Since the RBI has hiked the repo rate by 40 bps the banks are revising interest rates of various products such as FDs, RDs, and saving account deposits. Adding to the list, the Ujjivan Small Finance Bank has recently announced the changes in savings account interest rates.
The bank modifies the interest rates on various tenure on deposits with effect from 19th May 2022. The customers of the bank will continue to receive the highest 7 per cent interest rate on deposits above 5 lakh as recent modifications in the interest rates.
The customers will continue to receive a 3.50 per cent interest rate on savings accounts balances up to Rs 1 lakh. The bank will give 6 per cent interest on deposits above Rs 1 lakh up to 5 lakh. The interest rate on savings accounts balances of more than Rs 5 lakh up to Rs 1 Crore and deposits above Rs 1 crore and up to Rs 10 crore. The bank's customers would get the highest 7.00 per cent interest rates per annum on the deposits. On deposits above Rs 10 Crore, the customers would get a 6.75 per cent interest rate.
Below mentioned are the Interest Rates (w.e.f 19th May 2022.)
|Amount||Interest Rate (p.a.)|
|Up to 1 lakh||3.50%|
|Above Rs. 1 lakh upto Rs. 5 lakh*||6.00%|
|Above Rs. 5 lakh upto 1 Crore*||7.00%|
|Above Rs. 1 Crore and upto Rs. 10 Crore*||6.00%|
|Above Rs. 10 Crore||6.75%|
Please Note - Both resident and non-resident accounts are subject to these interest rates. The bank will calculate interest based on the savings account's day-end balances and pay it out quarterly.