|Listed on exchange as||Ujjivan Small Finance Bank Limited|
|Tenure||Regular customers||Senior citizens|
USFB is expanding its tax-saving fixed deposit plan to assist customers to save significant income tax. Customers can save up to Rs. 1.5 lakh each fiscal year (u/s 80C) under this plan. The following are more details regarding the scheme:
Ujjivan Bank is a bank in Ujjivan, India. Regular Fixed Deposit is a bank's regular program that is meant to meet clients' typical investing demands. The following are the specifics:
The Ujjivan Bank Sampoorna Nidhi fixed deposit program is intended to assist existing customers (who hold a savings or current account with USFB) to develop a corpus while receiving a consistent monthly cash inflow. The following are the scheme's features and benefits:
Periods that begin from 7 days to 1 year or less than a year are known as short term fixed deposits, and their interest rates start from 3.05% to 5.20% depending on the number of days of the deposit for general customers, and from 3.55% to 5.70% for senior citizens.
Medium-term fixed deposit tenures, that is, from 1 year to 5 years, withhold interest rates are 6.50%to 6.75% for general customers are 7.00% to 7.25% for senior citizens according to the period of lock-in.
Long-term FD goes from 5 years to 10 years, and the interest rate is 5.80% for general customers and 6.30% for senior citizens.
An Ujjivan Small Finance Bank FD account can be opened through online and offline modes-
1) Online Method
2) Offline Method
For opening a Ujjivan Small Finance Bank FD, one can visit the nearest branch of Ujjivan Small Finance Bank. A bank representative will guide you on the FD application process.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Ujjivan Small Finance Bank –
The following documents have to be furnished for opening an Ujjivan Small Finance Bank FD –
An investment in Ujjivan Small Finance Bank Tax Saving FD entitles to tax saving up to Rs. 1,50,000 p.a. No other Ujjivan Small Finance Bank FD entitle to tax saving under Section 80C of the Income Tax Act.
Also, note that the interest income from the Ujjivan Small Finance Bank Fixed Deposit is taxable according to the slab rates of income tax. Also, the interest income is subject to a TDS of 10% if the income from Fincare Ujjivan Finance Bank FD exceeds Rs. 40,000 p.a.
For senior citizens, the limit is Rs. 50,000 p.a. Also, if the investor fails to provide PAN Card details to the bank, the TDS rate will be 20%.
Ujjivan Small Finance Bank provides loans against their Fixed Deposits. The loan and the rate of interest for the loan depend on the rules set by Ujjivan Small Finance Bank.
All Ujjivan Small Finance Bank Fixed Deposits can be withdrawn prematurely, excluding the tax-saving Fixed Deposits. Ujjivan Small Finance bank levies a 1% penalty on the interest for all premature withdrawals.
What interest payment choices are available in Ujjivan Small Finance Bank's fixed deposit accounts?
Ujjivan Small Finance Bank offers monthly, quarterly, half-annual, yearly, and at maturity interest payout choices for its FD plans.
Does Ujjivan Small Finance Bank give elderly people a higher interest rate for all tenures?
Yes, Ujjivan Small Finance Bank provides an extra interest rate of 0.50 percent per annum to senior citizens across all deposit tenures.
What is the minimum deposit amount for a Ujjivan Small Finance Bank FD?
Ujjivan Finance Bank requires a minimum deposit of Rs.1,000 to start an FD account.
Can I apply for Ujjivan Bank fixed deposits online?
Yes. Online, regular fixed deposits and Tax Saver fixed deposits can be opened.
What happens if the bank fails? Is it risky to put money into Ujjivan Bank's fixed deposits?
Ujjivan Small Finance Bank is one of the Reserve Bank of India's Scheduled Banks, and it has a stable credit rating from different credit rating agencies. Deposits placed with the bank are also insured for Rs. 5 lakh by the Deposit Insurance Credit Guarantee Corporation. Customers will receive Rs. 5 lakh in compensation if the bank fails.
Is there Premature withdrawal available on the FD?
Ujjivan Small Finance Bank (USFB) allows FD investors to withdraw their funds before the FD matures. The following points are notable: