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Senior Citizens Fixed Deposit Interest Rates in Ujjivan Small Finance Bank

Updated 19 Dec 2023

Ujjivan Small Finance Bank has always prioritised the financial well-being of its senior clientele, offering them enhanced fixed deposit schemes tailored to their unique requirements. Understanding the importance of financial stability in the golden years, Ujjivan Small Finance Bank's FD scheme for senior citizens provides a premium on interest rates compared to those available to the general populace. Let's delve deeper into the special provisions and features of this scheme.

Features of Ujjivan Small Finance Bank Senior Citizen FD

  • Enhanced Interest Rates: Typically, senior citizens benefit from a bonus interest rate over and above the regular FD rates offered to other customers. The exact rate is contingent on the bank's prevailing policies.
  • Qualification: Only individuals who are 60 or older are eligible to open a senior citizen FD account.
  • Duration: The available FD tenures range widely, spanning from as short as 7 days to as long as 10 years.
  • Early Withdrawal: Although breaking the FD before its maturity can incur penalties, senior citizens often enjoy more lenient terms for such premature withdrawals.
  • Borrowing Options: Like other account holders, senior citizens can avail loans against their FD holdings if needed.
  • Beneficiary Assignment: Upon the unfortunate event of an account holder's demise, Ujjivan Small Finance Bank  ensures a hassle-free transition of the FD funds to a designated beneficiary.
  • Tax Deduction at Source (TDS) Implications: Interest earnings from FDs are liable to taxation as per Indian regulations. However, by furnishing Form 15H, eligible senior citizens can sidestep TDS deductions.
  • Automatic Renewal: Many banks, possibly including Ujjivan Small Finance Bank , provide an automatic renewal facility, ensuring the FD's continuation post its maturity unless instructed otherwise by the depositor.
  • Deposit Limits: There are often established minimum deposit requirements for opening a senior citizen FD. However, the deposit amount may not always be a set upper limit.
  • Unique Offerings: Sometimes, or based on specific bank campaigns, senior citizens might be presented with exclusive offers or features tailored just for them.

Ujjivan Small Finance Bank FD Interest Rate for Senior Citizens

TenureSenior Citizen FD Rate
7 days - 29 days4.25%
30 days - 2 months 28 days4.80%
2 months 29 days - 5 months 26 days5.25%
5 months 27 days - 8 months 29 days6%
9 months - 11 months 29 days7%
11 months 30 days - 11 months 30 days8.75%
1 year - 1 year 29 days7%
1 year 30 days - 1 year 6 months 9 days8.50%
1 year 6 months 10 days - 1 year 6 months 10 days8.80%
1 year 6 months 11 days - 2 years 8 months 15 days8%
2 years 8 months 16 days - 2 years 8 months 16 days8.30%
2 years 8 months 17 days - 4 years 11 months 29 days7.70%
4 years 11 months 30 days - 9 years 11 months 28 days7%

Note: All interest rates shown above are as on 4th Aug 2023

Eligibility for Ujjivan Small Finance Bank Senior Citizen FDs

  • Ujjivan Small Finance Bank extends its 'Senior Citizen FD' offering to individuals celebrating their 60th birthday. 
  • Such FD schemes often provide enhanced interest rates, adding more value to the senior citizen's investment. 
  • Furthermore, schemes like the Senior Care FD offer additional interest, although certain schemes might exclude NRIs from these benefits.

Documents Required to Open a Ujjivan Small Finance Bank Fixed Deposit for Senior Citizens

The subsequent list of documents is essential when a senior citizen intends to invest in a Ujjivan Small Finance Bank  fixed deposit:

 

Identity Proof

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving Licence

 

Address Proof

  • Bank Statement
  • Cancelled Cheque
  • Utility Bills

FAQs

Is there a special scheme for senior citizens?

Yes, Ujjivan Small Finance Bank  offers a unique 'Senior Citizen Care' FD, which is designed to provide added advantages over the standard FD schemes.

Can I break my Senior Citizen FD prematurely?

Yes, although doing so might result in a penalty. It's advisable to confirm specifics with the bank.

Is TDS applicable on the interest earned from Senior Citizen FD?

Yes, TDS is levied if the cumulative interest earned during a fiscal year crosses the threshold set by the Income Tax department.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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