Ujjivan Small Finance Bank Fixed Deposit Interest Rates (as on 2024)

Ujjivan Small Finance Bank FD Interest Rates (below Rs.2 Crores) w.e.f. 01/06/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 Days to 29 Days3.754.25
30 Days to 89 Days4.254.75
90 Days to 179 Days4.755.25
180 Days to 9 months5.506.00
9 Months 1 Day to less than 12 months6.507.00
12 Months8.258.75
1 Year and 1 Day to 13 Months6.507.00
13 Months 1 Day to 559 days8.008.50
80 Weeks (560 Days)8.258.75
561 Days to 989 Days7.508.00
990 Days7.758.25
991 Days to 60 Months7.207.70
60 months 1 Day to 120 Months6.507.00

Ujjivan Small Finance Bank Recurring Deposit Interest Rates w.e.f. 01/06/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
6 months5.506.00
9 months5.506.00
12 months8.258.50
15 months8.008.50
18 months8.008.50
21 months7.508.00
24 months7.508.00
33 months to 60 months7.207.70
63 months to 120 Months6.507.00

Ujjivan Small Finance Bank Tax Saver FD Interest Rates (maximum Rs 1.50 lakhs p.a.) w.e.f. 01/06/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
60 Months7.207.70
60 months 1 Day to 120 Months6.507.00

Ujjivan Small Finance Bank NRO Fixed Deposit (below Rs.1 Crore) w.e.f. 01.06.2023

TenorsInterest Rate p.a.(%)
7 Days to 29 Days3.75
30 Days to 89 Days4.25
90 Days to 179 Days4.75
180 Days to 9 months5.50
9 Months 1 Day to less than 12 months6.50
12 Months8.25
1 Year and 1 Day to 13 Months6.50
13 Months 1 Day to 559 days8.00
80 Weeks (560 Days)8.25
561 Days to 989 Days7.50
990 Days7.75
991 Days to 60 Months7.20
60 months 1 Day to 120 Months6.50

Ujjivan Small Finance Bank NRE Fixed Deposit (below Rs.1 Crore) w.e.f. 01.06.2023

TenorsInterest Rate p.a.(%)
12 Months8.25
1 Year and 1 Day to 13 Months6.50
13 Months 1 Day to 559 days8.00
80 Weeks (560 Days)8.25
561 Days to 989 Days7.50
990 Days7.75
991 Days to 60 Months7.20
60 months 1 Day to 120 Months6.50

Snapshot: Ujjivan Small Finance Bank FD

PointsDetails
EligibilityResident Indians, Minor, HUF, Sole Proprietorship, Partnership, a Limited Company or Trust
Minimum FDRs. 1,000
Maximum FDNo maximum limit FD
FD Tenure7 days to 10 years
Periodicity of Interest PaymentMonthly (at discounted rates), quarterly, half yearly, annually or cumulative
Interest to Senior Citizens0.50% more than general FD for FD amount below Rs.1 Crore

Ujjivan Small Finance Bank Fixed Deposit

Ujjivan Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. Ujjivan Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open an Ujjivan Small Finance Bank FD either online through its website or by visiting its nearby branch.

Important Points regarding Ujjivan Small Finance Bank Fixed Deposit

  • In order to avail Senior Citizen Interest Rates, submission of age proof is mandatory.
  • Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate.
  • PAN is mandatory to book Fixed Deposits, if the total Fixed Deposit holding per customer, per branch exceeds Rs 50,000.
  • Loan against deposit / OD facility of upto 80% of accrued amount is available .

Features & Benefits: Ujjivan Small Finance Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Bandhan Bank branch.
  • Minimum Amount of FD: Rs 1,000
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.

Ujjivan Small Finance Bank FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
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Eligibility for Ujjivan Small Finance Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for Ujjivan Small Finance Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Ujjivanthorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of Ujjivanthorised signatories
  • Passport size photographs of directors

Types of Ujjivan Small Finance Bank Fixed Deposits

  1. Ujjivan Small Finance Bank Fixed Deposit: This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit in this scheme is of Rs 1,000 & in multiples of Rs 100 thereof. Its tenure ranges from 7 days to 10 years. It is available in multiple options i.e. monthly, quarterly, half yearly, annually and at Maturity (Discounted interest rate for monthly interest payout option). For tenure of up to 6 months, calculation will be on simple interest basis. It can be opened at Centre meetings (upto Rs 5,000), branch, mobile banking and Net Banking. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly and monthly payout options. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period. Loan / OD Facility are available. Premature Closure and Partial Withdrawal facility allowed.

