PremiumOn the occasion of 75 years of India’s independence, Ujjivan SFB announced that it was offering a rate of 7.5% on deposits of three tenures - 75 weeks, 75 months, and 990 days.
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NEW DELHI: Ujjivan Small Finance Bank on Tuesday said it has raised interest rates on their term deposits, effective 9 August. Senior citizens will earn an additional 75 basis points on fixed deposits across all tenures.
On the occasion of 75 years of India’s independence, Ujjivan SFB announced that it was offering a rate of 7.5% on deposits of three tenures - 75 weeks, 75 months, and 990 days.
According to the lender, an individual investing ₹1 lakh for 75 weeks at 7.5% can earn returns of up to ₹1,11,282 at maturity. Similarly, senior citizens investing ₹1 lakh for 75 weeks at 8.25% can earn returns up to ₹1,12,466 at maturity.
Ujjivan SFB would allow monthly, quarterly and at-maturity interest pay-out options.
The above interest rates are applicable on tax saver fixed deposits too. However, they carry a lock-in period of five years.
Similarly, the bank has also increased interest rates on Platina fixed deposit, to 7.7% per annum, for 990 days’ tenure, an increase of 20 basis points over the regular deposit. Customers can invest a minimum of above ₹15 lakh to below ₹2 crore under the plan. The Platina FD is non-callable, i.e. partial and premature withdrawal facility is not available in this scheme.
Speaking on the occasion, Carol Furtado, chief business officer, Ujjivan SFB, said, “India completes 75 years of independence and as we usher in a new era, growing our customers’ savings through the enhanced interest rates on fixed deposits, is our humble contribution. The decision also reinforces our commitment towards the interest of our customers in the context of the present macroeconomic developments. We are confident our FD customers would take the benefit of rise in deposit rates and respond positively to our initiative."