Ujjivan Small Finance Bank has raised the interest rates on their fixed deposits. For the general citizen, 19 months, one day to 24 months tenure, the bank will now offer an interest rate of 6.6 percent, and for 12 months tenure, the lender will give an interest rate of 6.5 percent, the bank said in a statement.
Ujjivan SFB has announced an additional 75 basis points for senior citizens across all tenures of fixed deposit. For 19 months, 1 day to 24 months tenure, the interest rate will be as high as 7.35 percent, while for 12 months tenure, the bank will now offer 7.25 percent, the bank said.
The move is aimed at mobilising deposits among existing and new customers, it added.
Here's a comparison of old and revised interest rates for fixed deposits below Rs 2 crore across various tenures:
|Tenure (months)||Previous interest rate||New interest rate(w.e.f. December 9, 2021)|
|For senior citizens||12 months||6.5%||7.25%|
|19 months, 1 day to 24 months||6.5%||7.35%|
|For general citizen up to 60 years||12 months||6. 0%||6.5%|
|19 months, 1 day to 24 months||6. 0%||6.6%|
As the table suggests, a senior citizen investing Rs 1,00,000 for 24 months at 7.35 percent can earn returns up to Rs 1,15,681 at maturity.
Ujjivan SFB allows quarterly, half-yearly, annually, and at maturity interest pay-out options. It also offers premature closure and partial withdrawal facility, with applicable charges.
Recently, HDFC Ltd and Bajaj Finance also hiked interest rates by up to 30 basis points for deposits up to five years. After the latest revision, HDFC now offers 6.25 percent on 33-month deposits, 6.7 percent on 66-month deposits and 6.8 percent on 99-month deposits.
Bajaj Finance, meanwhile, raised interest rates by 30 basis points or 0.30 percent for deposits of duration between two years and five years, for both regular income as well as cumulative options.
(Edited by : Anshul)
First Published: IST