Ujjivan Small Finance Bank expands its footprint in Tamil Nadu, opens three new branches in Chennai

Chennai, April 05, 2024: Ujjivan Small Finance Bank Limited (Ujjivan SFB) announced the opening of three new branches in Adyar, T Nagar and Mylapore in Chennai. The Bank aims to build a diverse and stable customer base while prioritising digital banking and diversifying revenue streams. Through its existing 95 branches in Tamilnadu, Ujjivan SFB provides services to over 11.50 lakh customers.

Ujjivan SFB offers term deposits at attractive interest rates through its extensive branch and digital networks. The Bank provides one of the highest fixed deposit interest rates, 8.50% for Regular, NRE and NRO customers and 9% for senior citizens, for a tenure of 15 months.  

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The Savings Account offering by Ujjivan SFB includes the Maxima & Privilege Savings Account, which offers an interest rate of up to 7.5% per year, unlimited free cash withdrawal transactions at any ATM, higher fund transfers through net banking and mobile banking, higher cash transactions and withdrawal limits. The Bank also offers special accounts like the Senior Citizen Account, Garima Account for Women, and NR Accounts & Solutions. The Bank’s Maxima, Privilege, & Business Edge Current Accounts offer flexible cash deposit limits, customised POS offers, and an overdraft facility through BusiMoni OD and Financial Bank Guarantee. Ujjivan SFB offers doorstep banking services exclusively for senior citizens and the differently abled.

Ujjivan SFB provides business loans for Micro, Small, and Medium enterprises ranging from ₹10 lakh to ₹10 crore including loans against property and working capital finance, to cater to the diverse needs. The Bank also offers Affordable Housing Loans for amounts ranging from ₹5 lakh to ₹75 lakh for Home construction/Purchase, Home Improvement and Composite Loans (Plot Purchase & Construction). 

Speaking on the launch, Mr. Ittira Davis, MD and CEO of Ujjivan Small Finance Bank, stated, “We are delighted to announce the launch of our three new branches in Chennai, bringing with them our expansive list of personalised banking products and services. We are confident that our competitive interest rates on savings and deposits, will enable us to make a significant impact on the lives of the residents of Chennai. This expansion is in line with our mission of becoming a leading mass-market Bank”.

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