Ujjivan Small Finance Bank RD Interest Rates

Ujjivan Financial Services Limited (UFSL) is an Indian Limited Company formed under the terms of the Companies Act 1956. On September 5, 2013, the company was registered as an NBFC-MFI under the Non-Banking Financial Company Micro Finance Institutions (NBFC-MFIs) guidelines. 

The Reserve Bank of India or RBI granted the company permission to establish a Small Finance Bank. Today, the bank offers its customers a wide range of products and services. From these products and services, recurring deposits are also a famous product.

Ujjivan RD Interest Rates 2024

Here is the table to show the Ujjivan Small Finance Bank RD rates:

Ujjivan Small Finance Bank RD

A pre-specified amount is deposited at regular intervals in a Ujjivan Small Finance Bank Limited RD account, and its term ranges from a period of 6 months to 10 years, with monthly instalments of 12, 36, 48, 60, 72, 84, 96, 108, and 120 months.

Ujjivan Small Finance Bank allows you to accumulate wealth over time by recurring monthly contributions of a defined amount. It gives you a variety of RD alternatives with deposit terms ranging from 12 months to 120 months. 

The maximum deposit amount for a Recurring Deposit is unlimited. When you open an RD account, you must provide instructions for the disposition of maturity profits. Loans or overdrafts of up to 90% of the deposited amount are available. The interest rate on RDs is the same as on term deposits. The rate applicable to all Senior Citizens aged 60 and up will be 0.50% higher than the rate applicable to general consumers.

Investing in Ujjivan Small Finance Bank is an excellent choice for those with little income. The advantage of RDs is that you obtain the same interest rate for the duration of the RD, even if future RD rates are lower.

Characteristics of the Ujjivan Small Finance Bank Recurring Deposit Scheme

• The minimum quantity is 100, and multiples of 100 are permitted.
• Tenure ranges from 6 months to 10 years.
• Interest is calculated quarterly and paid only at maturity.
• Premature closure is permitted.
• It can be opened at up to 5,000 center meetings, branches, mobile banking, and internet banking.
• Customers can fund recurring deposits at any branch, regardless of whether they have an account there. Senior citizens receive an additional rate of 0.75% per year.

How to Apply for the RD from Ujjivan Small Finance Bank?

There are mostly three most followed ways of applying for the RD from Ujjivan small finance Bank:

1) Internet Banking - 

Through internet banking - you can easily apply for a recurring deposit, and all you would have to do is follow the steps that are mentioned below:

Step 1: You will first have to visit the official portal of the bank.

Step 2: Once you navigate to the official portal, you will have to locate the application section.

Step 3: Under the apply section, you must choose RD and provide all the necessary details.

Step 4: Once you have been successfully verified - you can deposit your first deposit into the account. 

Step 5: Now you have successfully opened your RD Account.

2) Physical Visit (Offline)

You can also go to the bank branch, and a representative will help you through the process of applying for the recurring deposit.

3) Mobile Application:

This is an easy way to apply for the RD account online, and all you would have to do is follow the steps mentioned below:

Step 1: You will first have to download the application from the app store or the play store.

Step 2: The moment you have downloaded the application, you can log in and start using the app.

Step 3: On the app, locate the apply now section and choose Recurring deposit.

Step 4: Now, you will have to fill in your KYC and other details.

Step 5: Once your details have been verified, you can deposit your first payment into the RD account and get started.

FAQs

Q1. Can I get an overdraft or loan against my RD account from Ujjivan Small Finance Bank?

Yes. You can get the option to avail a loan or an overdraft against your RD, and it can be up to 90% of the value in the RD account.

Q2. Can I take out only a little of my money from the RD account?

No. You will not be allowed for a partial withdrawal from the RD account you hold with the Ujjivan Small Finance Bank.

Q3. Is there an upper limit to the deposit account with an RD account?

No. There are no upper limits to the deposits you can make with the RD accounts.

Q4. Can I make a premature withdrawal of my RD amount?

Yes. You can prematurely withdraw your money from the RD account and will be charged a small penalty.

Q5. Will the interest rates change with my RD?

No, you will have a fixed interest rate throughout the tenure of the recurring deposit scheme.