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Ujjivan Bank FD - Scheme, Eligibility, Documents

Ujjivan Small Finance Bank Fixed Deposit Highlights

Last Updated 25th Jun 2021

Ujjivan Small Finance Bank fixed deposit is a reliable, secure and beneficial investment option that offers various benefits such as guaranteed returns, Government insurance, loan borrowing facility and flexible fixed deposit tenure.

Interest Rate 3.05% to 6.75%
Minimum Tenure 7 days
Maximum Tenure 10 years
Deposit Amount Rs. 1000
Maximum Deposit No limit
    Earn upto 6.95% on FD APPLY NOW

    Ujjivan Small Finance Bank FD

    Ujjivan Small Finance Bank is one of the leading fixed deposit providers in the country. The Bank offers FD with flexible tenures ranging between 7 days to 10 years. Apart from that, Ujjivan Small Finance Bank FD offers regular returns on fixed deposits ranging between 3.05% to 6.75%. For senior citizens, the interest rates on fixed deposits range between 3.55% to 7.30%. In addition to that, Ujjivan Small Finance Bank fixed deposit plans offer tailor-made fixed deposit products for different kinds of fixed deposit investors.

    Types of Ujjivan Small Finance Bank Fixed Deposit Schemes

    Different type of Ujjivan Small Finance Bank term deposit products offered to the investors are listed as follows:

    Regular Fixed Deposits

    Description:

    • Ujjivan Small Finance Bank FD provides tax benefits, safety, moderate rate of returns, liquidity and flexibility of investing and becomes a great instrument for growing the money.
    • Interest is calculated quarterly and paid at Maturity only.
    • Premature closure is allowed.
    • Mobile Banking facility is available.
    • The minimum initial amount should be Rs. 1,000.
    • The high-interest rate for senior citizens.

    Eligibility:

    • An Individual, Minor, HUF, proprietary/ partnership firm, LLP, company, AOP, body of individuals (BOI), local authority, trust and NRI.
    Ujjivan Small Finance Bank Tax Saver Fixed Deposits

    Description:

    • Tax saver fixed deposit (FD) is a type of fixed deposit, by investing in which, one can get tax deduction under section 80C of the Indian Income Tax Act, 1961. An individual can claim a deduction of a maximum of Rs.1. 5 lakh by investing in tax saver fixed deposits.
    • The Minimum amount is Rs. 1000
    • Lock in period is 5 years.
    • Interest payment options available at quarterly, monthly and at Maturity.

    Eligibility:

    • An individual and HUF.

    Benefits of Ujjivan Small Finance Bank FD

    Ujjivan Small Finance Bank fixed deposit is a popular investment option due to a number of benefits it provides to the FD investors. Some of these are mentioned below:

    • Guaranteed returns: The best thing about Ujjivan Small Finance Bank FD is that it offers guaranteed and assured returns to the investors. The return offered on a fixed deposits is regulated by the Bank on a monthly, or quarterly basis, as per the Bank’s choice. Currently, Ujjivan Small Finance Bank offers FD rates up to 6.75%. The interest rates offered on Ujjivan Small Finance Bank FD is not only assured but also way higher than a savings account.
    • Insured by the Government: The Deposit Insurance and Credit Guarantee Corporation offers deposit insurance of ₹ 5 Lakh to fixed deposits across all banks. Investing in a fixed deposits with the highest rating of AAA, rated by ICRA and CRISIL, is a reliable investment option.Thus, Ujjivan Small Finance Bank term deposit is safe and secure, as the funds are backed by the government no matter what the current situation of the Bank is.
    • Loan against FD: The investment made in an FD scheme is not only a reliable investment option but can also act as an asset. This is because Ujjivan Small Finance Bank fixed deposit allows one to borrow a secured loan against Ujjivan Small Finance Bank FD. Benefits of Loan Against FD of Ujjivan Small Finance Bank are as follow:
      • Loan against FD of Ujjivan Small Finance Bank offers the loan amount upto 90%-95% of the FD amount.
      • The interest charged on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
      • Loan against FD of the Ujjivan Small Finance Banks flexible repayment options.
      • The processing fee of Loan Against FD in the Ujjivan Small Finance Bank is nil.
      • It is a hassle-free loan and does not require the depositor to break the FD.
    • Flexible tenures: Ujjivan Small Finance Bank FD offers the investors the flexibility to choose the investment tenure as per their convenience. Ujjivan Small Finance Bank offers fixed deposit for a minimum tenure of 7 days up to a maximum tenure of 10 years. Ujjivan Small Finance Bank offers different interest rates across FD tenures.
    • Flexible investment: Apart from the flexibility of tenure, Ujjivan Small Finance Bank fixed deposit offers the flexibility of funds to FD investors as funds can be invested with a minimum amount of Rs. 1000. Apart from that, one can invest in the Ujjivan Small Finance Bank FD up to a maximum of No limit.

