What are the interest rates for Ujjivan Small Finance Bank
Ujjivan Small Finance Bank offers competitive interest rates, ranging from 3.50% to 6.75% for savings accounts and up to 7.50% for fixed deposits!✅
The interest rates for Ujjivan Small Finance Bank vary depending on the type of account or loan product. As of the latest update in 2023, the bank offers competitive rates for savings accounts, fixed deposits, and various loan products. Here is a detailed breakdown of the interest rates:
Ujjivan Small Finance Bank offers a range of financial products, each with its own set of interest rates. These rates are subject to change based on market conditions and regulatory guidelines. Below, we will provide a comprehensive overview of the current interest rates for different products offered by Ujjivan Small Finance Bank.
Savings Account Interest Rates
The interest rates for savings accounts at Ujjivan Small Finance Bank are tiered based on the account balance. As of 2023, the interest rates are as follows:
- Up to INR 1 Lakh: 4.00% per annum
- Above INR 1 Lakh up to INR 10 Lakhs: 5.00% per annum
- Above INR 10 Lakhs: 6.00% per annum
Fixed Deposit (FD) Interest Rates
Fixed Deposits offer higher interest rates compared to savings accounts. The rates vary based on the tenure of the deposit. Here are the current FD rates:
| Tenure | Interest Rate (General) | Interest Rate (Senior Citizens) |
|---|---|---|
| 7 days to 14 days | 3.50% | 4.00% |
| 15 days to 45 days | 4.00% | 4.50% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 180 days | 5.00% | 5.50% |
| 181 days to 364 days | 6.00% | 6.50% |
| 1 year to 2 years | 7.00% | 7.50% |
| 2 years to 3 years | 7.25% | 7.75% |
| 3 years to 5 years | 7.50% | 8.00% |
Loan Interest Rates
Ujjivan Small Finance Bank offers various loan products, each with its own interest rate. Here are some of the key loan interest rates:
- Home Loans: Starting at 8.35% per annum
- Personal Loans: Starting at 11.99% per annum
- Vehicle Loans: Starting at 10.50% per annum
- Business Loans: Starting at 12.50% per annum
These interest rates are indicative and subject to change. Customers are advised to check the latest rates directly with Ujjivan Small Finance Bank or visit their official website for the most accurate and up-to-date information.
Factors Influencing Interest Rates at Ujjivan Small Finance Bank
When it comes to understanding the interest rates offered by Ujjivan Small Finance Bank, it is essential to consider the factors that influence these rates. Various elements play a crucial role in determining the interest rates at this financial institution.
Main Factors Affecting Interest Rates:
- Credit Score: Your credit score is a significant factor that affects the interest rate you receive. A higher credit score can lead to lower interest rates, as it indicates a lower risk for the bank.
- Loan Amount: The loan amount also impacts the interest rate. Typically, larger loan amounts may qualify for lower interest rates compared to smaller loans.
- Tenure: The tenure of the loan is crucial. Shorter tenures usually come with lower interest rates, while longer tenures may have slightly higher rates.
- Market Conditions: Market conditions play a significant role in determining interest rates. Economic factors, inflation rates, and the overall financial market can influence the rates offered by Ujjivan Small Finance Bank.
For example, a borrower with an excellent credit score applying for a substantial loan amount with a short tenure during a period of low inflation and stable market conditions is likely to secure the best interest rate from Ujjivan Small Finance Bank.
Comparing Interest Rates:
It is advisable to compare interest rates offered by different financial institutions before choosing a loan product. Here is a simple comparison table showcasing the average interest rates for various loan products at Ujjivan Small Finance Bank:
| Loan Product | Average Interest Rate |
|---|---|
| Personal Loan | 12.5% |
| Business Loan | 13.8% |
| Home Loan | 9.7% |
By comparing these rates with those of other banks, you can make an informed decision and choose the loan product that best suits your financial needs.
Comparison of Ujjivan Small Finance Bank’s Rates with Other Banks
When it comes to choosing a bank for your financial needs, one of the crucial factors to consider is the interest rates offered by the bank. In this section, we will compare Ujjivan Small Finance Bank’s rates with those of other banks to give you a clear picture of where they stand in the market.
Interest Rates Comparison:
| Bank | Interest Rate | Tenure |
|---|---|---|
| Ujjivan Small Finance Bank | 6.50% – 7.25% | 1 year |
| HDFC Bank | 5.50% – 6.75% | 1 year |
| ICICI Bank | 5.75% – 7.00% | 1 year |
As seen in the comparison table above, Ujjivan Small Finance Bank offers competitive interest rates ranging from 6.50% to 7.25% for a tenure of 1 year. This makes them a favorable choice for individuals looking to earn good returns on their deposits.
It’s essential to compare interest rates offered by different banks to ensure you make an informed decision based on your financial goals and requirements.
Benefits of Choosing Ujjivan Small Finance Bank:
- Higher interest rates compared to traditional banks
- Special schemes for senior citizens
- Flexible tenure options
By opting for Ujjivan Small Finance Bank, you can benefit from their attractive interest rates while also enjoying personalized services tailored to meet your specific needs.
Make sure to conduct thorough research and consider all factors before finalizing your decision to maximize your returns on investments.
Frequently Asked Questions
What are the interest rates offered by Ujjivan Small Finance Bank?
Ujjivan Small Finance Bank offers competitive interest rates on savings accounts, fixed deposits, and loans.
How can I apply for a loan at Ujjivan Small Finance Bank?
You can apply for a loan at Ujjivan Small Finance Bank online through their official website or by visiting a branch near you.
What are the eligibility criteria for opening a savings account at Ujjivan Small Finance Bank?
To open a savings account at Ujjivan Small Finance Bank, you need to meet certain criteria such as age, identity proof, and address proof.
Does Ujjivan Small Finance Bank offer mobile banking services?
Yes, Ujjivan Small Finance Bank provides mobile banking services for easy access to your account, fund transfers, and bill payments.
| Key Points about Ujjivan Small Finance Bank |
|---|
| 1. Offers competitive interest rates on savings accounts and fixed deposits. |
| 2. Provides loans for various purposes with attractive interest rates. |
| 3. Mobile banking services for convenient banking on the go. |
| 4. Branches located across India for easy access to banking services. |
| 5. Online banking facilities for hassle-free transactions and account management. |
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