Yes Bank raises savings rate to 7per cent

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Private sector lender Yes Bank on Thursday raised its savings deposit rates by 100 basis points to 7 per cent for domestic customers.

The interest rate for resident savings accounts, with balances over Rs 1 lakh, has been raised by 100 basis points, to 7 per cent from 6 per cent, Yes Bank said in a statement.

This is in addition to the existing 6 per cent interest offered to customers for balances below Rs 1 lakh.

For the non-resident savings accounts, the lender has raised the interest rates by 200 basis points to 6 per cent for balance up to Rs 1 lakh and by 300 basis points to 7 per cent for over Rs 1 lakh balance, it added.

"In light of the current volatile global economic situation, we believe that the new Yes Bank deposit rates will be a highly beneficial and an attractive source of returns for our customers," Yes Bank managing director & CEO Rana Kapoor said.

On October 25, RBI deregulated savings deposit rates, its last administered bank rate. Soon after the RBI announcement, Yes Bank had raised saving deposit rate by 2 percentage points to 6 per cent with immediate effect.

Shares of Yes Bank were trading at Rs 253.80, up 1.36 per cent from the last closing price on the BSE at 11.15 am.