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NEW DELHI: Ujjivan Small Finance Bank has raised interest rates on its term deposits, effective 19 May. Rates on deposits of tenure of 15 months 1 day to 18 months have been raised by 75 basis points (bps) to 6.75%, and those for a 990-days tenure have been increased 35 bps to 7.1%.

Senior citizens will earn an additional 50 bps on fixed deposits across tenures.

Old and revised interest rates for fixed deposits (NRE, Domestic and NRO) below  <span class='webrupee'>₹</span>2 crore. (Source: Ujjivan SFB)
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Old and revised interest rates for fixed deposits (NRE, Domestic and NRO) below 2 crore. (Source: Ujjivan SFB)

As the table suggests, an individual investing 1,00,000 for 990 days at 7.1% can earn returns up to 1,21,011 at maturity.

Ujjivan SFB allows 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.

The bank has also increased interest rates on its Platina Fixed Deposit to 7.45% per annum for 990 days, up 35 bps. Senior citizens can earn returns of up to 7.95% p.a. on their deposits.

Customers can invest a minimum of above 15 lakhs 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.

Carol Furtado, chief business officer, Ujjivan SFB, said, “The decision to increase FD rates is in line with our commitment to keeping customer interest at the core of our business. The decision also takes into consideration the evolving macroeconomic backdrop. I am confident that we will remain the preferred banking partners for our customers."

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