Business

Ujjivan SFB raises interest rates on fixed deposits, up to 7.5%

NEW DELHI: Ujjivan Small Finance Bank on Tuesday said it has raised interest rates on their term deposits, effective August 9. Senior citizens will earn an additional 75 points Basic for fixed deposits in all terms.

On the occasion of the 75th anniversary of India’s independence, Ujjivan SFB announced that they are offering 7.5% interest on deposits with three terms – 75 weeks, 75 months and 990 days.

According to the lender, an individual invests 1 lakh for 75 weeks at 7.5% can make profit up to 1.11,282 at maturity. Similarly, the elderly invest 1 lakh for 75 weeks at 8.25% can make profit up to 1,12,466 at maturity.

Ujjivan SFB will allow monthly, quarterly and at maturity options.

The above interest rates also apply to tax savings fixed deposits. However, they have a term of 5 years.

Similarly, the bank also raised the interest rate on fixed deposit Platina to 7.7% pa, term 990 days, up 20 basis points compared to ordinary deposit. Customers can invest minimum or more 15 thousand or less 2 crore as planned. Platina FD is not callable i.e. partial and early withdrawal facility is not available in this program.

Speaking on the occasion, Carol Furtado, Sales Manager of Ujjivan SFB, said, “India has completed 75 years of independence and as we usher in a new era, increasing the savings of our customers. through raising fixed deposit rates, is our humble contribution. This decision also reinforces our commitment to customer care in light of the current volatile macroeconomic environment. We are confident that our FD clients will benefit from the increase in deposit rates and respond positively to our initiative. “

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