Ujjivan SFB raises interest rates by 50-75 bps on FDs up to Rs 2 crore

For depositors aged under 60, the bank is offering 6.5% for a 12 months tenure, and 6.6% for 19-24 months; seniors get an additional 75 bps across tenures

Ujjivan Small Finance Bank has raised interest rates on its fixed deposits upto Rs 2 crore by 50-75 basis points (bps) for select maturities. For depositors below 60 years of age, the bank is offering an interest rate of 6.5 per cent for a 12 months tenure, and 6.6 per cent for 19 months and one day to 24 months tenure.

But for senior citizens, the small finance bank SFB has announced an additional 75 bps across all tenures. For 19 months, 1 day to 24 months tenure, the interest rate for a fixed deposit of Rs 2 crore is 7.35 per cent, while for 12 months tenure, the bank is now offering 7.25 per cent.

The bank raised its rates to mobilise more deposits from existing and new customers. The bank also offers 7 per cent interest rate offered in savings accounts on incremental balances above Rs 1 lakh to up to Rs 25 lakh.

This makes it one of the most attractive and competitive interest rates offered in the sector, on both Term Deposits and Savings Accounts, the bank said in a statement.