Money Matters : Ujjivan Small Finance Bank increases interest rate on some FDs

The highest interest rate for regular customers would be 8% for 80 weeks (560 days). Highest interest rate for Senior citizens would be 8.75% for 80 weeks (560 days). Platina FD would get an additional interest rate of 0.20%.  These are applicable for deposits above Rs.15 Lakhs and below Rs.2 Crores only.

Mr. Ittira Davis, Managing Director and Chief Executive Officer, Ujjivan SFB, commented, “The FD rate increase is a reinforcement of our commitment to offer our customers the best products.  This also is in line with our retail strategy of building granular deposits and the evolving macro-economic situation.”

New rates are effective from November 5, 2022.Customers can invest a minimum of above Rs 15 lakhs to below Rs 2 Crores under the plan. The Platina FD is non-callable, i.e.  partial and premature withdrawal facility is not available in this scheme.

Ujjivan SFB allows monthly, quarterly and at maturity interest pay-out options. The Tax Saver Fixed Deposits comes with five years lock-in period.

The latest round of rate increases on FDs place Ujjivan SFB among the banks offering the highest Interest Rates on the Term Deposits.