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Ujjivan Small Financing Bank Raises Interest Rates On Fixed Deposits

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The new rates are applicable from December 9, stated Ujjivan SFBUjjivan Small Finance Bank announced that it has raised interest rates on repaired deposits (FDs) throughout numerous periods.

For the basic citizen approximately 60 years, the bank will now provide a rate of interest of 6.6 per cent for deposits for periods of 19 months, one day to 24 months.For 12 months tenure, the rates of interest has been increased to 6.5 per cent, the bank stated in a release today.

The previous rates for these tenures were six percent.

The brand-new rates are applicable from December 9, 2021.

The move is focused on mobilising deposits among the existing and brand-new customers.The little finance bank stated it will use extra 75 basis points or 0.75 per cent interest to senior citizens across all periods.

For 19 months, one day to 24 months tenure, the rate of interest is 7.35 percent, while for 12 months period, the bank is now providing 7.25 percent, it included.

Earlier rates on these deposits yielded 6.5 per cent each.A senior investing Rs 1,00,000 for 24 months at 7.35 per cent can make returns up to Rs 1,15,681 at maturity.

Ujjivan little finance bank allows quarterly, half-yearly, annually, and at maturity interest pay-out choices.

It also offers premature closure and partial withdrawal center, with applicable charges.The modification in the rate of interest matches the seven per cent rates of interest offered in savings account on incremental balances above Rs 1 lakh to as much as Rs 25 lakh, stated the lending institution.

This makes it one of the most appealing and competitive rate of interest provided in the sector, on both term deposits and savings accounts, Ujjivan small financing bank said.On Thursday, December 9, shares of Ujjivan Small Financing Bank settled 0.26 per cent greater at Rs 19.20 apiece on the NSE.




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