Private sector lender YES Bank has reduced the maximum interest rate that it offers on savings bank account to 6% from 7%, earlier. The new rates will be applicable from November 1 and 6% will be offered for an account balance of over Rs 1 lakh.
The lender had begun offering 7% interest rate in 2011.
The reduction in interest rate comes at a time when the rates have been trending downwards and banks have been reducing their deposit rates.
Some other lenders such as IndusInd Bank, Kotak Mahindra Bank, Bandhan Bank etc offer a higher rate of interest on savings account.