Ujjivan SFB launches Senior Citizen Account

Ujjivan Small Finance Bank Limited, a wholly owned subsidiary of Ujjivan Financial Services Limited on Tuesday announced the launch of Senior Citizen product across 11 key markets - Mumbai, Delhi, Bengaluru, Pune, Kolkata, Mysuru, Puducherry, Kochi, Haridwar, Ahmedabad and Baroda.

'Ujjivan Senior Citizen Account' has features such as Doorstep Banking, priority service, personal assistance to provide them with a seamless banking experience.

Senior Citizens can now opt for doorstep banking service for opening a Savings account and Fixed Deposit.   In the event of a Senior Citizen visiting a branch, they do not have to stand in a queue and face long waiting hours. Ujjivan SFB will offer them immediate consultation and personal assistance at all times, a company release said.

Ujjivan Senior Citizen Account is offering an interest rate of 8.5% p.a. on Fixed deposits less than 1 crore for 1-2 years. Samit Ghosh, MD and CEO, Ujjivan Small Finance Bank said this product will soon be expanded to other markets as well.

"As a Small Finance Bank, we will continue to expand our product offerings to meet the customised needs of our target customer segments. The banking needs and preferences of Senior Citizens differ from other age groups as they need significant handholding, which our product has been designed to do," he said.

Vijay Balakrishnan, Chief Marketing Officer, Ujjivan Small Finance Bank said, "Ujjivan SFB conducted customised research and ran a pilot programme to understand what the key requirements from this specific segment were. This product is a direct offshoot of the need and gap analysis which emerged from the research."