Bengaluru, December 31, 2021:
• Revised interest rates are applicable on fixed deposits of up to ₹2 crores across various tenures
• Recently, senior citizen premium was increased to 75 basis points from 50 basis points
• Fixed Deposit (Domestic & NRO) rates are applicable for Sampoorna Nidhi & Sampoorna Laksha Deposit Accounts
Ujjivan Small Finance Bank has raised the interest rates on their term deposits.
It has announced an additional 75 basis points for senior citizens across all tenures. For 990 days tenure, the interest rate is as high as 7.50%, while for 19 months 1 day tenure, the bank is now offering 7.35%.
For the general citizen, for 990 days tenure, the interest rate has been increased to 6.75% while for the 19 months 1 day months tenure, the bank now offers an interest rate of 6.60%.
Comparison of old and revised interest rates; for Fixed Deposits (NRE, Domestic and NRO) below ₹2 Cr for 990 day tenure
|Tenure||Previous interest rate||New interest rate
(w.e.f. December 31, 2021)
|For senior citizen|
|For general citizen|
As the table suggests, a senior citizen investing ₹1,00,000 for 990 days at 7.5% can earn returns up to ₹ 1,22,314 at maturity. For general citizen investing ₹1,00,000 for 990 days at 6.75% can earn up to ₹1,19,895.
Ujjivan SFB allows monthly, quarterly, half-yearly, annually, and at maturity interest pay-out options. It also offers premature closure and partial withdrawal facility, with applicable charges.
The above interest rates are applicable on Tax Saver Fixed Deposits too. However, they carry a lock-in period of five years.
This makes Ujjivan SFB Interest Rates on the Term Deposits, amongst the most attractive and competitive in the sector.