Ujjivan Bank Current Account – Complete Guide to Features & Opening Process

 Arjun Kumar, a 38-year-old Bengaluru retail store owner, has been in business for almost 10 years. Even though his business is doing well, handling everyday operations has never been easy. Each month, Arjun manages:

Due to the frequent movement of funds, Arjun usually struggles to keep track of payments, deposits, and unexpected costs. "Is there a better way to manage my business's finances?"

This blog will follow Arjun's journey as he explores how a current account can improve cash flow, optimise everyday tasks, and ease his financial management.

Types of Ujjivan Bank Current Accounts

A wide variety of current accounts designed to meet different business needs are available from Ujjivan Small Finance Bank. A comparison table defining the key features of each account type can be found below:​

Each of these accounts is customised to the specific needs of the organisation, offering flexibility in cash deposits, greater transaction limits, and a variety of digital banking skills.

Key Features of Ujjivan Bank Current Account

These accounts are not only for individuals; they also play a significant role in generating income for businesses. Here is a brief review of current accounts:

Increased Transaction Limit

Current accounts, as the name suggests, are designed to handle many different transactions, such as deposits and withdrawals. This is especially useful for businesses that undertake large and frequent transactions, as it reduces the hurdles posed by limitations or transaction caps.

Cheque and Demand Draft Facilities

Businesses can use their current accounts to issue cheques and demand drafts, allowing them to pay suppliers, vendors, and other stakeholders more easily. This tool improves effective cash flow management and provides a dependable method for debt repayment.

Banking in several locations.

Current accounts typically allow banking across many locations, which is beneficial for firms operating in multiple regions. This service offers swift cash deposits and withdrawals from several locations, making financial management easier for geographically scattered businesses.

Convenience with Online Banking Current accounts 

Online banking is convenient. Current accounts now offer solid online and mobile banking services, enabling businesses 24/7 access to their assets. This type of access enables real-time account balance checks, bill payments, and money transfers, all of which increase business efficiency.

Productive Business Processes

Current accounting is essential for ensuring that everyday business activities operate properly. The ability to process a large number of transactions without delay improves overall organisational efficiency and effectiveness.

Enhanced liquidity

Many current accounts allow for overdrafts, giving businesses immediate access to additional funds when needed. This function ensures liquidity and enables businesses to meet crucial financial needs without disruption.

Improved financial tracking.

Current accounts typically include detailed account statements and transaction records, allowing organizations to properly monitor cash flows. This accurate tracking allows for accurate financial reporting and informed decision-making.

Multichannel Access

Current accounts often include thorough account statements and transaction data, allowing businesses to accurately track cash flows. Accurate tracking enables accurate financial reporting and informed decision-making.

Customised Banking Solutions.

Many banks offer customised current account solutions for specific industries or business sizes. These customised accounts may have additional benefits like lower cost, personal relationship managers, or industry-specific services to meet the unique needs of completely different businesses. ​  

Benefits of Ujjivan Bank Current Account

Ujjivan Small Finance Bank provides a wide range of current accounts designed to fulfill the various needs of organizations.  The following is an overview of various accounts and their different perks. ​

Regular Current Account

Designed for simplicity and convenience, the Regular Current Account provides the following benefits:

• Doorstep Banking: Provides cash and cheque pick-up services in a variety of cities through a third-party connection.
  
  
• Ujjivan SFB provides unlimited free ATM transactions.
  
  
• Access NEFT, RTGS, and IMPS services at a low cost.
  
  
• Free monthly e-statements: Every month, you will receive electronic statements for no additional cost.
  
  
• RuPay Classic Debit Card is free for individuals and businesses, with daily withdrawal limits of ₹50,000 at ATMS and ₹1,00,000 for shopping.
  
  
• Cheque Leaves: Get 25 free cheque leaves each quarter. You can obtain 24/7 assistance with your banking needs.

Note:- Minimum Average Balance (MAB) requirement is ₹5,000 per month. Non-maintenance fees are ₹300 + GST per month.

Premium Current Account

The Premium Current Account is meant for businesses that want extra functionality. 

• Cash deposit limits are up to 10 times the previous month's MAB or ₹3,00,000, whichever is higher. 
  
  
• Increased ATM withdrawal and shopping limits to ₹1,000,000. 
  
  
• Receive 50 free cheque leaves each quarter. 
  
  
• Cash Withdrawals: Ujjivan SFB branches offer 50 free withdrawals each month.
  
  
• Electronic Fund Transfers: NEFT, RTGS, and IMPS are all free.
  
  
• RuPay Classic Debit Card offers six free non-Ujjivan ATM purchases each month.
  
  
• POS Solutions: Offers Android POS terminals and mobile POS through third-party agreements. 
  
  
• Dedicated Customer Support: Available 24/7.  24/7

Note:- Minimum Average Balance Requirement: ₹10,000 per month. Non-maintenance incurs a fee of ₹500 plus GST monthly.​

Privilege Current Account

The Privilege Current Account is designed to deliver premium banking experiences by offering:

• Unlimited Cash Withdrawals: Cash withdrawals are not limited at any branch. Allows cash deposits of up to ₹2.5 crore each month. 
  
  
• Cheque Leaves: Provides 200 free cheque leaves per quarter.
  
  
• The Platinum Debit Card offers access to two complimentary airport lounges throughout 30+ Indian airports, as well as a ₹10,00,000 personal accident cover. ​
  
  
• Digital Banking is an online banking service that offers bulk payments, foreign transfers, and real-time account tracking. 
  
