Ujjivan SFB Hikes Fixed Deposit (FD) Rates: Get Up To 8.50% Return On 15 Months Tenure

Rates for fixed deposits are revised by Ujjivan Small Finance Bank, which offers 8.50% for regular customers for 15 months and 9.00% for senior citizens. At 8.50% for 15 months, the bank is now giving the maximum interest rate for regular customers, NROs, and NREs; for senior citizens, the highest interest rate is 9.00% for the same duration.

Deposits over Rs. 1 crore and under Rs. 2 crore will only be eligible for the additional interest rate of 0.20% offered by Platina FD, according to the bank. Available interest pay-out options for Ujjivan SFB are monthly, quarterly, and at maturity. Among the banks providing the highest interest rates on term deposits is Ujjivan SFB, according to the most recent round of hikes in rates on FDs effective from 7th March 2024.

Mr. Ittira Davis, Managing Director and Chief Executive Officer, Ujjivan SFB, commented, "We are pleased to announce the revision in fixed deposit interest rates for our customers seeking a higher interest rate for the short-term tenure. Our primary objective is to create a stronger deposit base that aligns with our overall strategy reinforcing our position as the leading retail mass market bank."

Ujjivan SFB FD Rates

Changes have been made to the ROI in the three key tenures for regular customers, NRO, and NRE effective March 7, 2024.

The bank is giving 3.75% interest on domestic fixed deposits maturing in 7 to 29 days, and 4.25% interest on deposits maturing in 30 to 89 days from Ujjivan SFB. Interest rates of 4.75% on deposits made between 90 and 179 days, and 5.50% on deposits made between six and nine months, are being offered by Ujjivan SFB. Deposits that mature between nine months and 1 day to 12 months will earn an interest rate of 6.50%, while those that mature between twelve months to fifteen months will now earn an interest rate of 8.25%.

The bank is now giving an interest rate of 8.50% on term deposits under Rs 2 Cr that mature in 15 months, while Ujjivan SFB is also offering an interest rate of 8.25% on those that mature in 15 months, 1 day to 560 days. The current interest rates that Ujjivan Small Finance Bank is giving are 7.50% for deposits made between 561 and 989 days, and 7.75% for deposits made between 990 and 989 days. The interest rate on deposits due in 991 days to 60 months will now be 7.20%, and the interest rate on deposits maturing in 60 months, 1 day to 120 months, will now be 6.50%.

Individuals who are 60 years of age or older who are senior citizens can receive additional benefits from Ujjivan SFB. Senior citizens who use the bank's online fixed deposits can receive an additional 0.50% interest rate.
To open an online fixed deposit with Ujjivan SFB, you must have at least Rs 1,000. Online fixed deposit options come with a fairly flexible maturity range. Investors have a range of maturity periods to select from, ranging from six months to ten years.

Among the top small finance banks is Ujjivan Small Finance Bank Limited. After starting operations in February 2017, Ujjivan Small Finance Bank now employs over 21,000 people throughout 26 states and union territories in India, serving over 82 lakh customers through its 729 branches. As of December 30, 2023, the gross loan book was Rs 27,791 crore, with a deposit base of Rs 29,869 crore.