Yes Bank revises FD rates, promising up to 7.75% on this tenure effective from today

Yes Bank, a private sector lender, recently altered the interest rates on fixed deposits under ₹2 crore. Following the revision, the bank is now providing interest rates on deposits maturing in 7 days to 10 years that range from 3.25% to 7.00% for the general public and 3.75% to 7.75% for senior citizens. Yes Bank is now giving a maximum interest rate of 7.75% for the general public and 8.25% for senior citizens on a deposit tenor of 18 months to 36 months. According to Yes Bank's official website, the new FD rates are in effect as of today, May 2, 2023.

Yes Bank FD Rates

The bank is now offering an interest rate of 3.25% on domestic term deposits that mature in the next 7 to 14 days, while Yes Bank is now offering an interest rate of 3.70% on domestic term deposits that mature in the next 15 to 45 days. The interest rates being offered by Yes Bank are 4.10% for deposits held for 46 days to 90 days and 4.75% for deposits held for 91 days to 180 days.

Deposits with maturities between 181 and 271 days will now earn interest at a rate of 6.00%, while deposits with maturities between 272 and 1 year will now earn interest at a rate of 6.25%. Yes Bank will give an interest rate of 7.50% on FDs that mature between 1 Year to 18 Months and a rate of 7.75% on those maturing in 18 Months to 36 Months. The interest rate that applies for deposits with terms between 36 and 120 months is 7.00%.

On Yes Respect Fixed Deposits, senior citizens will get an additional interest rate of 0.50% over and above the regular rates on 7 days to less than 3 years of tenure. Whereas on Yes Respect Plus Fixed Deposits, senior citizens will get an additional interest rate of 0.75% over and above the regular rates on 3 years to 10 years tenor.

The net profit of Yes Bank dropped from ₹367.46 crore in Q4FY22 to ₹202.43 crore in Q4FY23, representing a loss of over 45% on a year-on-year (YoY) basis. On a quarter-to-quarter (QoQ) basis, however, Yes Bank recorded a net profit rise of almost 293% compared to Q3FY23 of ₹51.52 crore. In the fourth quarter of FY23, the bank recorded a total income of ₹7,298.51 crore, compared to ₹5,829.22 crore in the same quarter the year before. Yes Bank reported a 19.46% rise in total income in FY23, from ₹22,285.98 crore in FY22 to ₹26,624.08 crore in FY23. Yes Bank's net interest income (NII) for Q4FY23 was ₹2,105 crore, up 15.70% YoY and 6.80% QoQ. Yes Bank's NII in FY23 was ₹7,918 crore, which is a rise of 21.80% over its NII in FY22.