Private sector lender Yes Bank today slashed 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 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.