Premium|
Listen to this article
|
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.
Never miss a story! Stay connected and informed with Mint. Download our App Now!!
