Private sector lender, Yes Bank has announced a rise in interest rates of fixed deposits by as much as 50 bps.

The rate hike by the lender follows the rise in policy rates announced by Reserve Bank of India in the annual monetary policy for this fiscal.

The revised rates have come into effect from yesterday, May 09, 2011.

For deposits upto Rs 15 lakh, maturities of 7 to 14 days will attract interest of 4%.

Deposits of 12 months to 15 months 21 days tenor will now have interest of 8.75%.

On a similar note, deposits in the range of Rs 15 lakhs to Rs 1 crore will also experience a revision in interest rates.