Monday, February 6, 2017

#Ujjivan SFB avoids interest rate war; focuses on its existing #MF customers

Ujjivan Small Finance Bank (SFB) to offer 4% interest rate on savings accounts and 5.5-8% on FDs and recurring deposits.

'People are very sensitive about interest rate on fixed deposits, which was why Ujjivan will offer rates of one percentage point above the prevailing market rates. Ujjivan Small Finance Bank will offer interest rates on fixed deposit and recurring deposit in range of 5.5-8%, which is higher than the average rate of interest offered by most banks',said Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank (SFB).

'Ujjivan SFB would offer a no minimum balance savings bank account with the full range of banking services & benefits using the latest technology to the unserved and underserved customers. We will provide a whole host of benefits such as door-step & paperless banking, mobile, internet and phone banking, access to biometric ATMs and Aadhar enabled debit cards. These benefits are normally available only to premier customers of commercial banks.”
The deposit and savings products of Ujjivan SFB have been designed and developed based on comprehensive research and in-depth understanding and so also to fulfill comprehensive financial inclusion objectives amongst the segments we aim to serve'