August 17, 2017
Yes Bank, the fourth largest private sector bank in India, reduced interest rates on savings accounts. For savings account with balances below Rs.1 lakh, the new rate offered will be 5% against the current rate of 6%. For savings account with balances of Rs.1 crore or more, the rate will be 6.25% against the current rate of 6.5%, the Financial Express reports.
With this rate cut, Yes Bank becomes the fifth bank in the country to reduce interest rates savings account along with Bank of Baroda (BoB), , State Bank of India (SBI), Axis Bank and Kotak Mahindra Bank. SBI, BoB and Axis Bank reduced the interest rates on savings accounts to 3.5%, a reduction of 50 basis points (bps).
Yes Bank had earlier announced that in order to reach its goal of a 4% net interest margin by FY20, the bank will utilise an array of tools including offering savings accounts rates in line with the system. Stocks of major banks fell by 1% on Thursday with indices ending in red. As a result, the banks in the country are under pressure to cut savings account and deposit rates.
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