Ujjivan Small Finance Bank has announced an increase in its fixed deposit interest rates, raising the rate for a 9-month tenure to 7.5%, up from the previous 7.0%. This move positions Ujjivan among the top banks offering competitive rates on term deposits. Senior citizens will continue to benefit from an additional 0.50% over the regular rates, ensuring a higher return on their investments.
Ujjivan also maintains its attractive rates for longer tenures, offering 8.25% for a 12-month tenure to general customers and 8.75% to senior citizens. Additionally, Platina deposits, available to both individual and non-individual customers, including NR customers, will receive an extra 0.20% interest.Mr. Sanjeev Nautiyal, Managing Director and CEO of Ujjivan SFB, stated, “We are pleased to revise the fixed deposit interest rates for our customers seeking a higher interest rate for the short-term tenure. The latest rate increase on FDs continues to position Ujjivan SFB among the banks offering the highest interest rates on term deposits.”
In Kolkata, the revised rates are expected to attract a significant number of investors, given the city’s robust savings culture and preference for secure investment options. The increased rates are likely to appeal to both individual savers and institutional investors, enhancing Ujjivan’s market presence in the region. With a strong network of branches and a dedicated customer base, Ujjivan is well-positioned to capitalize on this interest rate hike, further solidifying its reputation as a leading small finance bank in India. Ujjivan Small Finance Bank, which began operations in February 2017, currently serves over 90 lakh customers through its 752 branches and 23,000 employees across 26 states and union territories in India. As of June 30, 2024, the bank’s gross loan book stands at ₹30,069 crore, with a deposit base of ₹32,514 crore.
