Ujjivan Small Finance Bank Limited is an Indian banking firm authorized to indulge in small finance banking activity under Section 22 (1) of the Banking Regulation Act of 1949. It is a subsidiary of Ujjivan Financial Services Ltd., which holds an 80% stake in the small finance bank. The bank began its operations on February 1, 2017. Since then, Ujjivan Small Finance Bank has been focused towards catering to the underserved communities and promoting financial inclusion across the country.
What Are the Ujjivan Small Finance Bank FD Rates in 2023?
Ujjivan Small Finance Bank is offering competitive FD rates to cater to the diverse needs of investors. These rates vary based on factors such as deposit amount, tenure, and whether you are a senior citizen or not.
The Ujjivan Small Finance Bank FD Rates effective from 1st June, 2023 for investments less than Rs. 2 crores are given below.
Tenure | Ujjivan Small Finance Bank FD Rates* |
7 Days to 29 Days | 3.75% |
30 Days to 89 Days | 4.25% |
90 Days to 179 Days | 4.75% |
6 Months to 9 Months | 5.50% |
9 Months 1 Day <12 months | 6.50% |
12 months | 8.25% |
12 months 1 day to 13 months | 6.50% |
13 Months 1 day to 559 days | 8.00% |
80 Weeks(560 Days) | 8.25% |
561 Days to 989 Days | 7.50% |
990 Days | 7.75% |
991 Days to 60 Months | 7.20% |
60 months 1 Day to 120 Months | 6.50% |
Extra Interest Rate for Resident Senior Citizens | 0.50% |
*These rates are subject to change. Rates applicable to general (non-senior) citizens only.
Ujjivan Small Finance Bank FD Rates for Seniors (1-year tenure)
For fixed deposits having a 1-year tenure, Ujjivan Small Finance Bank offers higher interest rates to seniors. Senior citizens enjoy an additional 0.50% interest rate on top of the rate offered to general citizens as a benefit.
Tenure | Ujjivan Small Finance Bank Senior Citizen FD Rates |
7 Days to 29 Days | 4.25% |
30 Days to 89 Days | 4.75% |
90 Days to 179 Days | 5.25% |
6 Months to 9 Months | 6% |
9 Months 1 Day <12 months | 7% |
12 months | 8.75% |
*FD interest rate of Ujjivan Small Finance Bank is subject to change. It is to be noted that the rates are applicable to deposits of less than Rs. 2 crores.
Ujjivan Small Finance Bank FD rates for seniors (2-year tenure)
If you opt for a 2-year tenure, the FD rates again vary for senior citizens. Yet again, the Ujjivan Small Finance Bank FD interest rate is 0.50% higher for senior citizens.
Tenure | Ujjivan Small Finance Bank Senior Citizen FD Rates |
12 months 1 day to 13 months | 7% |
13 Months 1 day to 559 days | 8.50% |
80 Weeks(560 Days) | 8.75% |
561 Days to 989 Days | 8% |
12 months 1 day to 13 months | 7% |
13 Months 1 day to 559 days | 8.50% |
80 Weeks(560 Days) | 8.75% |
561 Days to 989 Days | 8% |
*FD interest rate of Ujjivan Small Finance Bank is subject to change. It is to be noted that the rates are applicable to deposits of less than Rs. 2 crores.
Reasons to opt for Ujjivan Small Finance FD
In addition to availing higher FD interest rates in Ujjivan Small Finance Bank, there are several other reasons to open a Fixed deposit in this bank.
● Higher Rate of Interest
FD rates of Ujjivan Small Finance Bank can go as high as 8.75% for senior citizens and 8.25% for general residential Indians. The higher FD interest rates in Ujjivan Small Finance Bank make it an ideal choice for both senior citizens and others to open a Fixed Deposit account.
● Scheduled Bank
Ujjivan Small Finance Bank has gained the status of a Scheduled Bank and also won many awards for its exemplary contribution in the BFSI sector.
● Online Convenience
You can open an FD account online through the Internet banking portal of Ujjivan Small Finance Bank. The process is entirely secure and paperless.
● No Previous Account Needed
There is no need to have an already existing savings account in Ujjivan Small Finance Bank to open a new FD account.
● Multiple Interest Payout Options
When opening an FD account in Ujjivan Small Finance Bank, you can choose whether you want the interest amount to be calculated quarterly or during the maturity of the FD.
Summing Up
Ujjivan Small Finance Bank offers attractive FD rates for both seniors and non-seniors in 2023. These rates vary based on the tenure you choose and your age. Investing in Ujjivan Small Finance FDs can provide you with financial stability and guaranteed returns. However, make sure to use an FD calculator to estimate the maturity amount of your FD before investing.
Ujjivan Small Finance FD Rates FAQ’s:-
To open an FD account in Ujjivan Small Finance Bank, you need to be an Indian Citizen and be at least 18 years of age. You need to provide your PAN and Aadhaar card details. You also need to have your Aadhaar card linked to your mobile.
Yes, you can prematurely withdraw your Ujjivan Small Finance FD amount without getting charged any penalty after a tenure of 6 months.
The minimum amount that you need to deposit to open a Ujjivan Small Finance FD account is INR 1000.
Yes, Ujjivan Small Finance FDs are considered safe investments, and they offer assured returns. However, it’s always wise to assess your financial goals before investing.
The interest payout options available with a Ujjivan Small Finance Bank fixed deposit are quarterly and at the time of maturity. You can choose any one while booking the FD online or offline.