Ujjivan Financial Services’ wholly-owned subsidiary -- Ujjivan Small Finance Bank -- has launched a tax saver fixed deposit (FD) scheme across all its branches. The FD scheme is targeted at salaried individuals and business professionals. 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 permanent account number (PAN) while opening the account.
Eligible for exemption under Section 80C of the Income Tax Act, the deposit has a lock-in period of five years. The minimum deposit amount is Rs 1,000 and the maximum, Rs 1.5 lakh per financial year. The depositors can opt for monthly, quarterly or cumulative annual interest. Senior citizens will get an added benefit of 0.5 per cent additional interest rate.
Ujjivan is the holding company of Ujjivan Small Finance Bank, which is focused on providing loans and savings products to the unserved and underserved population.
