On FD, Yes Bank is giving additional interest to senior citizens as compared to regular customers. The revised rates are applicable on all types of Fixed Deposit Accounts.
FD i.e. Fixed Deposit has always been considered a better option for investment. In such a situation, YES Bank has changed the interest rates of FD. This amendment will be applicable on the scheme from seven days to 10 years. Through this, this change in FD will have an effect on both regular and senior citizens. Under the new rule, the bank will give 3.25 percent on FDs maturing in 7 to 14 days.
Similarly, interest is being given at the rate of 3.50 percent on FDs maturing in 15 to 45 days, while deposits maturing within 46 days to 90 days will get 4.00 percent interest. In FDs that mature within 3 to 6 months, the bank will offer 4.5 percent. Whereas FDs maturing in 6 months or less than 9 months will get interest at the rate of 5.00 percent.
The bank will offer an interest rate of 5.25 per cent on fixed deposits with maturities of 9 months to less than one year. FDs with maturity from 1 year to less than 3 years will get an interest rate of 6 percent. FDs maturing in 3 years to 5 years will get 6.25 percent. At the same time, 6.50 percent interest will be available on FDs maturing in 5 to 10 years.
Senior citizens get interest rates of more than 50 basic points on FDs as compared to regular customers. Senior residents will get an additional 75 basis points if their FD matures in three to ten years.
Insurance available on FD
These days many private sector banks are also offering the facility of insurance to the customers on FD. In this, HDFC Bank has run a special scheme called ‘SureCover FD’. In which customers get the facility of life insurance cover as much as the principal amount in the first year of FD. You can invest a minimum of Rs 2 lakh and a maximum of Rs 10 lakh in this FD. Similarly, ICICI Bank is also running a special scheme named ‘FD Life’. In which a cover of up to Rs 3 lakh is being available on FD of Rs 3 lakh.
Also read: By investing in SIP, you can get free insurance up to 50 lakhs, these facilities will also be included