Ujjivan Small Finance Bank has increased interest rates on its fixed deposits with effect from August 9, 2022. FDs for senior citizens will earn an additional 75 basis points across all tenures. said that it is offering a rate of 7.5% on three tenures—75 weeks, 75 months, and 990 days—in honour of India’s 75th anniversary of independence.
Fixed Deposits (Domestic and NRO) below Rs 2 Cr
“A person who invests Rs 100,000 for 75 weeks at a 7.5 percent rate can expect to receive returns of up to Rs 11,282 at maturity. Senior citizen who invest Rs 100,000 for 75 weeks at an 8.25 percent rate can expect to receive returns that total up to Rs 11,12,466 at maturity,” according to a press release issued by the bank.
Ujjivan Platina Fixed Deposit
The bank raised the interest rates on the Platina Fixed Deposit by 20 basis points over the standard deposit, to 7.7% annually for a 990-day term. Customers can invest under the scheme for a minimum of over 15 lakhs and up to 2 crores. The Platina FD is not callable, hence this scheme does not allow for partial or premature withdrawals.
Ujjivan savings account
revised its savings account interest effective from August 9, 2022, according to the bank’s official website. The change results in a maximum interest rate of 7% for holders of savings accounts.
Interest is based on the day-end balances kept in the savings account and is distributed quarterly. Only balances that are kept in accordance with the slabs will be used to calculate and pay the higher interest rate.
If a customer maintains Rs. 120,000 in their savings account, they will get 3.50% interest on Rs. 100,000 and 6.00% on the remaining.
