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.

Disclaimer:

The contents herein are only for informational purposes and generic in nature. The content does not amount to an offer, invitation or solicitation of any kind to buy or sell, and are not intended to create any legal rights or obligations. This information is subject to updation, completion, amendment and verification without notice. The contents herein are also subject to other product-specific terms and conditions, as well as any applicable third-party terms and conditions, for which Ujjivan Small Finance Bank assumes no responsibility or liability.

Nothing contained herein is intended to constitute financial, investment, legal, tax, or any other professional advice or opinion. Please obtain professional advice before making investment or any other decisions. Any investment decisions that may be made by the you shall be at your own sole discretion, independent analysis and evaluation of the risks involved. The use of any information set out in this document is entirely at the user’s own risk.  Ujjivan Small Finance Bank Limited makes no representation or warranty, express or implied, as to the accuracy and completeness for any information herein. The Bank disclaims any and all liability for any loss or damage (direct, indirect, consequential, or otherwise) incurred by you due to use of or due to investment, product application decisions made by you on the basis of the contents herein. While the information is prepared in good faith from sources deemed reliable (including public sources), the Bank disclaims any liability with respect to accuracy of information or any error or omission or any loss or damage incurred by anyone in reliance on the contents herein, in any manner whatsoever.

To know more about Ujjivan Small Finance Bank Products Visit:"https://www.ujjivansfb.in"

All intellectual property rights, including copyrights, trademarks, and other proprietary rights, pertaining to the content and materials displayed herein, belong

to Ujjivan Small Finance Bank Limited or its licensors. Unauthorised use or misuse of any intellectual property, or other content displayed herein is strictly prohibited and the same is not intended for distribution to, or use by, any person in any jurisdiction where such distribution or use would (by reason of that person’s nationality, residence or otherwise) be contrary to law or registration or would subject Ujjivan Small Finance Bank Limited or its affiliates to any licensing or registration requirements.

Apply Now