SBI fixed deposit rate vs Ujjivan Bank: The State Bank of India has decreased its fixed deposit rates by 15 bps from November 2019. Now, the SBI fixed deposit rates range from 4.5 per cent to 6.25 per cent, which is lowest among the Indian banks. It has forced bank depositors to look at other options to make money. However, as far as fixed deposits are concerned, for investors, there are still other options available to them, which is offering lucrative fixed deposit rates, which is more than even PPF (Public Provident Fund). Ujjivan Bank or Ujjivan Small Finance Bank is one such option. It gives 5.5 per cent to 8.3 per cent fixed deposit rate to its customers, which is much higher than the SBI fixed deposit rates.

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SBI fixed deposit rates:
As mentioned on SBI official website bsbi.co.in, one can check the new interest rates on Fixed Deposits online and the various interest slabs. As per the official website of the State Bank of India, for an SBI FD from 7 to 45 days interest rate is 4.5 per cent; for SBI FD from 46 days to 179 days interest rate given is 5.5 per cent. In both cases, if the SBI account holder is a senior citizen, he or she will get 0.5 per cent additional interest from the normal depositor. For SBI fixed deposits from 180 days to less than 1-year interest rate given is 5.8 per cent. In the case of senior citizen, the interest rate would jump to 6.3 per cent. For SBI fixed deposits for the period of 1 year to up to 10 years, interest given is 6.25 per cent while in the case of a senior citizen, the interest rate given on SBI FD is 6.75 per cent.

Ujjivan Bank fixed deposit rates:
Ujjivan Bank fixed deposit rates for the period of 7-29 days is 5.5 per cent, for 30 Days to 89 Days, FD rate is 6.25 per cent, 180 Days to 364 it is 7.0 per cent, for 1 Year to 2 Years, rate is 8.10 per cent, for 2 Years and 1 Day to 734 Days FD rate is 7.50 per cent, for 735 Days rate is 8.15 per cent while for 736 Days to 798 Days, the bank FD rate is 7.50 per cent. Ujjivan Small Finance Bank fixed deposit rate is highest at 8.30 per cent for 799 days. Its FD rate for 800 Days to 3 Years is 7.50 per cent, 3 Years and 1 Day to 5 Years FD rate given by the Ujjivan SMB is 7.0 per cent while for 5 Years and 1 Day to 10 Years Ujjivan Small Finance Bank fixed deposit rate is 6.50 per cent. Like other banks, Ujjivan Small Finance Bank is giving 0.50 per cent additional interest on its fixed deposits in all its FD slab, in case the depositor is a senior citizen.

Both the banks give an additional 0.50 per cent interest in all slabs, if the depositor is a senior citizen.