Ujjivan SFB Raises FD Rates, Offers Up To 9% Interest For Seniors

Ujjivan Small Finance Bank (SFB) has announced a substantial adjustment in its fixed deposit (FD) interest rates to bolster its customer base and fortify its deposit portfolio. The updated rates, effective from 7 March 2024, present appealing returns for regular customers, Non-Resident Ordinary (NRO) and Non-Resident External (NRE) account holders, as well as senior citizens.

For regular customers, NRO and NRE accounts, Ujjivan SFB has introduced a leading interest rate of 8.50 per cent for a 15-month tenure. Senior citizens can avail an even higher rate of 9 per cent for the same duration, positioning it as one of the most attractive offerings in the market.

In the case of Platina FDs (deposits exceeding Rs 1 crore and below Rs 2 crores), the interest rate stands at 8.45 per cent p.a. for tenures ranging from 12 to 15 months. Additionally, the bank offers flexible interest payout options, including monthly, quarterly and at maturity. Furthermore, Tax Saver Fixed Deposits with a five-year lock-in period are available for customers seeking tax benefits.

"We are delighted to announce the revision in fixed deposit interest rates, catering to our customers' need for higher returns in the short term," remarked Ittira Davis, Managing Director and Chief Executive Officer of Ujjivan SFB. "Our primary focus is on building a robust deposit base that aligns with our overarching strategy, solidifying our position as a leading retail mass market bank."

Ujjivan Small Finance Bank has been a frontrunner in promoting financial inclusion, serving over 82 lakh customers through its extensive network of 729 branches and a workforce exceeding 21,000 employees across 26 states and union territories in India. As of 30 December 2023, the bank's gross loan book amounted to Rs 27,791 crore, accompanied by a deposit base of Rs 29,869 crore, as reported by ANI.