Ujjivan Small Finance Bank has recently announced a change in its fixed deposit (FD) interest rates, specifically for deposits with a duration of 12 months.
The bank has increased the interest rate by 1.75%, raising it from 6.5% to 8.25%.
The revised rate will come into effect from June 1, 2023.
Ittira Davis, the Managing Director and CEO of Ujjivan SFB, expressed his satisfaction with the decision,
stating that the higher interest rate will benefit customers who have short-term deposit requirements.
This move aligns with the bank’s strategy of expanding its deposit base as a retail mass market bank.
According to the bank’s statement, the highest interest rate offered for regular customers and Non-Residential Ordinary (NRO) accounts will be 8.25% for both 12 months and 80 weeks (560 days).
For senior citizens, the highest interest rate will be 8.75% for the same durations. Ujjivan SFB provides flexible interest payment options, including monthly, quarterly, and at maturity.
It’s important to note that the Tax Saver Fixed Deposit has a lock-in period of five years.
