Ujjivan Small Finance Bank revised its fixed deposits interest rates, at an offer of 8.25 per cent for regular customers for 12 months, 8.75 per cent for senior citizens. As per the revised interest rate, highest interesr rate for regular customers, NRO would be 8.25 per cent for 12 months and 80 weeks. New bank rates were effective from June 1, 2023 for Regular Customers, NRO and NRE.
On the other hand interest rate for Senior citizens would be 8.75% for 12 months and 80 weeks. Banks’s Platina FD holders will get the benefit of an additional interest rate of 0.20%. This additional benefit will be applicable for deposits above Rs.15 Lakhs and below Rs.2 crores only.
“We are pleased to announce the increase in our fixed deposit interest rates for the 12-month tenure and the extension of the higher rate will benefits our clients with short-term deposit needs. This complements our overall strategy of building our granular deposit base, as a retail mass market bank,” said Ittira Davis, Managing Director and Chief Executive Officer Ujjivan SFB.
Current rate of interest stands at 6.50 per cent, whereas proposed ROI is 8.25%. The Platina FD is non-callable, ie it doesn’t provide the facility of partial and premature withdrawal. The bank provides a monthly, quarterly and at maturity interest pay-out options. The Tax Saver Fixed Deposits comes with five years lock-in period.
Ujjivan Small Finance Bank began its operation in February 2017 and currently the bank serves around 76+ lakh customers through its 639 branches and more than 17,000 employees. Its schemes help in bridging the gap of financial services unavailablity in regional areas. It promotes financial and digital inclusion.
Updated: 02 Jun 2023, 03:20 PM IST