Ujjivan Small Finance Bank FD Interest Rate

Ujjivan Small Finance Bank provides various Fixed Deposit options with attractive interest rates ranging from 3.75-8.25% per annum for regular citizens and 4.25-8.75% for senior citizens. The time period of the FD ranges from 7 days to 10 years. 

Regular Fixed Deposits

Below are some of the features of this FD: 

• The minimum amount of investment is ₹1,000. 
• Regular FD of Ujjivan Small Finance Bank can be opened by visiting its branch or through internet banking. 
• Senior citizens get an additional 0.5% of interest over regular citizens
• Liberal payouts can opt for on a monthly, yearly or half-yearly basis. 
• Premature closure or withdrawal is allowed. 
• Investment tenure ranges from 7 days to 10 years. 
• Can be opened both online and offline
• In the case of reinvestment, the interest is paid on maturity

Tax Saver Fixed Deposits  

The following are the features of these FDs: 

• Investing in this FD helps the investor to avail tax deduction of ₹1.5 lakhs under section 80C of the Income Tax Act of 1961. 
• The minimum amount of investment is ₹1,000 and the maximum amount of investment is ₹1.5 lakhs. 
• The FD has a 5-year lock-in period.  
• Only Indian Residents and HUFs are allowed to invest in Tax Saver FDs of Ujjivan Small Finance Bank. 

Digital Fixed Deposits  

Digital Fixed Deposits can be opened in a few simple steps easily. It helps to avoid any kind of paperwork thus enhancing digitalisation. It allows 24/7 and 365 days online support to investors. The following are its features:  

• Tenure ranges from 6 months to 10 years.
• You can open this FD without opening a savings account. 
• You only need a PAN and Aadhaar card to open this account. 
• Digital FD allows premature withdrawal after 6 months of investment. 
• No penalty will be charged for premature withdrawal.  
• Investors get advice related to digital FD within 24 hours of opening the FD account on their registered e-mail ID. 

Platina Fixed Deposit

Ujjivan Small Finance Bank introduced Platina FD with a view to giving the investors a higher rate of interest than the regular FD. Here are some of its features:  

• Platina FD does not allow partial withdrawal or a premature closure. 
• It is a retail non-callable deposit product. 
• Investors can demand for payout on a quarterly, annual or semi-annual basis. 
• No auto-renewal facility available on this FD. 
• Tenure ranges from 1 year to 5 years. 
• The minimum investment amount in this type of FD is ₹20 lakhs and the maximum amount is ₹2 crores.

Sampoorna Nidhi Fixed Deposits  

The goal of the Ujjivan Small Finance Bank Sampoorna Nidhi fixed deposit plan is to help current clients (who have a savings or current account with Ujjivan Small Finance Bank) build a corpus while getting a reliable monthly income flow. The benefits and characteristics of the plan are as follows:

• The minimum investment amount in this type of FD is ₹25,000 and multiples of ₹1,000 thereafter. 
• Tenure ranges from 1 year to 5 years. 
• Senior citizens get an additional 0.5% of interest over regular citizens.  
• Sampoorna Nidhi FD allows opting for premature withdrawal after 6 months of investment. 
• Depositors can avail auto-renewal facilities. 
• The investors get 24/7 services for this type of FD. 
• Sampoorna Nidhi FD of Ujjivan Small Finance Bank can be opened at its nearest branch or through internet banking.

Sampoorna Lakshya Fixed Deposits

Everyone has some or kind of goal which they aim to achieve in some time. Sampoorna Lakshya FD was introduced with the purpose of enabling investors to reach their set goals. It helps to invest money in such a way which helps the investors to earn a regular income to achieve their goal. Let’s look at some of its features:  

• The minimum amount of investment is ₹3,000 and in multiples of ₹1,000 thereof. 
• Can be opened at the nearest branch or through Internet banking.  
• Senior citizens get an additional 0.5% of interest over regular citizens.  
• Interest rates are higher than a savings account. 
• The investors gets 24/7 services for this type of FDs
• Tenure is between 3 months to 10 years (in multiples of 1 month)
• After 6 months of account opening, depositors can prematurely close the account without penalty.

