The Hindu Business Line : YES Bank hikes PLR, deposit rates

Coimbatore, June 16 YES Bank has increased both its prime lending rate and fixed deposit interest rate by 50 basis points each with immediate effect. The increase would take the bank’s PLR to 16 per cent.

The one-year deposit rate has now been revised to 9.50 per cent. Senior citizens, however, would continue to earn an extra half-per cent (10 per cent), a release said.

The bank has structured its fixed deposit products to ensure greater flexibility. “These are held in clusters of Re 1 to allow easier access in withdrawal,” its CEO and Managing Director, Mr Rana Kapoor, said.

For deposits up to a maximum of Rs 15 lakh and tenure of 7 to 14 days, interest earnings would be at 6 per cent per annum, for the 15 to 30-day period, 6.5 per cent and from 31 to 45 days, 7 per cent. Thereafter, the increase is only 25 basis points for deposits in the 46 - 60 days bracket (7.25 per cent), 61-90 days at 7.50 per cent, 91-120 days at 7.75 per cent and 121 to 180 days at 8 per cent.

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