Short Term Deposits - Features and Benefits Explained

Short-term deposits are a type of bank deposit that typically have a maturity term ranging from 7 days to less than 12 months. These deposits offer a higher rate of return than regular savings accounts, making them an attractive option for those looking to earn more on their savings in a shorter span of time.

Here are some characteristics of short-term deposits.

Nomination Facility

When you open a short-term deposit account, you have the option to nominate a beneficiary. This ensures that your loved ones will have access to the funds in case of any unfortunate event.

Security

Your deposit amount up to ₹5 lakh is insured under Deposit Insurance and Credit Guarantee Corporation (DIGCC).

Fixed-rate of Interest

The interest remains fixed throughout the deposit tenure. This ensured guaranteed or assured returns upon maturity irrespective of market conditions,

Auto-renewal Facility

Short-term fixed deposits are eligible for renewal, meaning if you don't withdraw the amount upon maturity, your deposit will get re-invested.

Short-term deposits offer many advantages when it comes to liquidity and flexibility in managing your finances. They provide higher returns compared to regular savings accounts and allow you to access funds quickly when needed.

Looking to grow your savings? Ujjivan SFB offers a wide range of fixed deposit products. Select the FD of your choice and take a step forward to your financial goals. Alternatively, you can browse through Ujjivan SFB product suite - our wide range of financial products are designed to make your financial life better.

Apply Now