Ujjivan Small Finance Bank is one of India’s leading small finance banks based in Bangalore. Functioning since 2017, this bank primarily focuses on providing banking services to unserved and underserved segments of the country. It is a one-stop destination for a wide customer base of 66 lakh people, operating from 24 states and 209 districts.
Ujjivan Small Finance Bank offers a diverse range of products and services, including flexible and convenient booking of fixed deposits. Before we dive into the Ujjivan Bank FD rates, let’s take a quick look at the guide specifying all relevant details.
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | No limit (₹1,50,000 for Tax Saver Fixed Deposits Scheme) |
| Minimum Tenure | 7 days |
| Maximum Tenure | 10 years |
| Interest Rates | 3.75% to 8.75% (including rates for resident senior citizens) |
| Lock-in Period | 5-year lock-in period for Tax Saver Fixed Deposit Scheme |
| Senior Citizen | 3.75% to 8.75% (for all deposits, effective from 1st June 2023) |
| General Citizen | 3.75% to 8.25% (for all deposits, effective from 1st June 2023)6.70% to 8.45% (for deposits above ₹15 lakhs and below ₹2 crores, effective from 1st June 2023) |
Ujjivan Small Finance Bank FD Interest Rates 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of Ujjivan Small Finance Bank FD
There are a multitude of features and benefits that you can gain with Ujjivan Small Finance Bank FDs, some of which are given below.
- It eliminates the requirement of having an existing savings account with the bank for availing of almost all FD schemes and facilitates the easy opening of standalone accounts.
- Provides multiple interest payout options before or after maturity.
- Comes along with easy access to advanced FD investment-related advice via email.
- Availability of all FD schemes in all branches across 25 states and UTs.
- Provides an additional rate of return to senior citizens.
- It has minimum tenure rules, allowing customers to close their existing FD account and open a new one with the desired tenure.
How to Book Ujjivan Bank FD?
Here is the online and offline procedure you must follow with due diligence if you want to avail of Ujjivan FD rates.
Online
Below is a step-by-step procedure for booking a Ujjivan Small Finance Bank FD scheme through its official website.
- Step 1: Visit the official website of Ujjivan Small Finance Bank.
- Step 2: Click on the ‘Explore Products’ tab and find ‘Deposits’ under it.
- Step 3: Choose your preferred fixed deposit scheme from the list and click on it to apply. You will be redirected to the following page of your preferred fixed deposit scheme.
- Step 4: Click the ‘Apply Now’ tab.
- Step 5: Enter all the necessary details as required by the inquiry form.
- Step 6: Click on the ‘Apply’ tab.
- Step 7: Enter the OTP.
- Step 8: Click on the ‘Confirm’ tab.
After a successful application process, a bank representative will notify you and lead you through the next proceedings.
Offline
The following is a stepwise process you need to know if you want to book a Ujjivan Small Finance Bank FD account offline.
- Step 1: Visit the nearest Ujjivan Small Finance Bank branch, along with signed copies of the necessary documents.
- Step 2: Ask a bank representative for a Fixed Deposit Account Opening Form (FD-AOF) and fill up all the required details.
- Step 3: Choose a suitable FD tenure based on your financial plan for your account opening.
- Step 4: Submit a cheque, equivalent to the FD amount, to the bank. You can also online transfer the FD amount through net banking.
- Step 5: Submit all your KYC and other required documents.
The bank representative will conduct a verification process of your form and documents. Once approved, you will receive an acknowledgement slip of your FD account opening.
Documents Required to Book Ujjivan Bank FD
The documents required for availing different Ujjivan Small Finance Bank interest rates and FD accounts vary for eligible entities.
- Application form of FD account
- PAN card
- Identity proof – Passport, Aadhar Card, Voter’s ID Card, Driving Licence
- Age proof – Ration Card, Birth Certificate
- Address proof – Bank Account Statement, Telephone Bills, Electricity Bills
- Passport sized photograph
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open Ujjivan Small Finance Bank FD
Listed below are some entities eligible to open an FD account and avail of Ujjivan Bank FD rates.
- Applicant type: Resident Individuals, Limited Companies, Limited Liability Companies, Hindu Undivided Families (HUFs), Minor under guardianship, Senior Citizens, Sole Proprietary, Partnership Firm, Non-Resident Indians (NRIs), Trusts/Associations/Clubs, Local Authority, Registered Society.
- Age (in case of individual applicants): 18 years or more.
Types of Ujjivan Small Finance Bank FD Schemes
Let’s have a look at the many types of FD schemes with varying Ujjivan Small Finance Bank FD interest rates so you can decide which is ideal for you.
1. Platina Fixed Deposit Scheme
If you want to avail an interest rate higher than the regular fixed deposit rates, then the Platina Fixed Deposit Scheme is ideal for you. This is a non-callable scheme, unlike other fixed deposit schemes of Ujjivan Small Finance Bank. It has a fixed lock-in period and tenure rules, allowing no part or pre-closure and auto-renewal benefits.
