Private-sector lender Yes Bank has announced an increase in PLR by 50 bps effective August 1, 2008 and an increase in fixed deposit interest rates for tenors ranging from 6 months 1day to 2 years.

Under the revised rates, deposits for a tenor of 1 year and 1 day up to 18 months will earn a higher return of 10.00% p.a. (previously 9.75%) while Senior Citizens will earn an attractive return of 10.50% p.a. (previously 10.25%).
These fixed deposit interest rates are effective from August 1, 2008.

Yes Bank has registered a jump of 50.9 per cent in the net profit for the quarter ended June 30, 2008, to Rs 54.33 crore compared with Rs 36 crore during the same period, last fiscal.

The total income of bank rose to Rs 486.19 crore in the quarter under review, from Rs 348.49 crore in the same period a year ago.

The stock price of Yes Bank has suffered for the last few months. Banking Sector stocks have lost quite substantially and there are some banking stocks looking attractive for long term investments.

Technical Analyst Ashwani Gujral suggested in a recent interview that Axis Bank may be good for long term investment. However, the stock may see further downside from current levels if the markets are weak. The stock has broken most of its support levels. Investors with long term view should consider investing in the stock on every fall.