Ujjivan Small Finance Bank launches Tax Saver FD product

Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services, on Tuesday announced the launch of its Tax Saver Fixed Deposit (FD) across all bank branches nationally.

The Tax Saver FD scheme is best suited for salaried individuals, business professionals who come under the ambit of tax payment, a company release said. The deposit can be opened in single name or jointly with another individual, including a minor. Being a tax saver scheme, the depositor needs to furnish the permanent account number (PAN) while opening the account.          

The period of deposit is fixed for five years with a minimum deposit amount of Rs 1,000 and maximum deposit of Rs 1.5 lakh per financial year under section 80 C. The depositors can opt for monthly, quarterly or cumulative annual interest. Senior citizens will get an added benefit of 0.5% additional interest rate.  

Samit Ghosh, MD & CEO, Ujjivan Small Finance Bank Ltd.  said, "We are pleased to launch the Tax saver Fixed Deposit across all bank branches. Our customers can avail income tax exemption of up to 1.5 lakh at attractive and flexible interest payout options. As a Small Finance Bank, we will continue to expand our product offerings to meet the customised needs of our target customer segments."        

Ujjivan Small Finance Bank (Ujjivan SFB) started its banking operations in February 2017 with pilot branches in Bengaluru. Today, with 120 branches, Ujjivan SFB has established its presence across 20 States and Union Territories.                  

Ujjivan SFB's goal is to build a leading state of the art mass market bank in five years to serve the vast un-served and under-served customer base who currently are outside the formal banking system.