NEW DELHI: Ujjivan Small Finance Bank has raised interest rates on its term deposits, effective May 19. Rates on deposits with tenors of 15 months 1 day to 18 months were raised by 75 basis points (bps) to 6.75%, and those for tenors of 990 days were raised by 35 bps to 7 .1%.
Seniors will earn an additional 50 basis points on term deposits across mandates.
As the table suggests, an individual who invests ₹1,00,000 for 990 days at 7.1% can generate returns of up to ₹1,21,011 at maturity.
Ujjivan SFB allows monthly, quarterly and maturity interest payment options. The above interest rates also apply to fixed Tax Saver deposits. However, they come with a lock-up period of five years.
The bank also raised interest rates on its Platina fixed deposit to 7.45% per annum for 990 days, up 35 basis points. Seniors can earn returns of up to 7.95% per year on their deposits.
Customers can invest a minimum of above ₹15 lakhs below ₹ 2 crore under the plan. The Platina FD is non-refundable i.e. partial and early withdrawal facility is not available in this scheme.
Carol Furtado, Chief Commercial Officer of Ujjivan SFB, said, “The decision to increase FD tariffs is in line with our commitment to keep customer interests at the heart of our business. The decision also takes into account the evolution of the macroeconomic context. I am convinced that we will remain the privileged banking partners of our customers.”