Ujjivan Small Finance Bank FD Rates

Ujjivan Small Finance Bank FD Rates

Ujjivan Small Finance Bank FD Rates

The Ujjivan Small Finance Bank FD rates  are specifically designed to meet the various financial objectives of its clients. For your financial objectives, whether they are short- or long-term, ESAF Small Finance Bank offers a variety of FD choices.

Ujjivan Small Finance Bank is a small finance bank in India that was incorporated in 2016. It is headquartered in Bangalore, Karnataka. Ujjivan Financial Services  Limited promote the bank, a leading non-banking financial company (NBFC) in India.

Ujjavan Small Finance Bank has a strong focus on providing financial services to underserved and unbanked segments of the population.

This includes micro, small, and medium enterprises (MSMEs), low-income households, and rural customers.

The RBI has acknowledged Ujjivan Small Finance Bank as a scheduled bank, making its depositors qualified for deposit insurance offered by the Depositor Insurance and Credit Guarantee Corporation (DICGC).

Ujjavan Small Finance Bank FD rates range from 3.5% to 8.25%, while also providing a flexible tenure from 7 days to 10 years..In this blog we will go in detail about different schemes, tenure period and some benefits and much discussed features of Ujjivan FD rates.

Let’s start with looking into the interest rates for different term period:

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Current FD Rates of Ujjivan Small Finance Bank

Types of FD Schemes Available With Ujjivan Small Finance

In the table given below let’s see the interest rates for different tenure period:

Tenure           General Public        Senior Citizens
7 days to 14 days 3.50% 4.15%
15 days to 45 days 3.75% 4.45%
46 days to 90 days 4.00% 4.75%
91 days to 180 days 4.25% 5.00%
181 days to 364 days 4.50% 5.25%
1 year to less than 2 years 5.00% 5.50%
2 years to less than 3 years 5.50% 6.00%
3 years to less than 5 years 5.75% 6.25%
5 years to 10 years 6.00% 6.50%

Disclaimer: The interest rates are subject to change without prior notice. It is always best to check the latest rates on the bank’s website or by contacting the bank’s customer care.

Along with the interest rate, other important factors to consider are the maturity amount and interest earnings that you will receive at the end of the fixed deposit (FD) deposit period.

To calculate the FD maturity amount, make use of this simple FD calculator. Here, enter the amount, adjust the deposit period based on the bank’s interest rate, and determine the maturity amount you will get in return.

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Ujjivan Small Finance Bank Tax Saver Deposit

Ujjivan Small Finance Bank Tax Saver Deposit is a fixed deposit scheme that offers tax benefits under Section 80C of the Income Tax Act, 1961. The interest earned on the deposit is exempt from income tax up to a maximum of ₹1.5 lakh per financial year. You can avail Tax Saver Deposit online or at any Ujjivan Small Finance Bank branch. More of the features are discussed in the table below:

Feature          Details
Name of Scheme    Ujjivan Small Finance Bank Tax Saver Deposit
Type of Scheme     Fixed Deposit
Tenure           Minimum 5 years, maximum 10 years
Interest Rate            6.50% per annum for senior citizens, 6.00% per annum for general public
Tax Benefits Interest earned is exempt from income tax up to a maximum of ₹1.5 lakh per financial year
Eligibility      Any individual
Minimum Deposit Amount         ₹1000

Ujjivan Small Finance Bank NRE Fixed Deposit

Ujjivan Small Finance Bank provides NRE facility to individuals interested in investing while living abroad. The NRE deposits are denominated in foreign currency and the interest earned on them is not taxable in India. The interest on NRE deposits is paid out annually.

Some of the features are discussed in the table below:

Features Details
Tenure           Minimum 7 days, maximum 10 years
Interest Rate            3.50% per annum for general public, 4.15% per annum for senior citizens
Eligibility      Any Non-Resident Indian (NRI)
Minimum Deposit Amount         ₹ 5,000 and in multiples of ₹ 1,000 thereof
Opening Process   Can be opened online or at any Ujjivan Small Finance Bank branch

Some additional features are given below:

  • We can open fixed Deposits for terms ranging from 1 year to 10 years.
  • Options for interest payments include monthly, and upon maturity. However, at maturity, monthly interest payments are subject to a discounted interest rate.
  • Facility for Premature Closure and Partial Withdrawal
  • The tenure and quantity of a fixed deposit determine the rate of interest paid.
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Types of FD Schemes Available With Ujjivan Small Finance

Who does not like savings and securing a financial future? With Ujjivan small finance bank FD rates and multiple options, saving for the future is easier now. The list of some of the famous FD Schemes available with Ujjivan Small Finance below. This list will help you decide the right deposit for your financial needs:

Regular Fixed Deposits:

A regular fixed deposit (FD) is a type of bank deposit in which the depositor locks in their money for a fixed period of time in return for a fixed interest rate. The interest rate is usually higher than the interest rate offered on savings accounts.

The features of a regular FD are:

  • Tenure: The tenure of a regular FD can range from 7 days to 10 years.
  • Interest rate: The interest rate on a regular FD is fixed for the entire tenure of the deposit.
  • Interest payment: The interest on a regular FD can be paid out monthly, quarterly, or annually.
  • Premature withdrawal: There may be a penalty for premature withdrawal of a regular FD.
  • Taxation: The interest earned on a regular FD is taxable.
  • Minimum deposit amount: The minimum deposit amount for a regular FD varies from bank to bank.

