Yes Bank has revised interest rates on domestic and non-resident savings accounts effective from September 17, 2022. The bank offers savings account interest rates ranging from 4% to 6.25%.Interest in your savings account will be calculated daily and credited quarterly.
According to the official Yes Bank website, the bank is currently offering 4% on daily balances up to Rs 1 lakh. The bank would pay 4.25% interest on daily balances between Rs 1 lakh and Rs 5 lakh, 5% on daily balances exceeding Rs 5 lakh up to Rs 10 lakh, 5.50% interest rate on balances over Rs 10 lakh and up to Rs 25 lakh, and a 6.25% interest rate on balances between Rs 1 crore and Rs 10 crore.
Yes Bank has also revised the savings account - combined schedule of charges with effect from September 1, 2022.
How is the savings account average monthly balance (AMB) is calculated? According to the Yes Bank website, here is how savings account average balance is calculated: To calculate the AMB, add each day's end-of-the-day balance in your savings account and divide it by the number of days in that month. AMB = (Sum of all the EOD closing balances) / (number of days in a month) For e.g.; Assuming, a savings account AMB requirement is Rs 10,000: On January 1, the balance in the savings account is Rs 10,000.
ADVERTISEMENT
On January 12, withdrawal of Rs 4,000 takes place. EOD balance is Rs 6,000. On January 18, deposit of Rs 10,000 takes place. EOD balance is Rs 17,000. Summing up the EOD balances: For 11 days-from July 1 to July 12-sum of EOD balance will be Rs (10,000*11) = Rs 1,10,000 From July 12 to July 18, sum of EOD balances will be Rs (6,000*6) = Rs 36,000
ADVERTISEMENT
From July 18 to July 31, sum of EOD balances will be Rs (17,000*13) = Rs 2,21,000. Sum of all the EOD closing balances = Rs 3,67,000 Total number of days in July = 31 So, the minimum average balance will be 204000/31 i.e. Rs 11,838.70
