Ujjivan Small Finance Bank FD Rates 2024 Revised upto 9% of interest rate. Customers can get higher returns on individual and senior citizen categories fixed deposits. You also know how much returns will get with a 1 lakh deposit.
The Reserve Bank of India (RBI) steadily increased the repo rates from March 2022 to May 2023 by 250 basis points, resulting in a rise from 4% to 6.50%. This move was made to prevent hyperinflation and economic recession. As a result, many banks have increased their loan interest rates while offering higher interest rates on deposits. Some banks have also launched special fixed deposit schemes with higher interest rates for a limited period to attract customers. One such scheme has been introduced by a well-known small finance bank, which we will discuss below.
Small finance banks typically offer higher interest rates on fixed deposits compared to other banks, and special schemes often provide even more interest. Additionally, senior citizens receive higher interest rates than regular citizens. Ujjivan Small Finance Bank has introduced a special Fixed Deposit (FD) scheme with a tenure of 15 months. Regular citizens are offered an interest rate of 8.50%, while senior citizens receive an interest rate of 9%, which is 50 basis points higher than regular citizens. The bank has officially disclosed this. The scheme is applicable to deposits below 2 crores and has been designed for those seeking high-interest rates on short-term deposits.
- For example, if a regular individual deposits Rs. 1 lakh for 15 months at the interest rate of 8.50%, they will earn an interest of Rs. 10,253, which will result in a total of Rs. 1,10,253.
- Similarly, for senior citizens, at the interest rate of 9%, the interest earned on a deposit of Rs. 1 lakh for 15 months will be Rs. 10,853, resulting in a total of Rs. 1,10,853.
- For senior citizens who opt for the Platina deposit, the interest rate is 9.20%, and they can earn an interest of Rs. 11,093 on a deposit of Rs. 1 lakh for 15 months, resulting in a total of Rs. 1,11,093.
Advised to contact the nearby branch channel of Ujjivan Small Finance Bank or visit their official website to get updated or revised interest rates as of the day.
