Ujjivan Small Finance Bank launches women savings account, offers 7% rate of interest
Ujjivan Small Finance Bank announced the launch of Women Savings Account catering to the financial needs of women. ‘Garima Savings Account’, as the product has been named will offer multiple customised benefits to women including upto a maximum of 7% rate of interest on savings account.
Through this product, Ujjivan SFB aims to serve the financially aware and economically active women of mass market and become a companion in their day to day banking needs.
Garima Savings Account offers a higher cash deposit and free unlimited withdrawal at any Ujjivan SFB branch with no additional charges for non- home branch transactions. Customers would also enjoy unlimited free NEFT and RTGS transactions through internet banking and mobile banking.
The account comes with personalized Rupay Debit Card with several linked multiple benefits and personalised cheque book, specially designed for women. Some other benefits include purchase protection, one call card blocking along with offers on bill payments, entertainment and lifestyle.
Commenting on the launch, Mr Nitin Chugh, MD & CEO, Ujjivan Small Finance Bank said, “We have been dealing with women customers for the last 15 years. As we have experience both as a MFI in the past and now as a Bank, we have a deep insightful understanding of the financial requirements of women customers. Hence, we know how to cater to their needs and aspirations. Moreover, we would also like to learn from our customers and keep enhancing our product programme.”
Ujjivan SFB started its banking operations in February 2017 with pilot branches in Bengaluru. Today, with 575 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.
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.
