Ujjivan Small Finance Bank has announced a significant increase in its fixed deposit (FD) interest rates, raising the rate for a 9-month tenure to 7.5%, up from the previous 7.0%. This strategic move aims to attract more investors by offering competitive returns on short-term deposits. Senior citizens will continue to enjoy an additional 0.50% over the regular rates, ensuring higher returns on their investments.
The bank also maintains its attractive rates for longer tenures, with general customers receiving 8.25% and senior citizens 8.75% for a 12-month tenure. Platina deposits, available to both individual and non-individual customers, including NR customers, will benefit from an extra 0.20% interest.Mr. Sanjeev Nautiyal, Managing Director and CEO of Ujjivan SFB, commented, “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 FD rates are expected to draw significant interest from investors, given the city’s strong 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 robust 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.
