Ujjivan Bank Savings Account is a regular savings account from the house of Ujjivan Small Finance Bank. Unlike other banks that have a minimum average balance, the Ujjivan Small Finance Bank saving account is a zero balance account. Hence, the customers don’t need to keep a minimum balance in their savings account.
Ujjivan Financial Services started as a microfinance organisation, received in-principle approval from the Reserve Bank of India (RBI) on October 2015 to set up a small finance bank. It received final approval from RBI on November 2016. The bank was listed on the exchanges on 12th December.
Ujjivan Small Finance Bank offers a range of products and services such as savings account, current account, fixed deposits or term deposits, recurring deposits (RD), Micro Loans, Home Loans & Small Business Loans. It offers different facilities such as internet banking, phone banking and mobile banking facilities to customers. The ATM of Ujjivan Small Finance Bank ATM is biometric-enabled which allows customers to withdraw money through biometric authentication.
One of the most important features of Ujjivan Small Finance Bank is the no minimum balance which also makes it a zero balance account. Moreover, there are no charges on the non-maintenance of minimum balance.
The bank offers a welcome kit to its customers that include personalised RuPay Classic Debit card, debit card PIN and debit card manual. You can carry out transactions through your debit card, by proceeding with the instructions given in the debit card manual.
The debit card can be used across India at online stores as well as retail stores.
The bank offers various transaction facilities. Free SMS alert to the registered mobile number is provided to the customers so that they can keep a track of the transaction and report any unusual activity.
Online transfer of funds through the various payment options such as NEFT, RTGS and IMPS are available.
Also, to make it easier for customers to withdraw money from the ATM, account holders can carry out unlimited transactions through the Ujjivan Small Finance Bank ATM and up to free six transactions at other banks. Urban customers of other savings account can withdraw up to three times from the ATM without paying any charges.
Ujjivan Small Finance Bank offers interest rate between 4% to 6.50%. It offers interest rate of 4% for deposits up to Rs.1 lakhs.
|Amount||Interest Rate (pa)|
|Up to 1 lakhs||4%|
|> 1 Lakh to 5 Lakh||5.00%|
|> 5 lakhs to 50 lakhs||5.25%|
|> 50 lakhs to 5 crores||6.25%|
|> 5 crores||6.50%|
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