- Minimum Deposit: ₹15 lakhs
- Maximum Deposit: ₹2 crores
- Tenure: 12 to 60 months
- Interest Rate: 6.70% to 8.45%
- Eligibility: Resident and Non-Resident Individuals, Non-Individuals (Financial Institutions Groups), Senior Citizens, Trusts, Associations, Societies and Clubs
2. Regular Fixed Deposit Scheme
Regular Fixed Deposit Scheme offers flexibility in terms of the tenure and amount of money deposited. In addition, you can avail of overdraft and loan facility against the value of this type of Ujjivan Small Finance Bank FD Scheme, repayable in easy instalments. Generally, customers receive their interest every quarter. However, you can apply for a discounted interest rate for a monthly payment.
- Minimum Deposit: ₹1,000 and in multiples of ₹100 thereof
- Maximum Deposit: No limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.75% to 8.75% (including an additional interest rate of 0.50% for senior citizens)
- Eligibility: Indian Residents
3. Tax Saver Fixed Deposit Scheme
Besides earning a sizable amount of interest on your investment, the Tax Saver Fixed Deposit Scheme offers additional benefits of tax concession. It also has different interest payout options, monthly, quarterly or at maturity, for you to choose from.
- Minimum Deposit: ₹1,000
- Maximum Deposit: ₹1,50,000
- Tenure: 5 years
- Interest Rate: 3.75% to 8.25%
- Eligibility: Indian Residents and Hindu Undivided Families (HUFs) only
4. Regular Recurring Fixed Deposit Scheme
Regular Recurring Fixed Deposit Scheme is a type of online fixed deposit investment that the bank has designed to allow customers to deposit a sum of money every month. These savings accumulate to a significant amount after the end of the term while fetching a higher return than regular FDs. Although it has a flexible tenure, the bank does not allow premature closure facilities for this scheme.
- Minimum Deposit: ₹100 and in multiples of ₹100 thereof
- Maximum Deposit: No limit
- Tenure: 6 months to 10 years
- Interest Rate: 5.50% to 8.75% (including an additional interest rate of 0.50% for senior citizens)
- Eligibility: Indian Residents
5. Digital Fixed Deposit Scheme
Digital Fixed Deposit Scheme has many features, including higher interest rates, 24/7 digitised access, standalone FD account opening and no penalty on premature withdrawal. This scheme allows customers to operate their FD account entirely online through the bank channel. Without any hassle of paperwork, you can get this scheme at your convenience by straightaway funding deposits through net banking.
- Minimum Deposit: ₹1,000
- Maximum Deposit: No limit
- Tenure: 6 months to 10 years
- Interest Rate: 5.50% to 8.25%
- Eligibility: Indian Residents above 18 years of age
6. Sampoorna Nidhi Fixed Deposit Scheme
If you want to earn interest on bank deposits for your monthly expenses, Sampoorna Nidhi Fixed Deposit Scheme is the best fit for you. Through this scheme, customers get a fixed sum of money as a monthly return which is directly transferred to their savings or current account. The scheme also gives them the flexibility to close their FD account prematurely without involving any penalty.
- Minimum Deposit: ₹25.000 and in multiples of ₹1,000 thereof
- Maximum Deposit: No limit
- Tenure: 12 to 60 months in multiples of 12 months
- Interest Rate: 8.75% (including an additional interest rate of 0.50% for senior citizens)
- Eligibility: Indian Residents with an existing savings account or individual current account
7. Sampoorna Lakshya Fixed Deposit Scheme
A type of recurring fixed deposit, the Sampoorna Lakshya Fixed Deposit Scheme of Ujjivan Small Finance Bank provides accumulated interest at regular intervals as desired by the customer. This scheme also allows premature closure of an FD account without penalty if done after 6 months from the account opening.
- Minimum Deposit: ₹3.000 and in multiples of ₹1,000 thereof
- Maximum Deposit: No limit
- Tenure: 3 to 120 months in multiples of 1 month
- Interest Rate: 5.50% to 8.75% (including an additional interest rate of 0.50% for senior citizens)
- Eligibility: Individual Indian Residents with an existing savings account or individual current account
8. NRE Fixed Deposit Scheme
Opened and operated in Indian currency, the NRE (Non-Resident External) Fixed Deposit Scheme is a great investment option to earn tax-free interest from foreign income. With this account, the Ujjivan Small Finance Bank FD interest rate is usually calculated quarterly. However, you can obtain monthly returns at a discounted rate of interest. This scheme also comes with partial or premature withdrawal facilities.
- Minimum Deposit: ₹5,000 and in multiples of ₹1,000 thereof
- Maximum Deposit: No limit
- Tenure: 1 year to 120 months
- Interest Rate: 6.50% to 8.25%
- Eligibility: Non-Resident Indians
9. NRO Fixed Deposit Scheme
Following the FEMA Guidelines, the NRO (Non-Resident Ordinary) Fixed Deposit Scheme offers high returns in Indian currency to foreigners. This scheme only allows NRIs to deposit money that they have earned in India. Customers can either withdraw their deposits prematurely or earn interest till maturity. However, it pays monthly interest only at a discounted rate.
- Minimum Deposit: ₹5,000 and in multiples of ₹1,000 thereof
- Maximum Deposit: No limit
- Tenure: 7 days to 10 years
- Interest Rate: 3.75% to 8.75% (including an additional interest rate of 0.50% for senior citizens)
- Eligibility: Foreign Nationals
These were the different Ujjivan Bank FD rates and schemes. No matter which type of FD scheme you choose, verify its interest rate and go through all its terms and conditions carefully. The interest rates are subject to change, and investment of your hard-earned money based on such can strongly influence your financial planning.
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Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
