Ujjivan SFB raises fixed deposit rates, offers up to 9% interest for senior citizens. Check latest FD rates here
- Ujjivan Small Finance Bank has revised its fixed deposit interest rates, offering up to 8.50% for regular customers and NRO/NRE accounts for 15 months, and a lucrative 9% for senior citizens. The bank has also introduced additional benefits for Platina FD customers with deposits above ₹1 crore
Ujjivan Small Finance Bank (SFB) has announced a significant revision in its fixed deposit (FD) interest rates, aiming to attract more customers and strengthen its deposit base. The revised rates, effective from March 7, 2024, offer attractive returns for regular customers, Non-Resident Ordinary (NRO) and Non-Resident External (NRE) accounts, as well as senior citizens.
For regular customers, NRO, and NRE accounts, Ujjivan SFB has set the highest interest rate at 8.50% for a 15-month tenure. Senior citizens can enjoy an even higher rate of 9.00% for the same tenure, making it one of the most lucrative offerings in the market.
For Platina FDs (deposits above ₹1 crore and below ₹2 crores), the interest rate is 8.45% p.a. for tenures between 12 to 15 months, 8.70% for 15 months, 8.45% for 15 months 1 day to 560 days, 7.70% for 561 to 989 days, 7.95% for 990 days, and 7.40% for 991 days to 60 months.
For domestic fixed deposits and Sampoorna Nidhi, the interest rates range from 3.75% for 7 to 29 days to 8.50% for 15 months, with an additional 0.50% for resident senior citizens.
For NRO fixed deposits, the rates are the same as domestic fixed deposits, ranging from 3.75% to 8.50%.
For recurring deposits and Sampoorna Lakshya, the interest rates vary from 5.50% for 6 to 9 months to 8.50% for 15 months, with an additional 0.50% for senior citizens.
For NRE fixed deposits, the interest rates range from 8.25% for 12 to less than 15 months to 6.50% for 60 months 1 day to 120 months.
Ujjivan SFB offers flexible interest payout options, including monthly, quarterly, and at maturity. The bank also provides Tax Saver Fixed Deposits with a five-year lock-in period, catering to customers seeking tax benefits.
"We are pleased to announce the revision in fixed deposit interest rates for our customers seeking a higher interest rate for the short-term tenure," said Ittira Davis, Managing Director and Chief Executive Officer of Ujjivan SFB, as quoted by PTI. "Our primary objective is to create a stronger deposit base that aligns with our overall strategy, reinforcing our position as the leading retail mass market bank."
Ujjivan Small Finance Bank has been at the forefront of financial inclusion, serving over 82 lakh customers through its 729 branches and 21,000+ employees across 26 states and union territories in India. As of December 30, 2023, the bank's gross loan book stood at ₹27,791 crore, with a deposit base of ₹29,869 crore, as per ANI.
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Business NewsIndustryBankingUjjivan SFB raises fixed deposit rates, offers up to 9% interest for senior citizens. Check latest FD rates here
First Published:19 Mar 2024, 12:47 PM IST
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