  2. Ujjivan Small Finance Bank Recurring Deposit: It is available to all resident individuals. This scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. Minimum deposit in this scheme is of Rs 100 & in multiples of Rs 100 thereof and no cap on maximum deposit. Its tenure ranges from 6 months to 10 years. It can be opened at Centre meetings (upto Rs 5,000), branch, mobile banking and Net Banking. Customers can fund the Recurring Deposits across any branch irrespective of whether he/she has an account with that branch. Charges for late payment of RD instalment are applicable. 0.5% additional rate for senior citizens. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity.

  3. Ujjivan Small Finance Bank TASC Fixed Deposits: This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit in this scheme is of Rs 25,000 & in multiples of Rs 100 thereof. Its tenure ranges from 7 days to 10 years. It is available in multiple options i.e. monthly, quarterly, half yearly, annually and at Maturity (Discounted interest rate for monthly interest payout option). For tenure of up to 6 months, calculation will be on simple interest basis. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly and monthly payout options. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period. Loan / OD Facility are available. Premature Closure and Partial Withdrawal facility allowed.

  4. Ujjivan Small Finance Bank Tax Saver Fixed Deposit: The regular Tax Saving products are available to all resident individuals, HUFs and Minors. It offers an exemption under section 80C of Income Tax Act which can be claimed by the depositor in case of single depositor or the first holder in case of joint depositors, within eligible investments. FD amount is minimum of Rs.1,000 & maximum limited to Rs.1,50,000 in a financial year. Deposit will be accepted for a minimum period of 5 years and maximum period of 10 years. It cannot be encashed before the expiry of 5 years from the date of its receipt. It has Monthly (discounted)/ quarterly Interest Payout & Cumulative Deposit options. For Cumulative FD, interest shall be compounded and credited on maturity to the Principal Amount & for Traditional (Non-Cumulative) FD, interest shall be credited monthly/quarterly to the Savings Account. No loans or liens against Tax Saver shall be permitted. Additional rate of interest is offered to Senior Citizens.

Benefits of Senior Citizens Ujjivan Small Finance Bank Fixed Deposit

Senior Citizens are offered more interest rate by Ujjivan Small Finance Bank for FD amount below Rs.1 Crore as detailed below:

  • 0.50% more than general FD for FD amount below Rs.1 Crore

Premature Closure of Ujjivan Small Finance Bank Fixed Deposit

Up to 6 months: Interest rate payable would be contractual rate minus 1.00% OR the rate under the scheme on the contractual date applicable for the tenor for which the deposit has actually run minus 1.00%, whichever is lower.

After 6 months: No penalty/ charges on premature closure of Ujjivan Small Finance Bank Fixed Deposit after 6 months.

Premature Closure of Ujjivan Small Finance Bank Recurring Deposit

Up to 6 months: Interest rate payable would be contractual rate minus 1.00% OR the rate under the scheme on the contractual date applicable for the tenor for which the deposit has actually run minus 1.00%, whichever is lower.

After 6 months: No penalty/ charges on premature closure of Ujjivan Small Finance Bank Recurring Deposit after 6 months.

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Ujjivan Small Finance Bank Fixed Deposit FAQ

  1. What interest payment options are available under Term Deposit with Ujjivan Small Finance Bank?

    Interest payment on Monthly (at discounted rates), quarterly, half yearly, annually or cumulative is available under Ujjivan Small Finance Bank Term Deposit.

  2. What is the minimum and maximum amount of FD in Ujjivan Small Finance Bank?

    The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.

  3. What is the minimum and maximum tenor for which Term Deposit can be kept with Ujjivan Small Finance Bank?

    The minimum and maximum tenor for general/Senior citizen is 7 days and 10 years respectively.

  4. Does Ujjivan Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?

    Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.

  5. When is TDS deducted?

    TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

  6. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

    • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
    • Non-Resident Indians: 30% plus applicable surcharge and education cess

  7. Can I apply for exemption on TDS?

    Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defUjjivanlt risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Ujjivan Small Finance Bank FD News May 2024

  • June 6, 2023: Ujjivan Small Finance Bank has revised FD Interest Rates w.e.f. 01/06/2023

  • April 14, 2021: Ujjivan Small Finance Bank partners with NIRA (a Bangalore based fintech) to provide Personal Loans to fund the salaried class, starting at incomes as low as Rs. 15,000 per month

  • January 27, 2020: Flipkart Co-founder Sachin Bansal has resigned as independent director of Ujjivan Small Finance Bank

  • January 22, 2020: Ujjivan Small Finance Bank Q3 profit doubles to Rs 90 crore
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites