Ujjivan Small Finance Bank FD Rates 2024
10 May 2024 · Sachin Gadekar
Established in 2017, Ujjivan Small Finance Bank is an Indian small finance bank that primarily serves the financial needs of underserved and unserved segments in India, including small businesses, low-income households, and individuals lacking access to traditional banking services. It offers a wide range of fixed income schemes. In this blog we will discuss the types, benefits and interest rates offered by Ujjivan Small Finance Bank.
Ujjivan Small Finance Bank FD Rates Highlights 2024:
Sure, here’s the information presented in a tabular form:
Sure, here’s the information presented in a tabular form:
| Tenure | Interest Rate (%) |
|—————|—————–—-|
| Highest Rate | 8.50% (15 months)|
| 1 year | 8.25% |
| 2 years | 7.50% |
| 3 years | 7.20% |
| 4 years | 7.20% |
| 5 years | 7.20% |
| Tax-Saving FD | 7.20% |
Fixed Deposit Rates (for deposits < Rs 2 crore) effective March 7, 2023:
| Tenure (Days) | Regular Citizens (%) | Senior Citizens (%) |
|——————————|———————-|———————-|
| 7 – 29 | 3.75 | 4.25 |
| 30 – 89 | 4.25 | 4.75 |
| 90 – 179 | 4.75 | 5.25 |
| 6 months – 9 months | 5.50 | 6.00 |
| 9 months 1 day – <12 months | 6.50 | 7.00 |
| 12 months – <15 months | 8.25 | 8.75 |
| 15 months | 8.50 | 9.00 |
| 15 months 1 day – 560 days | 8.25 | 8.75 |
| 561 days – 989 days | 7.50 | 8.00 |
| 990 days | 7.75 | 8.25 |
| 991 days – 60 months | 7.20 | 7.70 |
| 60 months 1 day – 120 months | 6.50 | 7.00 |
Tax Saver Deposit:
| Tenure | Interest Rate (%) |
|———|——————-|
| 5 years | 7.20 |
Updated NRE Fixed Deposit Interest Rates (for deposits less than Rs 2 crores) effective from March 7, 2023:
| Tenure (Days) | Interest Rate |
|—————————————————– |———————–|
| 12 months to less than 15 months | 8.25 |
| 15 months | 8.50 |
| 15 months 1 day to 560 days | 8.00 |
| 561 days to 989 days | 7.50 |
| 990 days | 7.75 |
| 991 days to 60 months | 7.20 |
| 60 months 1 day to 120 months | 6.50 |
Types of Ujjivan Small Finance FD Schemes:
1. Regular Fixed Deposits:
– Minimum deposit: Rs 1,000
– Tenure: 7 days to 10 years
– Payout options: Quarterly, half-yearly, annually, or till maturity
– Monthly interest payout option available at a discounted rate
– Partial withdrawal and premature closure allowed
– Accessible at Centre meetings, branch premises, or online
– Additional 0.50% p.a. for senior citizens
2. Tax Saver Fixed Deposits:
– Tax deduction up to Rs 1.5 lakh under Section 80C
– Minimum deposit: Rs 1,000; Maximum: Rs 1.5 lakhs
– Tenure: 5 years (lock-in)
– Quarterly/monthly interest payout options available
– Interest payout at maturity also available
3. Digital Fixed Deposit:
– Standalone FD without a savings account
– Tenure: 6 months to 10 years
– Paperless opening with Aadhaar and PAN
– Fund through Net Banking/UPI/Debit Card
– Premature withdrawal allowed after 6 months
– FD advice within 24 hours
4. Sampoorna Nidhi Fixed Deposit:
– Monthly interest credited to linked account
– Minimum deposit: Rs 25,000; multiples of Rs 1,000
– Tenure: 1 to 5 years
– Premature withdrawal allowed after 6 months
– Additional 0.75% p.a. for senior citizens
– Auto-renewal option available
– FD advice within 24 hour
Key Features and Benefits of Ujjivan Small Finance FD:
– Minimum deposit: Rs. 1,000; No maximum limit.
– Flexible tenure: 7 days to 10 years.
– Competitive interest rates: 3.05% to 6.75% per annum.
– Senior citizens enjoy higher rates: 3.55% to 7.30% per annum for those aged 50 and above.
Ujjivan Small Finance Bank FD Rates Based on Term:
Short-term deposits:
spanning from 7 days to under 1 year, offer rates between 3.05% to 5.20% for regular customers and 3.55% to 5.70% for seniors.
Medium-term fixed deposits:
ranging from 1 year to 5 years, interest rates range from 6.50% to 6.75% for regular customers and 7.00% to 7.25% for seniors, depending on the lock-in period.
Long-term FDs:
spanning from 5 to 10 years, offer interest rates of 5.80% for regular customers and 6.30% for senior citizens.
Conclusion:
In conclusion, Ujjivan Small Finance Bank offers a wide range of fixed deposit schemes tailored to suit the diverse needs of customers. With competitive interest rates, flexible tenure options, and additional benefits for senior citizens, investing in Ujjivan Small Finance FDs can be a prudent choice for those seeking to grow their savings securely.
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FAQs On ujjivan small finance bank fd rates:
1. What is the minimum deposit amount for Ujjivan Small Finance FDs?
– The minimum deposit amount is Rs. 1,000 for most FD schemes.
2. Are there any additional benefits for senior citizens?
– Yes, senior citizens enjoy higher interest rates ranging from 3.55% to 7.30% per annum, depending on the tenure and scheme.
3. Can I withdraw my FD prematurely?
– Yes, partial withdrawal and premature closure facilities are available for most FD schemes, subject to certain conditions.
4. How can I open a Digital Fixed Deposit with Ujjivan Small Finance Bank?
– You can open a Digital Fixed Deposit without any paperwork using just your Aadhaar and PAN card. The process is entirely online and can be completed quickly.
5. What is the tax benefit offered by Tax Saver Fixed Deposits?
– Deposits under the Tax Saver scheme are eligible for a tax deduction of up to Rs. 1.5 lakh under Section 80C of the Income Tax Act.