  
• Dedicated customer support is accessible 24/7. 

Note:- Minimum Average Balance (MAB) Requirement: ₹50,000 per month.​

Business Edge Current Account

This account caters to businesses requiring flexibility and additional services:​

• Free RTGS and NEFT transactions. Allows for simple fund transfers at no further expense.
  
  
• Deposits can be up to 15 times the average balance between ₹1-5 lakhs, or 20 times for MAB equal to or greater than ₹5,00,000.
  
  
• Every quarter, the RuPay Platinum Debit Card offers higher transaction limits as well as complimentary lounge access at 65+ domestic airports and 7+ train stations.
  
  
• Offers 50 free cash withdrawals per month at Ujjivan SFB branches.
  
  
• Cheque Leaves: Provides 150 free cheque leaves per quarter.
  
  
• Ujjivan SFB ATMS provide limitless free transactions, but other banks provide just 10 free transactions per month.

Note:- Minimum Average Balance (MAB) Requirement: ₹25,000 per month.

Maxima Current Account

The Maxima Current Account is designed for businesses that want to optimise their banking potential:

• Banking solutions can be customised to meet specific corporate needs.
  
  

• Premium Banking Services: This includes HR payroll administration, increased ATM withdrawal and POS transaction limits, and transactions protected by dual layers of permission.

  
  

• Bulk Payments: Efficiently manages large-scale transactions.

Each of these current accounts is designed to provide businesses with the tools and services they need to properly manage their financial operations, assuring convenience as well as efficiency.

Ujjivan Bank Current Account Charges & Fees

​Ujjivan Small Finance Bank offers various current accounts tailored to meet diverse business needs. Below is a detailed comparison of charges and fees associated with each account:​

Note: The Premium Current Account has a free cash deposit limit of 10 times the previous month's MAB or ₹3,00,000, whichever is higher.

Note: The Business Edge Current Account has a free cash deposit limit of 15 times the MAB for balances under ₹5,00,000 and 20 times the MAB for balances above ₹5,00,000.

Ujjivan Bank Current Account Eligibility & Required Documents

​Ujjivan Small Finance Bank offers a variety of current accounts tailored to different business entities. The eligibility criteria and required documents vary based on the type of entity. Below is a comprehensive overview:​

1. Individual Current Account

• Eligibility: Resident individuals aged 18 years or older.

Required Documents:

Note: The same document can serve as both identity and address proof if it contains both details.​

2. Sole Proprietorship

• Eligibility: Individuals operating under a sole proprietorship.​

Required Documents:

3. Partnership Firm

• Eligibility: Registered partnership firms.​

Required Documents:

4. Limited Liability Partnership (LLP)

• Eligibility: Registered LLPs.​
  
  

5. Private and Public Limited Companies

• Eligibility: Incorporated companies under the Companies Act.

Required Documents:

6. Hindu Undivided Family (HUF)

• Eligibility: HUFS represented by the Karta.

Required Documents:

7. Trusts, Associations, Societies, Clubs

• Eligibility: Registered entities under respective acts.​

Required Documents:

8. Section 8/Section 25 Companies

• Eligibility: Non-profit companies registered under Section 8/25 of the Companies Act.​

Required Documents:

How to Open a Ujjivan Bank Current Account?

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Ujjivan Small Finance Bank (SFB) allows you to open a current account online or in person. Here's a full comparison of the two processes:

1. Online Account Opening
   
   

2. Offline Account Opening

Ujjivan Bank Current Account vs Competitor Banks

Comparing current accounts from several banks can help businesses choose the best option for their financial needs. The following is a comparison of Ujjivan Small Finance Bank's Regular Current Account to similar offers from other major banks.

Ujjivan Bank Current Accounts (FAQS)

Can I link my Ujjivan SFB current account to a third-party payment service?​

Yes, Ujjivan SFB current accounts can be linked to multiple third-party payment platforms, allowing for easy commercial transactions.

Is there an option for overdraft protection on current accounts?

Yes, Ujjivan SFB provides overdraft facilities for current accounts, subject to eligibility and approval. This enables organizations to handle their short-term cash requirements effectively.

Can I make automatic payments from my current account to cover utilities and other recurrent expenses?

Yes, Ujjivan SFB enables automatic payments for regular expenses, resulting in timely payments and efficient cash flow management.

Is there a charge for cheque returns due to insufficient funds?

Yes, Cheque returns owing to insufficient cash may incur costs. It is best to keep the required balance to prevent such costs.

Does Ujjivan SFB offer merchant services to current account holders?

Yes, Ujjivan SFB provides merchant services such as point of sale (POS) terminals and QR code solutions to help businesses take payments seamlessly. 

Is it possible for me to view my current account statements online?

Yes, Ujjivan SFB offers online access to account statements via its internet banking interface, allowing users to track transactions and manage the wallet more effectively.

Does Ujjivan SFB provide any cash management services for current account holders?​

Yes, Ujjivan SFB offers cash management services, including pickup and delivery, to improve operational efficiency for enterprises.

Are there any customised current accounts available for specific industries?​

Yes, Ujjivan SFB provides customised current account solutions for different industries, meeting their specific transactional needs and business requirements.

Is it possible to link accounting software with my existing account?​

Yes, Ujjivan SFB integrates with major accounting software to ensure correct accounting.

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