Ujjivan Small Finance Bank has raised interest rate on fixed deposits by up to 1.5 per cent. The new rates have come into effect from August 9, 2022.
The bank said that on the occasion of the 75th year of India’s Independence, it has increased the rate on fixed deposits by 30-150 basis points (or 0.3-1.50 per cent) across different tenures.
Introducing tenures of 75 weeks (525 days) and 75 months, Ujjivan SFB said both carry the highest rate of 7.5 per cent per annum.
For an individual, investing Rs 1 lakh for 75 weeks at 7.5 per cent can earn returns up to Rs 1,11,282 at maturity. Likewise, senior citizens for Rs 1 lakh for 75 weeks at 8.25 per cent can earn returns up to Rs 1,12,466 at maturity.
The 990 days tenure too carries the same interest rate, up from 7.20 per cent earlier.
The additional rate for senior citizens is now revised to 0.75 per cent from 0.50 per cent, the bank said.
The new rates are applicable on deposits below Rs 2 crore.
The lender said it will offer monthly, quarterly and at maturity interest pay-out options.
Ujjivan SFB said these new rates are also applicable on tax saver fixed deposits carrying a lock-in period of five years.
Ujjivan SFB Chief Business Officer Carol Furtado said this will help grow customers’ savings through the enhanced interest rates on fixed deposits.
This will also serve customers’ interest in the present macroeconomic developments, she said.