    Premature Withdrawal Terms and Conditions

    Though a fixed deposit with Ujjivan Small Finance Bank means depositing funds for a fixed period of time in expectation of a regular return. However, keeping in view the instability in the markets, the Bank allows premature withdrawals of funds from a fixed deposit. This means that investors can withdraw their funds before the date of maturity to fulfil their urgent financial conditions.

    Withdrawing funds prematurely from Ujjivan Small Finance Bank will attract an interest rate lowered by Allowed below the effective rate on the date of booking the FD. The penalty charged on fixed deposits is valid only on fixed deposits with a tenure greater than seven days. In case of premature withdrawal of Ujjivan Small Finance Bank fixed deposits with tenure less than seven days, the bank does not pay any interest.

    Eligibility Criteria for Ujjivan Small Finance Bank FD

    Ujjivan Small Finance Bank FD facility can be availed by the following type of investors:

    • Indian Citizens
    • Members of HUFs or the Hindu Undivided Family
    • Business firms
    • Local governing bodies
    • Government departments
    • Employees of private limited companies
    • Trust accounts

    Documents for Ujjivan Small Finance Bank FD

    Ujjivan Small Finance Bank fixed deposit requires one to submit the following documents:

    • Passport size photographs
    • Identity proofs such as Aadhar card, passport, PAN card, and driving license.
    • Address proofs such as passport, ration card, utility bills such as water, gas or electricity bill.
    • Age proof such as birth certificate, matriculation passing certificate, and Voter ID card.
    • Bank account details such as passbook and account number.

    Credit Card Against Ujjivan Small Finance Bank FD

    Credit Cards againstUjjivan Small Finance Bank FD are secured credit cards. They are availed against the amount deposited in the term deposits. They are an ideal option for individuals with low CIBIL score and salary. Below mentioned are the important features of Credit Cards against Ujjivan Small Finance Bank FD:

    • The limit offered on the credit card depends upon the amount deposited in the fixed deposits. Generally, banks offer around 80% of the deposit amount as the total credit limit on the card.
    • Credit Cards against the fixed deposits require minimum documentation.
    • The minimum tenure of the term deposits should be 6 months to avail credit card against it.
    • Secured Credit cards also offer discounts, cashback and rewards.
    • The cardholder continues to earn the same applicable interest rate on FD.

    FAQs

    What is the loan against FD repayment tenure in Ujjivan Small Finance Bank?

    Loan against FD is the  facility which allows the investor to avail the loan against the amount deposited in the term deposit. Ujjivan Small Finance Bank offers the loan against FD facility to the FD investors with a repayment tenure of up to 10 years.

    What is the minimum investment for FDs under Ujjivan Small Finance Bank?

    Ujjivan Small Finance Bank Fixed Deposit is one of the safest investment avenues and it can be availed with a minimum deposit of Rs. 1000.

    What is the minimum amount for a fixed deposit in Ujjivan Small Finance Bank?

    The minimum amount required for a fixed deposit investment in Ujjivan Small Finance Bank fixed deposit is Rs. 1000.

    What is the current interest rate on FD in Ujjivan Small Finance Bank?

    Currently, Ujjivan Small Finance Bank offers an interest rate ranging between 3.05% to 6.75% on its fixed deposits.

    What is the penalty for early withdrawal in Ujjivan Small Finance Bank?

