Ujjivan SFB Minimum Balance Charges Explained
Ujjivan SFB Minimum Balance Charges Explained
Ujjivan Small Finance Bank requires a minimum Average Monthly Balance (AMB) for most savings accounts. The requirement varies by account type and branch location, typically ranging from Rs 500 to Rs 5,000. Failure to maintain it attracts a non-maintenance charge.
AMB Requirements at a Glance
- Basic Savings Bank Account (BSBA): No minimum balance, as per RBI guidelines.
- Regular Savings Account (rural): Rs 500 to Rs 1,000
- Regular Savings Account (urban/semi-urban): Rs 2,500 to Rs 5,000
- Premium Account variants: Higher AMB applicable; check account documentation.
Ujjivan SFB primarily serves underbanked customers, so its minimum balance requirements are generally lower than large private sector banks.
Non-Maintenance Charges
If the AMB is not met, Ujjivan SFB deducts a penalty from the account, proportional to the shortfall. Charges typically range from Rs 50 to Rs 300 per month depending on account type and shortfall amount.
How to Monitor Your Balance
- Check the balance daily via the Hi Ujjivan app.
- Set a low-balance alert in the app’s notification settings.
- Use missed call balance check to 1800 208 0121 any time.
Key Takeaways
- BSBA has no minimum balance; regular accounts require Rs 500 to Rs 5,000 AMB.
- Non-maintenance charges are deducted monthly for AMB shortfalls.
- Ujjivan SFB’s AMB requirements are among the lowest for private sector banks.
- Use the Hi Ujjivan app to track daily balance and set alerts.
FAQ
How is AMB calculated?
Average Monthly Balance is the sum of your end-of-day balances for each day in the month, divided by the number of days in the month. One high-balance day cannot compensate for many low-balance days.
Can I switch to a zero-balance account at Ujjivan SFB?
Yes. You can request conversion to a Basic Savings Account at any branch. Note that the BSBA has a monthly credit limit and transaction restrictions per RBI guidelines.
Are there minimum balance requirements for Ujjivan SFB FD accounts?
No. FD accounts do not require a minimum balance maintenance. The minimum FD deposit amount is typically Rs 1,000.
