Ujjivan SFB revises savings account interest rates, now offers up to 7.50%
1 min read 03 Nov 2022, 04:14 PM ISTUjjivan Small Finance Bank (SFB) has revised its interest rates on savings accounts.
PremiumUjjivan Small Finance Bank (SFB) has revised its interest rates on savings accounts. As per the official website of the bank, the new rates are effective as of 1st November 2022. The revised interest rates apply to both domestic and non-resident accounts. After the adjustment, Ujjivan SFB currently grants savings bank deposits with a maximum interest rate of 7.50%. Customers of Ujjivan Small Finance Bank can choose from a variety of savings accounts, including Classic Savings Accounts, Garima Savings Accounts, Regular Savings Accounts, Privilege Savings Accounts, Minor Savings Accounts, Senior Citizens Savings Accounts, and Digital Savings Accounts.
Ujjivan Small Finance Bank Savings Account Interest Rates
On savings account balances of Up to ₹1 lakh, the bank offers an interest rate of 3.50% and on savings account balances of more than ₹1 lakh to ₹5 lakh, Ujjivan Small Finance Bank is now offering an interest rate of 6.00%. Ujjivan Small Finance Bank will now offer an interest rate of 7.00% on savings account balances of more than ₹5 lakh to ₹25 crore and the bank will now promise a maximum interest rate of 7.50% on savings account balances of more than ₹25 crore. On a quarterly basis, interest is paid out based on the day-end balances maintained in the savings account by the customer.
Ujjivan Small Finance Bank has mentioned on its website that “The higher interest rate will be applied and paid only basis the balances maintained as per slabs. Ex: 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/-."
On the other hand, Yes Bank and Punjab and Sind Bank recently announced adjustments to their savings account interest rates. Following the change, Yes Bank is now offering a maximum interest rate of 6.25% on savings accounts. The new Yes Bank savings account interest rates are effective as of November 2nd. While the Punjab and Sind Bank's updated savings account rates become effective on November 1, 2022. Currently, the bank's maximum interest rate on savings accounts is 5.00%.
