Ujjivan Small Finance Bank FD Rates 2024

Ujjivan Small Finance Bank offers FD interest rates of up to 8.25% p.a. to the general public and up to 8.75% p.a. to senior citizens on tenures ranging from 7 days to 10 years. For tax-saving fixed deposits, the interest rate offered is 7.20% p.a. for the general public and up to 7.70% p.a. for senior citizens. Additionally, Ujjivan Small Finance Bank provides NRE fixed deposits for NRIs. Below are the interest rates for different fixed deposit schemes offered by the Ujjivan Small Finance Bank bank.

Ujjivan Bank Fixed Deposit interest rates  

The Ujjivan Small Finance Bank FD Rates for 2024 for general citizens are provided in the table below. 

*Rates updated as of 13 September 2024

Ujjivan Small Finance Bank FD Rates For Senior Citizens

The table below displays Ujjivan Small Finance Bank FD rates for senior citizens for 2024. 

*rates updated as of 13 September 2024

Types of Ujjivan Small Finance Fixed Deposit Schemes

Here are the types of fixed deposit schemes that Ujjivan Small Finance Bank has to offer. you can choose any type based on your financial requirements and goals.

• Regular Fixed Deposit

This is a basic fixed deposit plan for customers intending to save a substantial amount for the future. A regular fixed deposit account helps you focus on capital growth to finance future goals like children's education and weddings. 

The Regular Fixed Deposit scheme brings to the table competitive interest rates ranging from 3.75% to 8.25% per annum. It also provides an extensive tenure of investment for customers to choose from which ranges from 7 to 10 days. 

Customers can also opt for an overdraft facility and loan against their FD when required through this scheme. Furthermore, senior citizens can earn higher interest on their investments after maturity.   

• Digital Fixed Deposit

With this scheme, you can open a standalone fixed deposit account in Ujjivan Small Finance Bank without a savings account. Furthermore, the Digital Fixed Deposit scheme also offers multiple interest payout options. You can choose either quarterly payouts or maturity payouts while starting this FD scheme. 

As a digital scheme, the application process is paperless and simple. The Ujjivan Small Finance Bank interest rates for this scheme range from 3.75% p.a. to 8.25% p.a. Also, the bank does not charge any penalties for premature withdrawal of your fixed deposit after 6 months of account opening. 

• Platina Fixed Deposit

This fixed deposit scheme offers higher interest rates to customers than that from regular fixed deposits with Ujjivan Small Finance Bank. Trust, Associations, Societies and Club (TASC), non-individuals and individuals including NRI and residential citizens are eligible to register themselves under this FD scheme. Senior Citizens can not make a deposit under this scheme. 

Consequently, partial closure and pre-closure facilities are not available for this FD scheme. The tenure for this FD scheme ranges from 12 months to 60 months. Also, the interest rate for this scheme ranges from 7.40% p.a. to 8.45% p.a.

• Sampoorna Nidhi Fixed Deposit

Individual customers with existing savings accounts or current account holders of Ujjivan  Small Finance Bank can apply for the Sampoorna Nidhi Fixed Deposit scheme. 

Sampoorna Nidhi Fixed Deposit scheme offers higher interest that gets credited to your savings account every month. There is no minimum age requirement to start investing in this scheme. Senior citizen applicants can avail 0.50% additional interest rate over the interest rate for regular citizens. The minimum amount can be invested under this FD scheme is Rs.25000. Depositors can prematurely withdraw the money without paying any penalty after 6 months.  

• Tax Saver Fixed Deposit

With the Ujjivan Bank Tax Saver FD scheme, you can enjoy certain tax benefits while filing Income Tax Returns along with financial security. You can avail tax exemptions under Section 80C of the Income Tax Act. It is also important to note that this scheme is only available for resident Indians and HUFs.

Furthermore, the minimum investment amount for this Tax Saver FD is Rs.1000 and the maximum amount is Rs. 1,50,000. Interest rates for this scheme range from 6.70% to 8.45% per annum. This FD Scheme has a lock-in period of  5 years. 

Lowest and Highest FD Interest Rate In Ujjivan Bank

The lowest and highest Ujjivan Small Finance Bank FD interest rates for general customers are 3.75% and 8.25% per annum respectively. 

The highest and lowest FD interest rates for senior citizens are 8.75% and 4.25% per annum respectively. 

Ujjivan Small Finance Bank FD Premature Withdrawal

You can prematurely withdraw your fixed deposit from Ujjivan Small Finance Bank only after 6 months of account opening. However, the bank levies a penalty of 1% on the interest rate for each premature withdrawal, except for tax-saving fixed deposit schemes, and withdrawing after a certain period of time given in fixed deposit schemes. Since there is a compulsory lock-in period for this scheme, you cannot withdraw your money prematurely.

Tax on Ujjivan Small Finance Bank FD Interest Income

While withdrawing your FD maturity amount, Ujjivan Fixed Deposit will charge a TDS deduction from you. However, if your maturity amount is below Rs. 40000 (Rs. 50,000 for senior citizens) there will be no TDS deduction for you. 

The TDS will be deducted from your account under the following circumstances. 

• A 10% TDS deduction, if you have submitted your PAN details to Ujjivan Small Finance Bank at the time of account opening. 
• If you haven't submitted your PAN details while opening an FD account with Ujjivan Small Finance Bank, you must pay a 20% TDS charge. 

It is also important to note that Ujjivan Small Finance Bank will not charge a TDS deduction for the following cases.

• If your annual income is below Rs.2.5 Lakh, there will be no TDS deduction even if your maturity amount is above Rs.40,000. 
• There will not be any TDS deduction if a person’s tax liability is zero. 

Furthermore, you can also enjoy tax exemptions under section 80 of the Income Tax Act by starting a Tax Saver FD with Ujjivan Small Finance Bank. 

Final Words

To conclude, this article has everything you must know about Ujjivan Small Finance Bank FD rates. Consider keeping all your documents handy while registering yourself for Ujjivan Small Finance Bank FD rates. You can also calculate your maturity amount beforehand with online FD calculators to know the right investment amount for your finances. 

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