YES Bank cuts interest rate on savings A/C to 6%

Private sector lender YES Bank on Tuesday cut interest rate on savings account by 1 per cent to 6 per cent.

The interest rate for resident and non-resident savings account has been revised from 7 per cent to 6 per cent with effect from November 1, YES Bank said in a statement.

The bank had raised interest rate on savings deposit to 7 per cent in 2011.

The rate is paid on savings bank account which is calculated on a daily basis.

Kotak Mahindra Bank is also offering 6 per cent interest to their savings account holders while all the public sector banks are currently paying 4 per cent interest on the same.

YES Bank today leverages its 700 plus branch network, over 1300 ATMs, a wide range of offerings and a strong digital presence with growing emphasis on retail banking customers, it said.