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Introduction
Ujjivan Small Finance Bank is a small financing Bank.. It has its headquarters in Bangalore and the operation of the Ujjivan SFB was started on February 1, 2017 with its five pilot branches with aim to become a market retail bank. The Ujjivan Small Finance bank has a stake over 80 percent of services in the bank. This bank is licensed under the BRA Act 1949, and also mentioned in the second schedule of RBI, 1934
Services and Products offered by Ujjivan SFB
From services such as current account, savings account to fixed deposits and recurring deposits, the bank provides numerous products and facilities to its customers. Below is the insight of the services provided by Ujjivan SFB-
1. Ujjivan SFB provide the facility of term deposits-
- Regular fixed deposits- With greater flexibility in deposit amount and tenure, the feature allows more freedom with the savings. It offers FDs which range from about 7 days to 10 years. Moreover, they also offer an overdraft policy and loan against the value of FD, which can also be paid in easy installments. The bank had additional offers for senior citizens and they got a higher interest rate of 0.75% p.a. for any tenure.
- Tax Saver Fixed Deposits- the feature of Ujjivan SFB allows the customer an added benefit of earning a tax concession which is based on a deposit. Customers here also have the option to receive interest on a quarterly or monthly basis. The facility is only for the Indian Residents and members of Hindu undivided families.
- Regular Recurring Deposits- the facility allows the customers to set aside a small amount of money each month, which adds up to a larger savings at the end of the term while simultaneously earning a higher rate of interest. With low deposit amounts and customizable tenure, the customer can take a chance on a recurring deposit without any fear of losing money.
- Digital Fixed Deposit- A customer has the option of opening a FD at the comfort of their home in just a few steps. Only Aadhar card and Pan card are required for the same for quick service and without any paperwork. A customer also has the option of withdrawing without giving penalty after the time of 6 months. Moreover, a fixed deposit advice is delivered on the registered mail id within a day of the account opening.
- Sampoorna Nidhi- opening this in Ujjivan SFB offers you regular interest on your money which is quite similar to additional income in a month. It gives a high rate of interest and this amount gets credited to a customer savings account every month.
- Sampoorna Lakshya- this feature of the Ujjivan SFB helps in careful and routine planning in investing money through a recurring deposit that is tailored to help reach the goals, whatever they might be.
2. Offering loan to the customers
- Personal Loan-. It gives the most realistic financial solution in times of need, whether it’s for festivals, weddings, schooling, home renovations, or medical bills. Ujjivan SFB ensures speedy approval process, simple online method and competitive interest rates so that a customer can enjoy a stress-free loan application process.
- House loans – the bank provides an array of House Loans be it Home Purchase and Construction Loan, Composite(Plot Purchase & Self Construction) Home Loan, Home Improvement Loan, Home Equity Loan.
- Vehicle loans- the bank gives loans for two wheeler, three wheeler, electric three wheeler and small commercial vehicle loan.
- Micro Loans- they basically include individual and group loans which can help the customer to increase financial independence.
3. The type of savings account of the bank are Garima Saving Account, Regular Savings Account, Senior Citizens Saving Account, Minor Savings Account and Digital Savings Account.
4. Services like paperless banking and doorstep services at your home or office, biometric enabled ATM of Ujjivan Small finance bank are also available to the customer.
5. The Ujjivan SFB bank offers interest in the range of 5-5.8 percent on fixed deposit and recurring deposit. Moreover, the bank had additional offers for senior citizens. Facility of opening a new bank account within a time span of 5 to 7 minutes, with the verification done by individuals Aadhar Card.
6. it provides Internet banking, phone and mobile banking and 24*7 access to the full service of the Bank.
Mission of the Ujjivan Small Finance Bank
The mission of the bank is to provide financial services to the unserved and underserved customers and change it into a mass market retail bank.
Ujjivan SFB headquarters and its Head Office
The headquarters of the Bank is in Bengaluru, Karnataka, India and the address is Grape Garden, 3rd A Cross, 18th Main, 6th Block, Koramangala, Bengaluru – 560 095.
Conclusion
Planning for the future has never been easier than it is with Ujjivan SFB. Now the customers can save their money as soon as they spend. To make your life easier, the bank has also introduced a mobile app and internet banking that a customer can use from the convenience of their own home. All they have to do with a savings account is sit back and watch their money grow. They also guarantee competitive interest rates and simple access to funds at any time, so a person can keep saving and worry less at the same time.
