Good news for bank customers. If you’re looking to make some money by putting your cash in the bank, this update is for you. Ujjivan Small Finance Bank has changed its fixed deposit (FD) and savings account interest rates for deposits under Rs 3 crore, starting from February 21, 2025.
For senior citizens, the interest rate is 8.75%. General customers can earn 8.25% on FDs for an 18-month term, which is an increase from the previous highest rate of 8.25% for a 12-month term.
Here’s a breakdown of the FD interest rates:
– 3.75% for tenures of 7 to 29 days
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– 4.25% for 30 to 89 days
– 4.75% for 90 to 180 days
– 7% for deposits between 6 months and less than 12 months
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– 8.10% for deposits from 12 months to less than 18 months
– The top rate of 8.25% is for an 18-month term.
For FDs with tenures from 18 months and 1 day to 990 days, the rate is 7.75%. If you go for a tenure of 991 days to 60 months, you’ll get 7.20%. For long-term deposits ranging from 60 months and 1 day to 120 months, the interest rate is 6.50%.
Now, about savings accounts:
You can earn interest on your savings balance too. If your balance is up to Rs 1 lakh, you’ll get 3.25% interest annually. For balances over Rs 1 lakh but under Rs 5 lakh, the rate jumps to 5% per year. If you have more than Rs 5 lakh and up to Rs 25 lakh, you’ll earn 7.25% interest annually. And for balances exceeding Rs 25 lakh, the interest rate is 7.50% per annum.
