Ujjivan Small Finance Bank Digital Fixed Deposit

Ujjivan Small Finance Bank is recognised as one of the scheduled banks by the Reserve Bank of India. Therefore, customers largely rely on their fixed deposit schemes as under any circumstances up to ₹5 lakh of their deposit remains insured. For those planning to open a Ujjivan SFB digital fixed deposit, the bank does not mandate opening a regular savings account. Continue reading to learn about ujjivan small finance bank digital fixed deposit. 

Ujjivan Small Finance Bank FD Interest Rates

Eligibility to Open Ujjivan Small Finance Bank Digital FD

To open a Ujjivan SFB digital fixed deposit, you must fulfil the below-mentioned criteria:

• You must be at least 18 years old.
• You should be able to produce your Aadhaar card and valid physical PAN for VKYC.
• You need to have a mobile number linked to your Aadhaar. 

For document-related assistance at the time of booking an FD, you can call the bank’s customer support directly. 

Ujjivan SFB Digital Fixed Deposit Tenure

Customers can maintain their investments in a Ujjivan digital fixed deposit for a maximum period of 10 years. However, the minimum tenure has to be 6 months. 

Through Stable Money, you can easily compare Ujjivan SF Bank FD rates with those of other leading partner banks and invest for up to 15 months. Also, depositing the money is quite easy as you do not need to visit the bank branch physically. You may use UPI, debit card or net banking to complete the transaction. 

Note: If you want to make a premature withdrawal after completing 6 months, then no penalty will be levied on your principal amount. However, a 1% interest penalty will be levied on the accrued interest. 

Steps to Open Ujjivan SFB Fixed Deposit

To apply for a Ujjivan fixed deposit online, follow these steps:

Step 1: Download the Stable Money mobile app.

Step 2: Search for ‘Ujjivan Small Finance Bank’.

Step 3: After opening the bank page, click on ‘Check All Tenures’.

Step 4: Adjust the principal amount to check your estimated returns with the help of the Ujjivan Bank FD calculator. Then click on ‘Continue’.

Step 5: Enter a few basic details including your PAN card number, Aadhaar number, date of birth, etc. Then, select the type of fixed deposit account. 

Step 6: Complete the payment online.

Step 7: Enrol for the video KYC process. 

Step 8: Wait for the bank approval after which your FD status will be successfully updated in the Stable Money app. 

Why You Should Book a Ujjivan SFB Digital Fixed Deposit?

When it comes to personal finance management, digital fixed deposits offer a significant advantage. These account types help get rid of traditional hassles as one can manage their deposits and access their fixed deposit from the comfort of their home. 

In a nutshell, digital FDs save you time and effort, thus giving you better control of your finances. Apart from this, these are major benefits:

• High Interest Rates

RBI-approved banks like Ujjivan SFB provide high-interest digital FDs. Moreover, senior citizens who are customers of this bank get an additional 0.50% interest across all tenures. 

• Saves Your Precious Time

For all digital fixed deposit owners, visiting bank branches is no longer required. As a matter of fact, you may use Stable Money to compare Ujjivan SFB fixed deposit rates with that of other FD providers and open an account from anywhere, anytime. 

After opening the Stable Money app, you must search for Ujjivan Small Finance Bank and submit your PAN details. Once the information is verified, you can deposit money into your account.

• Zero Paperwork

Not all account opening procedures necessarily need to be lengthy and time-consuming. When you are about to open a digital FD, your PAN and Aadhaar card information are deemed sufficient. Nonetheless, you must ensure that your phone number is linked to your Aadhaar card to avoid any hassles. 

• Automatic Renewal and Closure

In most cases, digital fixed deposit accounts offer auto-renewal options, which frees you from the responsibility of manually renewing the fixed deposit. In addition, a few platforms offer the facility of online account closures. The latter feature allows access to emergency funds when needed. 

Note that requesting premature account closure may incur a penalty fee if your account has been initiated for less than 6 months.

• Top-tier Security Features

Digital fixed deposits prioritise the safety of account holders by implementing various authentication measures and robust encryption methodologies. Different technologies like biometric verification, two-factor authentication, etc. make sure that a person’s deposits are safeguarded from unauthorized access. 

• Disciplined Growth and Savings

Digital FDs promote disciplined saving habits because these accounts lock away a person's funds for a set period. This makes people less likely to withdraw their funds impulsively, which supports a steady trajectory toward financial goals.

Final Word

Picking the best fixed deposit provider calls for careful consideration of different elements like the credibility of the bank, estimated maturity amount, interest rates, associated penalties, etc. You can check all these factors for a Ujjivan SFB digital fixed deposit online. After checking if everything seems satisfactory, continue to book your FD and start earning interest rates of up to 8.75% per annum.