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NEW DELHI : Ujjivan Small Finance Bank, on Thursday, said it has raised interest rates on deposits of various tenures.
The Ujjivan SFB said in a release that the bank will now offer an interest rate of 6.6% for deposits for tenures of 19 months, one day to 24 months for the general citizen up to 60 years. The interest rate has been increased to 6.5% for 12 months tenure.
The previous rates for these tenures were 6%. The new rates are applicable from 9 December, 2021, the bank said.
The SFB said it will offer additional 75 basis points (0.75%) interest to senior citizens across all tenures.
For 19 months, one day to 24 months tenure, the interest rate is as high as 7.35%, while for 12 months tenure, the bank is now offering 7.25%, it added. Earlier rates on these deposits yielded 6.5 per cent each.
"As the table suggests, a senior citizen investing ₹1,00,000 for 24 months at 7.35 per cent can earn returns up to ₹1,15,681 at maturity.
Ujjivan SFB allows quarterly, half-yearly, annually, and at maturity interest pay-out options. It also offers premature closure and partial withdrawal facility, with applicable charges.
The revision in the interest rates complements the attractive 7 per cent interest rate offered in savings account on incremental balances above ₹1 lakh to up to ₹25 lakh, said the lender.
"This makes it one of the most attractive and competitive interest rates offered in the sector, on both term deposits and savings accounts," Ujjivan SFB said.
