Mumbai: Private sector lender in the country, Yes Bank has revised the interest rates for its savings accounts. The private lender now offers an interest rate of up to 6.25% to its savings account holders.
Daily savings account balances up to Rs 1 lakh will fetch an an interest rate of 4.00% and daily savings account balances between Rs 1 lakh and Rs 5 lakh willget an interest rate of 4.25%. Savings account balances of more than Rs 5 lakh and up to Rs 10 lakh will now get interest rate of 5% and account balances of more than Rs 10 lakh and up to Rs 25 lakh will get an interest rate of 5.50%.
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Yes Bank now provides 6.25% interest rate on account balances of over Rs 25 lakh and less than Rs 1 crore. For account balances between Rs 1 crore and up to Rs 10 crore, Yes Bank savings account interest rate is 6.25%.
The lender informed that savings account interest rate is calculated on a daily. The payment of interest 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. Savings account holders will have an 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.
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