Fixed deposit interest rates have increased by up to 1.5% at Ujjivan Small Finance Bank. Since August 9, 2022, the revised rates have been in effect. In honor of the 75th anniversary of India’s independence, the bank announced that it had raised the rate on fixed deposits by 30-150 basis points (or 0.3%–1.5%) for a variety of tenures.
Ujjivan SFB introduced 75 weeks (525 days) and 75 months, stating that both incur the highest rate of 7.5% annually. A person can earn up to Rs 1,11,282 at maturity by investing Rs 1 lakh for 75 weeks at 7.5%. Similarly, senior folks can get returns of up to Rs 1,12,466 at maturity by investing Rs 1 lakh for 75 weeks at 8.25 percent.
The interest rate is the same for the 990-day duration as well, up from 7.20% before. According to the bank, the supplementary rate for older citizens has been increased from 0.50 percent to 0.75 percent.
On deposits under Rs 2 crore, the new charges are applicable. The lender said it will provide alternatives for interest pay-out on a monthly, quarterly, and at maturity basis. According to Ujjivan SFB, these new rates also apply to tax saver fixed deposits with a five-year lock-in period.
Through the increased interest rates on fixed deposits, Ujjivan SFB Chief Business Officer Carol Furtado claimed that this will contribute to the growth of clients’ savings. According to her, this will also benefit clients’ interest in the recent economic changes.
