Ujjivan Small Finance Bank revises FD charges of curiosity. Know particulars

Ujjivan Small Finance Bank revised its mounted deposits charges of curiosity, at a proposal of 8.25 per cent for regular purchasers for 12 months, 8.75 per cent for senior residents. As per the revised price of curiosity, highest interesr cost for regular purchasers, NRO could be 8.25 per cent for 12 months and 80 weeks. New monetary establishment prices have been environment friendly from June 1, 2023 for Regular Customers, NRO and NRE.

On the other hand price of curiosity for Senior residents could be 8.75% for 12 months and 80 weeks. Banks’s Platina FD holders will get the benefit of an extra price of curiosity of 0.20%. This additional revenue will in all probability be related for deposits above Rs.15 Lakhs and beneath Rs.2 crores solely.

“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 benefits our clients with short-term deposit needs. This complements our overall strategy of building our granular deposit base, as a retail mass market bank,” acknowledged Ittira Davis, Managing Director and Chief Executive Officer Ujjivan SFB.

Current cost of curiosity stands at 6.50 per cent, whereas proposed ROI is 8.25%. The Platina FD is non-callable, ie it doesn’t current the ability of partial and premature withdrawal. The monetary establishment affords a month-to-month, quarterly and at maturity curiosity pay-out decisions. The Tax Saver Fixed Deposits comes with 5 years lock-in interval.

Ujjivan Small Finance Bank began its operation in February 2017 and presently the monetary establishment serves spherical 76+ lakh purchasers by the use of its 639 branches and higher than 17,000 employees. Its schemes help in bridging the opening of financial suppliers unavailablity in regional areas. It promotes financial and digital inclusion.

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Updated: 02 Jun 2023, 03:20 PM IST