resident Investors Under Fully Accessible Route

Globally, central banks have reduced rates this year. The US Federal Reserve reduced rates by 0.50 per cent in September, and by 0.25 per cent on November 7, 2024. The European Central Bank (ECB) also cut rates three times this financial year. The Bank of England also reduced rates twice this year and experts expect that the RBI may also follow suit.

While the repo rate bears an effect on the banks’ lending and deposit rates, banks sometimes independently revise their lending and deposit rates to meet their liquidity requirements.

During the week ending on November 9, 2024, Yes Bank revised its fixed deposit (FD) rates. Here are the details.

Also Read: Get Your Ayushman Card In 15 Minutes: How To Apply

Yes Bank revised its rate on November 5, 2024, for FDs less than Rs 3 crore. Senior citizens can avail of a maximum deposit rate of 8.25 per cent which comes out to an annualised return of 8.51 per cent. The rates for seniors are:

• 3.75 per cent for 7-14 days

• 4.20 per cent for 15-45 days

• 4.60 per cent for 46-90 days

• 5.25 per cent for 91-120 days

• 5.50 per cent for 121-180 days

• 6.60 per cent for 181-271 days

• 6.85 per cent for 272 days to less than 1 year

• 7.75 per cent for 1 year

• 8.00 per cent for 1 year 1 day to less than 18 months

• 8.25 per cent for 18 months

• 8.25 per cent for 18 months 1 day to less than 24 months

• 7.75 per cent for 24 months to less than 36 months

• 8.00 per cent for 36 months to less than 60 months

• 8.00 per cent for 60 months

• 7.75 per cent for 60 months 1 day to 120 months.

Also Read: Is PM Vidyalaxmi Scheme Beneficial For Students?

The rates are 0.50 per cent additional for FD tenures up to less than three years. The additional rate is 0.75 per cent on FDs with tenures of three years to 120 months. These rates are applicable only to resident senior citizens.