Fixed deposits are considered a good option to invest money in a safe place and Small Finance Banks are giving very good interest as compared to banks. If you are a senior citizen and want more than 7 percent interest rate, the Ujjivan Small Finance Bank has come up with a great option for you.
Ujjivan Small Finance Bank is offering an interest rate of 7.50 percent on FD for Senior Citizen. The new rates of interest have come into effect from December 31. If you want, you can get complete information about it by visiting the official website of the bank.
Notably, the bank is offering an interest rate of 7.5 percent on term deposits to senior citizens for a tenor of 990 days. An interest rate of 7.35 per cent is offered on term deposits of 19 months and 1 day.
Talking about the other people (non-senior citizens), the bank is giving them an interest rate of 6.75 percent for a period of 990 days. Apart from this, an interest rate of 6.6 percent is being given for a period of 19 months and 1 day.
If you look at the return of 7.5 percent interest available on term deposits for senior citizens, then there is an opportunity to earn Rs 1.22 lakh on Rs 1 lakh. That is, if a senior citizen deposits Rs 1 lakh for 990 days, he will get Rs 1,22,314 on maturity.
A special facility is being given to senior citizens on the savings account. 7.35 percent interest is being given on the deposit amount for 24 months. Whereas interest is getting at the rate of 7.25 percent on the deposit amount of 12 months.
