Ujjivan Small Finance Bank increased interest rates on Fixed deposit Effective August 9, 2022. FDs for senior citizens will earn an additional 75 basis points across all tenures. Said that it is offering the rate of 7.5% over three terms – 75 weeks, 75 months and 990 days – to commemorate the 75th anniversary of India’s independence.

Fixed deposits of less than Rs 2 crore (Domestic and NRO)

“A person who invests Rs 100,000 at the rate of 7.5 per cent for 75 weeks can expect to get returns of up to Rs 11,282 on maturity. Senior citizens who invest Rs 100,000 for 75 weeks at the rate of 8.25 per cent can expect to get total returns of up to Rs 11,12,466 on maturity,” according to a press release issued by the bank.

Ujjivan Platina Fixed Deposit

The bank raised interest rates on Platina fixed deposits by 20 basis points from standard deposits to 7.7% per annum for 990-day tenors. Customers can invest a minimum of 15 lakhs and up to 2 crores under this scheme. Platina FD is not callable, hence the plan does not allow partial or premature withdrawal.

Ujjivan Savings Account

Revised your savings account interest with effect from August 9, 2022, according to the bank’s official website. The maximum interest rate for holders of savings accounts as a result of the change is 7%.

The interest is based on the day-end balance held in the savings account and is disbursed quarterly. Only the balance maintained as per the slab will be used to calculate and pay the higher interest rate.

If a customer pays Rs. 120,000 in his savings account, he will get 3.50% interest on Rs. 100,000 and 6.00% on the balance.