Money & Banking

Ujjivan Small Finance Bank collects deposits of Rs 1000 cr in seven months

V. Sajeev Kumar Kochi | Updated on January 10, 2018

The 8 per cent interest rates offered on deposits has enabled Ujjivan Small Finance Bank to collect Rs1000 crore in seven months of its operations.

Ittira Davis, Chief Operating Officer said that there has been an encouraging response for the interest rate offered on savings with a half per cent higher rates for senior citizens vis-a-vis 6.5-7 per cent in other banks. With this growth momentum, the bank hopes to garner Rs1500-2000 crore in the first year of operations, he said.

The bank, according to him, is offering SB account with no charges for minimum balance and also providing host of other benefits such as doorstep banking, mobile internet, phone banking etc. The hand held device for biometric authentication for instant account opening can also be used for cash deposits, withdrawals and fund transfers at the customers doorstep.

Asked whether the bank will review the interest rates, he said it all depends on the market conditions. “We will hold the rates for time being”.

Davis, who was here in connection with the launch of two branches in Kochi, said that the bank has established its presence across all four regions in the country in the seven months of its launch and is also looking at offering remittances services to transfer money within Ujjivan and other bank accounts in a very reasonable and affordable manner.

With 87 branches, the bank has presence across Kerala, Tamil Nadu, Karnataka, Pondicherry, Gujarat, Maharashtra, New Delhi, West Bengal, Himachl Pradesh, Uttar Pradesh, Punjab and Haryana.

Published on September 26, 2017

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