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Ujjivan Small Finance Bank (SFB) has raised interest rates on domestic term deposits below ₹2 crore. The decision has been released today, June 13, 2022, and the bank now provides an interest rate of 2.90 per cent to 6.00 per cent on deposits of 7 days to 120 months. According to the bank's website, interest rates on domestic and non-resident fixed deposits, as well as Sampoorna Nidhi has been revised.
The interest rate on deposits from 7 to 29 days will be 2.90 per cent, while the interest rate on deposits from 30 to 89 days will remain at 3.50 per cent. The bank will continue to offer a 4.25 per cent interest rate on term deposits maturing in 90 days to 179 days, and a 5.00 per cent interest rate on deposits maturing in 6 months. Ujjivan SFB will continue to give an interest rate of 4.75 per cent on deposits of 6 months to less than 9 months, while the interest rate on deposits of 9 months will stay stable at 5.05 per cent.
The bank will continue to provide an interest rate of 6.50 per cent on deposits of 9 months to less than 12 months, and on deposits of 12 months, the bank will now offer an interest rate of 6.70 per cent, up from 6.50 per cent previously, representing a 20 basis point increase. 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 pay a 7.00 per cent interest rate, up from 6.75 per cent before. The interest rate on deposits maturing in 18 months and 1 day to less than 24 months has remained steady at 6.60 per cent.
Deposits maturing in 24 months will now generate an interest rate of 7.10 per cent, up from 6.90 per cent before, a 20 basis point increase, while deposits maturing in 24 months and 1 day to 989 days will have an interest rate of 6.50 per cent. The interest rate on deposits maturing in 990 days has been raised by 10 basis points from 7.10 per cent to 7.20 per cent, while the interest rate on deposits maturing in 991 days to 36 months has remained fixed at 6.50 per cent. Fixed deposits of 36 months and 1 day to 42 months give a 6.25 per cent interest rate, deposits of 42 months and 1 day to 60 months offer a 7.20 per cent interest rate, and deposits of 60 months and 1 day to 120 months offer a 6% interest rate.
Senior citizens will receive an additional rate benefit of 0.50 per cent across all tenors, with a maximum rate of 7.70 per cent currently available on deposits of 990 days and 42 months, and 1 day to 60 months.