Ujjivan Small Finance Bank, a wholly-owned subsidiary of Ujjivan Financial Services, 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 ₹1,000 and the maximum, ₹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.

Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank, said: “As a small finance bank, we will continue to expand our product offerings to meet the customised needs of our target customer segments.”

“Ujjivan SFB will shortly embark on a multi-media campaign to create awareness about the product amongst its key consumer segments,” added Vijay Balakrishnan, Chief Marketing Officer.