Senior Citizen Fixed Deposit rate change: Ujjivan SFB offers 1.75% extra interest on 12-month FD

Fixed Deposit interest rate hike: Ujjivan Small Finance Bank today announced a revised Fixed Deposit interest rate for senior citizens and others for deposits of 12 months.

For deposits of 12 months, the Ujjivan SFB has announced a 1.75% interest rate hike from 6.5% to 8.25%. The new rate will be effective from June 1, 2023.

According to the bank’s statement, the highest interest rate for regular customers, NRO would be 8.25% for 12 months and 80 weeks (560 days).

The highest interest rate for Senior citizens would be 8.75% for 12 months and 80 weeks (560 days).

Ujjivan SFB is also offering Platina FD for non-callable FDs of above Rs 15 lakh to below Rs 2 crore.

The bank said that Platina FD would get an additional interest rate of 0.20% which will be applicable for non-callable deposits above Rs.15 Lakhs and below Rs.2 Crores only. In non-callable deposits, partial and premature withdrawal facility is not available.

Also Read: What is the ideal Fixed Deposit tenor for senior citizens and others amid interest rate hikes?

“We are pleased to announce the increase in our fixed deposit interest rates for the 12-month tenure and the extension of the higher rate will benefit our clients with short-term deposit needs. This complements our overall strategy of building our granular deposit base, as a retail mass market bank,” said Ittira Davis, Managing Director and Chief Executive Officer Ujjivan SFB.

Ujjivan SFB allows monthly, quarterly and on maturity interest pay-out options. The Tax Saver Fixed Deposits comes with five years lock-in period.

“The latest round of rate increases on FDs place Ujjivan SFB among the banks offering the highest Interest Rates on Term Deposits,” the bank said.

Meanwhile, the RBL Bank today announced a special “ACE” fixed deposit scheme with up to 8.75% interest to super senior citizens. The bank is offering this rate on callable deposits of Rs 50 lakh to below Rs 2 crore. Recently, HDFC Bank also announced two special FDs with higher interest rates for senior citizens and others.