Mumbai: Ujjivan Small Finance Bank has made changes to its fixed deposit interest rates, offering higher rates for both regular customers and senior citizens. Regular customers can now avail an interest rate of 8.25% for a 12-month tenure, while senior citizens will enjoy a rate of 8.75% for the same duration. These revisions mark the highest interest rates offered by the bank for fixed deposits.
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The revised rates will come into effect from June 1, 2023, and apply to regular customers as well as NRO (Non-Residential Ordinary) and NRE (Non-Residential External) accounts. Ujjivan Small Finance Bank aims to cater to the short-term deposit needs of its clients with this increase in interest rates.
The new interest rates for regular customers and senior citizens are the highest available for a 12-month tenure and 80-week duration (560 days). Additionally, the bank offers an additional interest rate of 0.20% for Platina FDs, applicable to deposits ranging from above Rs.15 Lakhs to below Rs.2 Crores. It’s important to note that the Platina FD scheme does not permit partial or premature withdrawals.
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According to Ittira Davis, the Managing Director and CEO of Ujjivan SFB, the decision to raise fixed deposit interest rates for the 12-month tenure aligns with the bank’s strategy of building a strong deposit base, particularly in the retail mass market segment. By offering competitive rates, Ujjivan SFB aims to attract customers and foster long-term relationships.
Ujjivan SFB provides flexibility to depositors with monthly, quarterly, and at maturity interest payout options. The Tax Saver Fixed Deposits offered by the bank come with a lock-in period of five years. With these revised rates, Ujjivan SFB positions itself among the banks offering the highest interest rates on term deposits.
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Ujjivan Small Finance Bank Limited is a prominent small finance bank that commenced operations in February 2017. With a customer base of over 76 lakh, the bank operates through 639 branches and employs more than 17,000 individuals. It focuses on serving unbanked and underbanked customers, promoting financial inclusion and digital banking. Ujjivan SFB offers comprehensive banking solutions and prioritizes delivering a personalized customer experience. The bank’s strong digital infrastructure enables customers from various regions and language backgrounds to access finance easily and conveniently.
