Fixed deposits (FD) have been cherished as one of the most secure procedures of savings in finance. It also offers guaranteed returns over a specified period of tenure. Recently, several Small Finance Banks (SFBs) have revised their interest rates on FDs, catering to the needs of the general citizens and senior citizens similarly.

Amongst several such SFBs, Ujjivan Small Finance Bank has also made a significant revision in their interest rates on fixed deposits (FD). Following the interest rates revision, the Ujjivan Small Finance Bank now offers an interest rate between 3.75 per cent to 8.50 per cent for general customers.

While the highest rate on a tenure of 15 months has been made at 8.50 per cent, the highest interest rate on the same tenure for senior citizens is 9 per cent. As per the revised notification, the new interest rates have been made effective from March 7.

As per the revised rates, the bank will now be giving 8.50 per cent on term deposits under Rs 2 crore that mature in 15 months, while the bank will also be offering 8.25 per cent on those that mature in 15 months, 1 day to 560 days. Apart from that, the interest rate on deposits due in 991 days to 60 months will now be offered at 7.20 per cent while the interest rate on deposits maturing in 60 months, 1 day to 120 months will now be 6.50 per cent.

Moreover, individuals who are aged 60 years or above will be getting additional benefits from the bank as well. senior citizens who use the bank’s online FD will be getting an additional 0.50 per cent interest rate.

The Ujjivan Small Finance Bank also has a multiple-interest payment option. According to the bank, deposits over Rs 1 crore and below Rs 2 crore will only be eligible for the additional interest rate of 0.20 per cent offered by Platina FD. The available interest pay-out options in Ujjivan Small Finance Bank are on a monthly, quarterly and maturity basis.

Besides, Ujjivan Small Finance Bank, two more small finance banks, Shivalik Bank and Suryoday Bank have also revised their interest rates on FD recently.