Ujjivan Small Finance Bank, a number one small finance financial institution, has raised the rates of interest on their time period deposits with impact from May 19, 2022. It has introduced a rise of 75 foundation factors to six.75% for a tenure of 15 months 1 day to 18 months, for common public. For 990 days’ tenure, the financial institution is now providing 7.1%, a rise of 35 foundation factors.
Senior Citizens will earn an extra 50 foundation factors on mounted deposits throughout all tenures.
Comparison of outdated and revised rates of interest; for Fixed Deposits (NRE, Domestic and NRO) beneath ₹2 Cr
As the desk suggests, a person investing ₹1,00,000 for 990 days at 7.1% can earn returns as much as ₹1,21,011/- at maturity.
Ujjivan SFB permits month-to-month, quarterly and at maturity curiosity pay-out choices.
The above rates of interest are relevant on Tax Saver Fixed Deposits too. However, they carry a lock-in interval of 5 years.
Similarly, the financial institution has additionally elevated the rates of interest on the Platina Fixed Deposit to 7.45% each year for 990 days, a revision of 35 bps. Senior Citizens investing in Platina Fixed Deposits can now earn returns of upto 7.95% p.a. for 990 days.
Customers can make investments a minimal of above ₹15 lakh to beneath ₹2 crore beneath the plan. The Platina FD is non-callable, i.e. partial and untimely withdrawal facility shouldn’t be accessible on this scheme.
A senior citizen investing ₹20,00,000 in Platina FD for 990 days at 7.95% can earn returns as much as ₹24,75,572/- at maturity.
Carol Furtado, Chief Business Officer, Ujjivan SFB, commented, “The decision to increase FD rates is in line with our commitment to keeping customer interest at the core of our business. The decision also takes into consideration the evolving macroeconomic backdrop. I am confident that we will remain the preferred banking partners for our customers”
This makes Ujjivan SFB rates of interest on time period deposits amongst probably the most engaging and aggressive within the sector.
Source: www.financialexpress.com”