One can deposit up to a maximum amount of Rs. 1 Lakh in this account and additional deposits can be done by ensuring due full KYC in Ujjivan SFB’s respective branches. Instant FD can also be opened to a maximum of Rs. 1 Lakh without a Savings Account. Customers will also enjoy unlimited free transaction on Ujjivan SFB ATM and six free transactions on other bank ATMs every month with Digital Savings Account.
In addition to this, Ujjivan SFB has also launched a Privilege Savings Account that offers Platinum Debit card, domestic airport lounge access, home branch facility across 552 Ujjivan SFB branches with unlimited transaction on any ATM and a higher accidental insurance cover of Rs. 2 Lakh. To maintain a Privilege Savings Account, a customer needs to ensure a monthly salary credit of Rs. 30,000 or above or maintain a Monthly Average Balance of Rs. 25,000 or open a Fixed Deposit of Rs. 10 Lakh.
Commenting on the launch, Ujjivan Small Finance Bank said, “With the launch of such products, we are reaching out to the mass market with an aim to drive digital banking. Through Digital Savings and Fixed Deposit Account, we want to enable customers to shift from an assisted to self-service mode. The Privilege Savings Account aims at offering lifestyle benefits to the mass market unserved and the underserved customers.”
Ujjivan SFB started its banking operations in February 2017 with pilot branches in Bengaluru. Today, with more than 552 branches, Ujjivan SFB has established its presence across 24 States and Union Territories.
Ujjivan SFB has successfully built a leading mass-market bank to serve the vast unserved and under-served customer base that currently is outside the formal banking system.
About Ujjivan Small Finance Bank Limited
Ujjivan Small Finance Bank Limited is a wholly-owned subsidiary of Ujjivan Financial Services Ltd. The bank commenced operations as a Small Finance Bank with effect from February 1, 2017 post transfer of business undertaking by Ujjivan Financial Services Ltd. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India. Ujjivan Small Finance Bank Ltd. is also included in the Second Schedule to the Reserve Bank of India Act, 1934.