Ujjivan Small Finance Bank has raised interest rate on fixed deposits by to 1.5 percent. The new rates have become effective from August 9, 2022.
The bank expressed that on the event of the 75th year of India’s Independence, it has expanded the rate on fixed deposits by 30-150 premise focuses (or 0.3-1.50 percent) across various tenures.
Presenting tenurres of 75 weeks (525 days) and 75 months, Ujjivan SFB said both convey the most noteworthy pace of 7.5 percent per annum.
For an individual, contributing Rs 1 lakh for a very long time at 7.5 percent can procure returns up to Rs 1,11,282 at development. In like manner, senior residents for Rs 1 lakh for quite a long time at 8.25 percent can procure returns up to Rs 1,12,466 at development.
The 990 days residency also conveys a similar interest rate, up from 7.20 percent prior.
The extra rate for senior residents is currently reconsidered to 0.75 percent from 0.50 percent, the bank said.
The new rates are relevant on stores underneath Rs 2 crore.
The bank said it will offer month to month, quarterly and at development premium compensation out choices.
Ujjivan SFB said these new rates are likewise material on tax saver fixed deposits conveying a lock-in time of five years.
Ujjivan SFB Chief Business Officer Carol Furtado said this will assist with developing clients’ reserve funds through the improved interest rates on fixed deposits.
This will likewise serve clients’ advantage in the present macroeconomic turns of events, she said.
