Ujivan Small Finance Bank has raised its fixed deposit rate by 1.5%. The new rates are effective from August 9th.
The bank said rates have increased by 30-150 basis points (or 0.3-1.5%) over different tenures. 75-week (525-day) and 75-month tenures were introduced, with a maximum annual growth rate of 7.5%.

The company said that an individual who invests Rs 1 lakh for 75 weeks at an interest rate of 7.5% could get a return of up to Rs 1,11,282 at maturity. Likewise, seniors who invest Rs 1 lakh for 75 weeks at an interest rate of 8.25% can get a return of up to Rs 1,12,466 at maturity.

The rate for the 990-day term is also the same, up from 7.2% previously. The bank added that the surcharge for senior citizens has increased by 0.25% to 0.75%.

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The new rate applies to deposits below Rs 2 crore and tax-efficient fixed deposits with a five-year lock-up period. The lender said it would offer monthly, quarterly and due interest payment options. Carol Furtado, the Chief Business Officer of Ujjivan SFB, said that raising the fixed deposit rate will help increase customers’ savings.