OPEN APP
Home / Industry / Banking /  Ujjivan SFB alters savings account interest rates: Check details here
Listen to this article

Interest rates on savings bank deposits have been revised by the DICGC-insured Ujjivan Small Finance Bank (SFB). The bank announced this on May 19, 2022, and savings account holders would now get a maximum rate of 7.00 per cent on their savings bank deposits as a result of the modification. The bank will continue to give a 3.50 per cent interest rate on savings accounts balances up to 1 lakh.

Ujjivan SFB will now offer an interest rate of 6.00% on savings account balance above Rs. 1 lakh up to Rs. 5 lakh, savings account balance above Rs. 5 lakh up to 1 Crore will now fetch a maximum rate of 7% whereas savings account balance of above Rs. 1 Crore and up to Rs. 10 Crore will now fetch an interest rate of 6%.

In comparison to previous interest rates, Ujjivan Small Finance Bank formerly offered a 7 per cent interest rate on savings account balances of more than 1 lakh to 25 lakhs, and a 6 per cent interest rate on savings account balances of more than 25 lakhs to 10 crores. The bank would continue to provide savings account holders with an interest rate of 6.75 per cent on balances more than Rs. 10 crores. The bank does not provide senior citizens with an additional rate benefit on savings accounts, and interest is determined on day-end balances kept in the savings account and paid on a quarterly basis. 

Savings account holders should note that only the balances kept in an account according to stated slabs of the bank will be subject to the higher interest rate. “If a customer maintains Rs.120,000/- in the savings account, 3.50% interest will be earned for Rs.100,000/- and 6.00% interest will be earned for the remaining Rs.20,000/-," Ujjivan Small Finance Bank has mentioned on its website as an example for higher interest rate applicable.

Ujjivan Small Finance Bank Savings Account Interest Rates 2022

The interest rates (with effect from May 19, 2022) for domestic and non-resident accounts are listed below.

Up to 1 lakh- 3.50%

Above Rs. 1 lakh up to Rs. 5 lakh- 6.00%

Above Rs. 5 lakh up to 1 Crore- 7.00%

Above Rs. 1 Crore and up to Rs. 10 Crore- 6.00%

Above Rs. 10 Crore- 6.75%

Meanwhile, DCB Bank announced a savings account interest rate adjustment on May 19, 2022. The bank currently provides a maximum interest rate of 6.75 per cent on resident, NRE, and NRO savings accounts, after a recent modification.

Subscribe to Mint Newsletters
* Enter a valid email
* Thank you for subscribing to our newsletter.
Close
Recommended For You
×
Edit Profile
Get alerts on WhatsApp
Set Preferences My ReadsFeedbackRedeem a Gift CardLogout