- Rate on Fixed Deposits has been increased by 30-150 basis points across different tenures
- On the occasion of 75th year of our country’s independence, Ujjivan SFB is introducing tenures of 75-weeks (525 days) and 75-months, both carrying the highest rate of 7.5 per cent p.a.
- Offering 7.5% interest rate for three tenures: 75 weeks (525 days), 990 days and 75 months
- Additional rate for Senior Citizens now revised to 0.75 per cent from 0.50 per cent
Ujjivan Small Finance Bank has raised the interest rates on their term deposits w.e.f August 9, 2022.
Senior Citizens will earn an additional 75 basis points on Fixed Deposits across all tenures.
On the occasion of 75 years of Independence, Ujjivan SFB announced that it is offering an attractive rate of 7.5% on three tenures – 75 weeks, 75 months and 990 days.
Comparison of old and revised interest rates; for Fixed Deposits (Domestic and NRO) below ₹2 Cr
| Tenure | Previous interest rate | New interest rate (w.e.f. Aug 9, 2022) |
| 75 weeks (525 days) | 7.00% | 7.50% |
| 990 Days | 7.20% | 7.50% |
| 75 months | 6.00% | 7.50% |
As the table suggests, an individual investing ₹1,00,000 for 75 weeks at 7.5% can earn returns up to ₹1,11,282/- at maturity. Similarly, senior citizens investing ₹1,00,000 for 75 weeks at 8.25% can earn returns up to ₹1,12,466/- at maturity.
Ujjivan SFB would allow monthly, quarterly and at maturity interest pay-out options.
The above interest rates are applicable on Tax Saver Fixed Deposits too. However, they carry a lock-in period of five years.
Similarly, the bank has also increased the interest rates on the Platina Fixed Deposit, to 7.7% per annum, for 990 days’ tenure, an increase of 20 basis points over the regular deposit. Customers can invest a minimum of above ₹15 lakhs to below ₹2 Crores under the plan. The Platina FD is non-callable, i.e. partial and premature withdrawal facility is not available in this scheme.
Speaking on the occasion, Ms Carol Furtado, Chief Business Officer, Ujjivan SFB said, “India completes 75 years of Independence and as we usher in a new era, growing our customers’ savings through the enhanced interest rates on fixed deposits, is our humble contribution. The decision also reinforces our commitment towards the interest of our customers in the context of the present macroeconomic developments. We are confident our FD customers would take the benefit of rise in deposit rates and respond positively to our initiative.”
