PremiumUjjivan Small Finance Bank announced interest rate revision on fixed deposits on May 19, 2022, and as a result of the modification, the bank is now offering a standard rate of 2.90 percent to 6.00 percent, with senior people receiving a 3.4 percent to 6.5 percent interest rate on deposits maturing in 7 days to 10 years.
Listen to this article |
Ujjivan Small Finance Bank (SFB) has revised interest rates on fixed deposits of less than ₹2 Cr. The bank announced this on May 19, 2022, and as a result of the modification, the bank is now offering a standard rate of 2.90 per cent to 6.00 per cent, with senior people receiving a 3.4 per cent to 6.5 per cent interest rate on deposits maturing in 7 days to 10 years. The DICGC-insured small finance bank will now provide a maximum interest rate of 7.10 per cent to the general public and 7.60 per cent to senior citizens on term deposits maturing in 990 days.
Ujjivan Small Finance Bank is giving a 2.90 per cent interest rate on deposits maturing in 7 to 29 days starting May 19, 2022. The bank will now give a 3.50 per cent interest rate on deposits maturing in 30 days to 89 days, and a 4.25 per cent interest rate on deposits maturing in 90 days to 179 days. Regular customers will now get a 5.00 per cent interest rate on deposits maturing in 6 months, and a regular rate of 4.75 per cent on deposits maturing in 6 months to 9 months.
The bank will now give a 5.05 per cent interest rate on deposits maturing in 9 months, and a 6.50 per cent interest rate on deposits maturing in 9 months to 12 months. Fixed deposits maturing in 12 months and 1 day to 15 months will now collect a 6.00 per cent interest rate, while deposits maturing in 15 months and 1 day to 18 months will fetch a 6.75 per cent interest rate. Ujjivan SFB will now give a 6.60 per cent interest rate on deposits maturing in 18 months and 1 day to 24 months, and a 6.90 per cent interest rate on deposits maturing in 24 months.
The bank gives a regular rate of 6.50 per cent on deposits maturing in 24 months and 1 day to 989 days, while regular customers will now enjoy a maximum rate of 7.10 per cent on deposits maturing in 990 days. Ujjivan Small Finance Bank will now give a 6.50 per cent interest rate on deposits maturing in 991 days to 36 months, 6.25 per cent on deposits maturing in 3 years and 1 day to 5 years, and 6.00 per cent on deposits maturing in 5 years and 1 day to 10 years. Senior citizens would receive an additional rate of 0.50 per cent on deposits of less than ₹2 crore across all maturity tenors.
7 Days to 29 Days- 2.90%
30 Days to 89 Days- 3.50%
90 Days to 179 Days- 4.25%
6 Months- 5.00%
> 6 Months to < 9 Months- 4.75%
9 Months- 5.05%
> 9 Months to < 12 Months- 6.50%
12 Months- 6.50%
12 Months and 1 Day to 15 Months- 6.00%
15 Months and 1 Day to 18 Months- 6.75%
18 Months and 1 Day to < 24 Months- 6.60%
24 Months- 6.90%
24 Months and 1 Day to 989 Days- 6.50%
990 Days- 7.10%
991 Days to 36 Months- 6.50%
3 Years and 1 Day to 5 Years- 6.25%
5 Years and 1 Day to 10 Years- 6.00%
Additional Interest Rate for Senior Citizens- 0.50%
On May 19, 2022, the bank also revised the interest rate on the Platina Fixed Deposit scheme, which is a retail non-callable deposit product that does not allow customers to close their accounts in part or in full. Customers can book a Platina Deposit for a minimum of 12 months and up to 60 months, with a deposit amount of Rs.15 lakhs and less than Rs.2 crores. The bank previously offered a 6.9% interest rate on Platina deposits maturing in 12 months, but now it will give a 6.70 per cent rate, a 20 basis point reduction.
The bank will now give a 6.20 per cent interest rate on deposits maturing in 12 months and 1 day to 15 months, while the interest rate on deposits maturing in 15 months and 1 day to 18 months will remain at 6.95 per cent. Previously, the bank offered a 6.4 per cent interest rate on deposits maturing in 12 months and 1 day to 19 months. Ujjivan SFB will now pay 6.80 per cent interest on deposits maturing in 18 months and 1 day to 24 months, 7.10 per cent interest on deposits maturing in 24 months, and 6.85 per cent interest on deposits maturing in 24 months and 1 day to 989 days.
Previously, the bank offered a 7% interest rate on deposits maturing in 19 months and 1 day to 24 months, as well as a 6.90 per cent interest rate on deposits maturing in 24 months and 1 day to 989 days. The bank has increased the interest rate on deposits maturing in 990 days from 7.15 per cent to 7.45 per cent, while the interest rate on deposits maturing in 991 days to 36 months has been reduced from 6.9 per cent to 6.85 per cent. The bank has reduced the interest rate on deposits maturing in 3 years and 1 day to 5 years by 5 basis points, from 6.65 per cent to 6.60 per cent. Senior citizens formerly received an additional rate of 0.75 per cent on platina deposits, but they will now receive an additional rate of 0.50 per cent.
12 Months- 6.70%
12 Months and 1 Day to 15 Months- 6.20%
15 Months and 1 Day to 18 Months- 6.95%
18 Months and 1 Day to < 24 Months- 6.80%
24 Months- 7.10%
24 Months 1 Day to 989 Days- 6.85%
990 Days- 7.45%
991 Days to 36 Months- 6.85%
3 Years and 1 Day to 5 Years- 6.60%
Additional Interest Rate for Resident Senior Citizens- 0.50%
Interest rates on savings accounts have also been revised by Ujjivan Small Finance Bank. The bank announced this on May 19, 2022, and account holders would now get a maximum rate of 7% on savings bank deposits held with the bank.