Ujjivan Small Finance Bank has raised the interest rate by up to 1.5 percent on fixed deposits. The new rates came into effect from August 9.
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The bank said that the rate was increased by 30-150 basis points (or 0.3-1.50 per cent) across different tenures. Introducing tenures of 75 weeks (525 days) and 75 months carry the highest rate of 7.5 percent per annum.
An individual investing Rs 1 lakh for 75 weeks at 7.5 percent can earn returns up to Rs 1,11,282 at maturity, the company said. Likewise, senior citizens investing Rs 1 lakh for 75 weeks at 8.25 percent can earn returns up to Rs 1,12,466 at maturity.
The 990 days tenure, too, carries the same interest rate, up from 7.20 percent earlier. The bank added that the additional rate for senior citizens increased by 0.25 percent to 0.75 percent.
The new rates are applicable on deposits below Rs 2 crore and are also applicable on tax saver fixed deposits carrying a lock-in period of five years.
The lender said it would offer monthly, quarterly and at maturity interest pay-out options.
Ujjivan SFB Chief Business Officer Carol Furtado said that the enhanced interest rates on fixed deposits would help grow customers' savings.
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