Tax Saver Fixed Deposits

A Tax Saver Fixed Deposit (FD) is a type of fixed deposit that offers tax benefits under Section 80C of the Income Tax Act, 1961. The interest earned on a Tax Saver FD is exempt from income tax up to a maximum of ₹1.5 lakh per financial year.

The features of a Tax Saver FD are:

  • Tenure: The tenure of a Tax Saver FD can range from 5 to 10 years.
  • Interest rate: The interest rate on a Tax Saver FD is fixed for the entire tenure of the deposit.
  • Interest payment: The interest on a Tax Saver FD can be paid out monthly, quarterly, or annually.
  • Premature withdrawal: There may be a penalty for premature withdrawal of a Tax Saver FD.
  • Taxation: The interest earned on a Tax Saver FD is exempt from income tax up to a maximum of ₹1.5 lakh per financial year.
  • Minimum deposit amount: The minimum deposit amount for a Tax Saver FD varies from bank to bank.

Digital Fixed Deposit

A digital fixed deposit (FD) is a type of fixed deposit that can be opened and managed online. Avoid the hassle of visiting banks and enjoy opening your FD online. With digitial fixed deposit you can track your FDs, make deposits, and withdrawals, and even premature withdrawals online.

The features of a digital FD are:

  • Convenience: Digital FDs are convenient to open and manage. You can do everything online, without having to visit a bank branch.
  • Flexibility: You can choose the tenure of your FD and the interest rate. You can also make deposits and withdrawals online, as needed.
  • Security: Digital FDs are just as secure as traditional FDs. The deposits are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to ₹5 lakh.
  • Accessibility: You can open a digital FD from anywhere in the world, as long as you have an internet connection.

Sampoorna Nidhi Fixed Deposit

Sampoorna Nidhi Fixed Deposit (FD) is a fixed deposit scheme offered by Ujjivan Small Finance Bank. It is a tax-saving FD that offers an additional interest rate of 0.50% for senior citizens.

The features of Sampoorna Nidhi FD are:

  • Tenure: The tenure of Sampoorna Nidhi FD can range from 6 months to 10 years.
  • Interest rate: The interest rate on Sampoorna Nidhi FD is fixed for the entire tenure of the deposit. The interest rate for the general public is 5.50% per annum and 6.00% per annum for senior citizens.
  • Interest payment: The interest on Sampoorna Nidhi FD can be paid out monthly, quarterly, or annually.
  • Premature withdrawal: There may be a penalty for premature withdrawal of Sampoorna Nidhi FD.
  • Taxation: The interest earned on Sampoorna Nidhi FD is exempt from income tax up to a maximum of ₹1.5 lakh per financial year.
  • Minimum deposit amount: The minimum deposit amount for Sampoorna Nidhi FD is ₹1000.

NRE/NRO Fixed Deposits

Non-Resident External (NRE) Fixed Deposit: An NRE fixed deposit is a type of fixed deposit that is open to Non-Resident Indians (NRIs). The interest earned on NRE fixed deposits is not taxable in India.

Non-Resident Ordinary (NRO) Fixed Deposit: An NRO fixed deposit is a type of fixed deposit that is open to both residents and non-residents. The interest earned on NRO fixed deposits is taxable in India.

The features of NRE/NRO fixed deposits are:

  • Tenure: The tenure of NRE/NRO fixed deposits can range from 7 days to 10 years.
  • Interest rate: The interest rate on NRE/NRO fixed deposits is fixed for the entire tenure of the deposit.
  • Interest payment: The interest on NRE/NRO fixed deposits can be paid out monthly, quarterly, or annually.
  • Premature withdrawal: There may be a penalty for premature withdrawal of NRE/NRO fixed deposits.
  • Taxation: The interest earned on NRE fixed deposits is not taxable in India. The interest earned on NRO fixed deposits is taxable in India.
  • Minimum deposit amount: The minimum deposit amount for NRE/NRO fixed deposits varies from bank to bank.

NRO Fixed Deposits

Ujjivan Small Finance Bank FD rates are feasible for all the sectors of society. They caters to the underserved and unbanked segments of the population. They are dedicated to promoting financial inclusion throughout the nation.

In event of failure or merger/amalgamation of a scheduled bank, the deposit insurance cover from DICGC, an RBI subsidiary, guarantees cumulative deposits up to Rs 5 lakh deposited by each depositor, including his fixed deposits, savings, current, and recurring deposits, in each scheduled bank.

Given all these features, we believe that Ujjivan Small Finance Bank is a good option while thinking about investing.

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FAQs

Q. What is the FD rate in Ujjivan Small Finance Bank?
A.The FD rate in Ujjivan Small Finance Bank ranges from 3.75% p.a. to 7.75% p.a., depending on the tenure and the type of depositor (general public or senior citizen).

Q. Is it safe to deposit in Ujjivan Small Finance Bank?
A.Yes, it is safe to deposit in Ujjivan Small Finance Bank. Ujjivan Small Finance Bank is a scheduled bank regulated by the RBI, and it insures the deposits..

Q. Is Ujjivan Small Finance Bank good for the long term?
A.Ujjivan Small Finance Bank is a good investment for the long term, but it is important to do your own research before investing.

Q.Is Ujjivan Bank safe?
A.
Ujjivan Bank is safe, it is a scheduled bank regulated by the RBI and deposits are insured up to Rs. 5 lakh per depositor.

Q. Is Ujjivan Small Finance Bank RBI approved?
A.
Yes, Ujjivan Small Finance Bank is RBI approved and is a scheduled bank.