This Special FD Scheme Is Offering 6.65% Interest On Deposits Maturing In 1 Year

When it comes to fixed deposits, investors desire high-interest rates that result in an inflation-beating return or, in general, a real return that allows them to accomplish their financial goals. Fixed deposit (FD) interest rates have fallen dramatically over the previous few years, but we have recently observed slight rises in the FD rates of various financial institutions, including national banks, as the interest rate cycle recovers. As a consequence, the time has come for investors seeking to invest in fixed deposits, and by seeking better interest rates, we have picked a one-of-a-kind deposit plan known as "Platina Fixed Deposit," which has been established by Ujjivan Small Finance Bank.

What is Platina Fixed Deposit?

Ujjivan Small Finance Bank launched this unique deposit scheme last month, under which customers would get an additional 15 basis points in addition to the standard Ujjivan SFB term Deposit rates, including interest pay-out options available monthly, quarterly, and on maturity period. This deposit is characterised as unique by the fact that it is non-callable; partial and premature withdrawals are not permitted for the depositors. The deposit can be booked with a minimum amount of Rs 20 lakh and a maximum deposit limit of Rs 2 Cr, and the deposit can be made for a period ranging from 1 year to a maximum of 5 years.

Ms. Carol Furtado, COO, Ujjivan SFB, commented that "Ujjivan has always been a bank that keeps customer interests on the forefront. Our new scheme, The Platina Fixed Deposit, will offer our customers an enhanced return on investment; it also provides broader investment scope to customers aiming to invest in long-term. This makes Ujjivan SFB amongst the most attractive and competitive in this segment."

Platina Fixed Deposit Interest Rates

The best thing is that the deposit offers the highest interest rate on short-term deposits in the market. As of January 7, 2022, the bank is giving a 6.65 percent interest rate to the general public on deposits maturing in one year. On platina deposits maturing in 990 days, regular customers will get a maximum interest rate of 6.90 percent. Senior citizens would also benefit from an additional 0.75 percent interest rate across all tenors on deposits of less than Rs 2 Cr under the scheme.

Deposits can be booked online, and deposits made under the "Platina Fixed Deposit" plan will be covered by DICGC up to Rs 5 lakhs. The combination of deposit cover and higher interest rate makes this deposit a must to consider by investors who have long term financial goals.

Tenure	Interest Rate (p.a.)
12 Months	6.65%
12 Months and 1 Day to 19 Months	6.15%
19 Months and 1 Day to 24 Months	6.75%
24 Months and 1 Day to 989 Days	6.65%
990 Days	6.90%
991 Days to 36 Months	6.65%
3 Years and 1 Day to 5 Years	6.40%
Additional Interest Rate for Resident Senior Citizens	0.75%
Source: Bank Website. Effective from 7th January 2022

Ujjivan Small Finance Bank Standard Fixed Deposit Interest Rates

The bank is giving the following interest rates on Domestic & NRO - Fixed Deposits of less than Rs 2 Cr as of December 31, 2021. These are standard or regular callable fixed deposits from which depositors can make withdrawals.

Tenure	Interest Rate (p.a.)
7 Days to 29 Days	2.90%
30 Days to 89 Days	3.50%
90 Days to 179 Days	4.25%
180 Days to 364 Days	4.75%
12 Months	6.50%
12 Months and 1 Day to 19 Months	6.00%
19 Months and 1 Day to 24 Months	6.60%
24 Months and 1 Day to 989 Days	6.50%
990 Days	6.75%
991 Days to 3 Years	6.50%
3 Years and 1 Day to 5 Years	6.25%
5 Years and 1 Day to 10 Years	6.00%
Additional Interest Rate for Senior Citizens	0.75%
Source: Bank Website. Effective from 31st December 2021