Ujjivan Small Finance Bank has introduced a new feature called Ujjivan Sweep Smart, designed for its Maxima Current Account customers. This auto-sweep feature allows businesses and professionals to maximize returns on idle funds while maintaining seamless liquidity for daily transactions. The feature automatically transfers surplus balances in Maxima Current Accounts into short-term fixed deposits, enabling customers to earn interest on their surplus funds.
The sweep-out process is triggered every Monday when the account balance exceeds ₹4 lakhs, with the excess amount being transferred into a fixed deposit with a tenure of 180 days. Customers can also set a custom threshold based on their business requirements. The intelligent sweep-in mechanism allows for partial liquidation of linked deposits in case of a shortfall in the account balance, without any foreclosure penalties.
The fixed deposits created through this feature carry an interest rate of 6% p.a. for a tenure of 180 days, which may be revised in the future. This feature is in line with Reserve Bank of India regulations, giving customers full control over their cash flow. Standard regulatory norms, including TDS, apply to these deposits.
According to Hitendra Jha, Head of Retail Liabilities at Ujjivan SFB, the Ujjivan Sweep Smart feature enables customers to earn more on idle balances while keeping their funds fully accessible. This feature reflects the bank’s commitment to customer-centric innovation and smarter fund management, tailored for today’s dynamic and digitally driven businesses.
The Ujjivan Sweep Smart feature is now available to new eligible Maxima Current Account holders, who can activate the service by contacting their relationship managers or visiting their nearest Ujjivan SFB branch. This innovative feature is expected to benefit businesses and professionals by providing them with a powerful combination of liquidity and returns, helping them to manage their funds more effectively. With this feature, Ujjivan SFB aims to provide its customers with a competitive edge in managing their finances.