    Bank charges penalty on premature withdrawal of fixed deposits. The penalty for early withdrawal ranges between 0.5% to 1% in most cases, based on the loan amount and tenure.

    What is the minimum FD tenure for which a fixed Deposit account can be opened in Ujjivan Small Finance Bank?

    Ujjivan Small Finance Bank fixed deposit can be opened with a minimum tenure of 7 days . The tenure of the Ujjivan Small Finance Bank fixed deposits ranges from 7 days to 10 years.

    Can I deposit additional amount in my Ujjivan Small Finance Bank FD account?

    No, you cannot deposit any additional amount in your existing FD account as you are allowed to deposit only once at the time of opening the account. If you want to invest any additional amount in FD, you are required to open a new FD account.

    Who is eligible for opening an FD account in Ujjivan Small Finance Bank?

    All resident individuals, HUFs, NRIs, Firms including minors are eligible to open a fixed deposit account.

    What documents are required to open an FD account in Ujjivan Small Finance Bank?

    The documents required to open an FD account in Ujjivan Small Finance Bank includes KYC documents and Passport size photos.

    In how many years FD doubled in the Ujjivan Small Finance Bank?

    The time Ujjivan Small Finance Bank fixed deposits will take to double the initial amount will depend upon the rate of interest offered on the FD. You can calculate the maturity amount of the Ujjivan Small Finance Bank FD at MyLoanCare by entering the amount you want to deposit and the interest offered on FD.

    Can an NRI open a Ujjivan Small Finance Bank fixed deposit account?

    No, Non-Resident Individuals are not allowed to invest in Ujjivan Small Finance Bank schemes. It means that they are not eligible to invest in fixed deposits.

    Is the Ujjivan Small Finance Bank safe for FD?

    Yes, the Ujjivan Small Finance Bank is one of the safest avenues for any investments. Ujjivan Small Finance Bank is backed by the Government of India and the returns on any investment including fixed deposits are guaranteed.

    Is it wise to take a loan against FD from the Ujjivan Small Finance Bank?

    Yes, opting for a Loan Against FD is an excellent decision. The reasons to take loan from Ujjivan Small Finance Bank are:

    • It offers the loan upto 90%-95% of the FD amount.
    • The interest levied on the loan against FDs are generally low and are 2% to 3% higher than the FD interest rate.
    • Loan against FD offers flexible repayment options.
    • The processing fee of Loan Against FD is Nil.
    • It is a hassle-free loan and requires minimum documentation.
    • Loan against FD helps the depositors to avoid the option of premature withdrawal.

    However, there might be a chance that the alternative credit option is offering lower rates with better facilities. In that case, individuals must compare and decide on the credit option.


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    Ujjivan Bank News - Jul 2021
    • 2021-06-16 : Ujjivan Small Finance Bank collaborates with MoEngage
      Ujjivan Small Finance Bank has collaborated with customer engagement platform MoEngage to provide digital banking services in remote areas of the country. The aim is to build a wide presence of the bank with customers in the unserved regions through digital services.
    • 2020-11-10 : Ujjivan Small Finance Bank reported a marginal rise in Q2 net profit
      Ujjivan Small Finance Bank posted a marginal rise in net profit at Rs 96 crore for September. Total income during July-September 2020-21 increased to Rs 818.01 crore on the back of retail loans like home, personal, gold, two-wheeler and car loan along with business and mudra loans. Further, The bank opened 5.1 lakh deposit accounts between April and September while retail deposits have now grown to 49% of total deposits as against 42% a year back. Deposits which includes fixed and recurring deposits stood at Rs 10,743 crore.
    • 2020-05-06 : Ujjivan Bank revised its FD rates
      With effect from 2 May 2020, Ujjivan Bank changed its FD rates. The FD rates for 7 to 29 days is 4.50%, it is 5.35% for 30 to 89 days and stands at 6.10% for 90 to 179 days. Further, the fixed deposits rate for 180 days to 364 days is 6.50%, for one year to 799 days it is 7.50% and stands at 7.25% for 800 days to 3 years. The FD rate for three years one day to 5 years is 6.75%, and it stands at 6.25% for 5 Years and 1 Day to 10 Years.
    *Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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