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Ujjivan Small Finance Bank Cuts Interest Rates On Savings Account By 50 Bps
Ujjivan Small Finance Bank has announced a savings account interest rate reduction. The bank formerly offered a 4 percent interest rate on deposits in a savings account up to 1 lakh rupees, but starting April 1, 2022, it will provide an interest rate of 3.50 percent, a 50 basis point reduction. Apart from this balance slab, the bank's interest rate has remained steady, with a maximum interest rate of 7% on savings accounts.
Ujjivan Small Finance Bank Savings Account Interest Rates
The bank would give a 3.50 percent interest rate on savings account balances up to Rs 1 lakh starting April 1, 2022. The interest rate on savings accounts balances of more than Rs 1 lakh to Rs 25 lakhs would be 7.00 percent per annum. Ujjivan SFB would provide a 6.00 percent interest rate on savings bank deposits ranging from Rs 25 lakhs to Rs 10 crores. The interest rate on savings accounts with balances of more than Rs 10 crores will be 6.75 percent. These interest rates apply to both resident and non-resident accounts. Interest will be determined on the savings account's day-end balances and paid out on a quarterly basis by the bank.
| Amount in Rs | Interest Rate (p.a.) |
|---|---|
| Up to 1 lakh | 3.50% |
| More than 1 Lakh to 25 Lakhs | 7.00% |
| More than 25 lakhs to 10 Crores | 6.00% |
| More than 10 crores | 6.75% |
| Source: Bank Website. (With Effect from 1st April, 2022.) |
Note
RBL Bank, IDFC First Bank, and Indian Bank also announced new savings account interest rates on April 1, 2022; for detailed details, please click on the links below.
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