NRE Fixed Deposit

• The minimum amount of investment is ₹5,000 and in multiples of ₹1,000 thereof. 
• Tenure is between 1 year to 10 years. 
• Investors can demand monthly, quarterly or annual payouts. 
• Premature withdrawal is allowed. 

NRO Fixed Deposit 

• The minimum amount of investment is ₹5,000 and in multiples of ₹1,000 thereof. 
• Time period ranges from 7 days to 10 years. 
• Premature  closure and withdrawal facility is available. 
• Liberal payouts can be opted. 

• Premature withdrawal:  The time period of the FD with Ujjivan Small Finance Bank  ranges from 7 days to 10 years. The tenure cannot be changed once the investment starts. However, an investor can opt for premature withdrawal. 
• Convenient: Having a savings account in Ujjivan Small Finance Bank allows to open fixed deposits easily, and they can be liquidated whenever required.
• DICGC insurance: The amount invested with the bank is covered by DICGC for the total sum of ₹5 lakhs. 
• Minimum amount: Fixed deposits with Ujjivan Small Finance Bank can be opened with a minimum investment of ₹1,000. 
• Preference to senior citizens: Ujjivan Small Finance Bank FD gives a preference to FDs invested by senior citizens. Senior citizens get 0.5% more interest in comparison to regular citizens.   
• Liberal payouts: Ujjivan Small Finance Bank FD provides options for monthly or quarterly interest payouts. This is beneficial for people seeking regular income.  
• Tax benefits: Ujjivan Small Finance Bank’s Tax Saving FD offers deduction of up to ₹1.5 lakhs under Section 80C of the Income Tax Act of 1961.   
• Auto-renewal option: The bank offers an auto-renewal option for their FDs. It means at the time of maturity of the FD, it gets renewed automatically.
• Loan against FD: Ujjivan Small Finance Bank allows investors to take loans against their FDs. This can be done without breaking their FDs. 
• Nomination facility: Depositors can nominate beneficiaries for their investments made in Ujjivan Small Finance Bank FDs. 

• Not dynamic: Interest rates on FD are not dynamic. So, it fails to overcome the risk of inflation. 
• Fixed rate: Fixed deposits offer a fixed rate on the investment. Hence, no benefit can be availed for higher returns in cases of increased market interest rates. 

To invest in Ujjivan Small Finance Bank Bank Fixed Deposits, the following are eligible:

• Resident individuals,
• Limited corporations, and
• Hindu Undivided Family (HUF)

The following documents are required to invest in Ujjivan Small Finance Bank fixed deposits:

• PAN card
• Aadhaar card
• Passport size photographs 
• Address proof 
• PAN form 60 in case of non-availability of PAN card.  

Fixed deposit account can be opened in both online and offline methods: 

Online Method:

Step 1: Visit the official website of Ujjivan Small Finance Bank. 

Step 2: Select ‘Explore products’. 

Step 3: Click ‘Deposits’ and select your preferred FD scheme. 

Step 4: Click on ‘Apply now’. 

Step 5: Fill out the required details and submit the form. 

Step 6: Enter the OTP received on the mentioned mobile number. 

Step 7: Click on ‘Confirm’. 

Step 8: The form is submitted, and a bank’s representative will contact you related to further proceedings. 

Offline Method: 

Step 1: Visit the bank branch.

Step 2: Take the FD application form. 

Step 3: Fill the required details and attach necessary documents. 

Step 4: Submit the form to the branch. 

• Ujjivan Small Finance Bank gives an option for the premature withdrawal of the FDs. 
• You cannot prematurely withdraw tax saving FD. 
• The bank levies a 1% penalty on the interest for all premature withdrawals.

As per the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.

In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:

• Taxpayers can invest in FD either through public or private sector banks. 
• Individuals and HUFs can avail tax deductions by investing in tax savings FDs. 
• Bank's five year tax saving FD offers exemptions under Section 80C. 
• Investors cannot get loans against these FDs. 
• In case of joint holders, only the first holder can get tax benefits.

At the time of filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs. 

Tax Deducted at Source (TDS)

• TDS will be deducted on the interest accrued on the FDs if the interest is more than ₹40,000 (₹50,000 for senior citizens) in a given financial year. 
• For Resident customers, If you have submitted your PAN card details then the deduction will be at 10% per year on the interest. Without a PAN card, the bank will deduct 20% TDS per year.