Ujjivan Small Finance Bank: If you have a business or you are a professional, then you must have a current account. Money keeps coming and going in this account throughout the day. But have you ever wondered what the lakhs of rupees lying in this account do when your work is closed at night or on a holiday? The truth is that it does nothing. It just lies there as it is, and you do not get a penny as interest on it.

But now the times have changed. Now the money lying in your current account will also earn for you. Ujjivan Small Finance Bank has come up with such an amazing facility, which will put the idle money in your current account to work. The bank has started a new service for its special 'Maxima Current Account' customers, named 'Ujjivan Sweep Smart'. This name may sound a bit heavy, but its work is very easy and beneficial. You can think of it as a smart manager of your account that keeps increasing your money even in your absence.

What is this 'Sweep Smart' facility?

This 'Sweep Smart' facility works like magic. It silently keeps an eye on your account. As soon as more money than the limit is collected in your account, it takes that extra money from there and automatically converts it into a fixed deposit, i.e., FD. You start getting good interest on this FD. Now you must be thinking, what will happen if the money goes into an FD and suddenly I need it? This is the real wonder of this facility. As soon as there is less money in your account, this system will withdraw the same amount from the FD and put it back in your current account. And the most important thing is that no fine or penalty will be charged to you for doing this.

How does this whole system work?

Let us tell you more simply how this whole game works. The bank has fixed a limit, which is Rs 4 lakh. This system checks your account every Monday. Suppose, on Monday, you have Rs 4 lakh 60 thousand in your account. This is Rs 60 thousand more than the limit. So this system, showing smartness, will immediately make a 180-day FD by taking out Rs 60 thousand from it. You will start getting interest at the rate of 6 percent per annum on this FD. This means that your 60 thousand rupees, which were lying idle, will now start earning money for you.

Now, I understand its other aspect, which is even better. Suppose, after two days, you have to make a payment of Rs 80 thousand to someone, and only Rs 20 thousand are left in your account. What will happen now? As soon as you make the payment, this 'Sweep Smart' system will see that there is less money in the account. It will immediately break your FD of Rs 60 thousand and put all the money back in your current account so that your payment does not fail. The bank will not charge you a single rupee as a penalty for this work. If you needed less money, it would withdraw only that much amount from the FD, and your interest would continue to accrue on the rest of the money.

Big benefits of 'Ujjivan Sweep Smart'

This facility is a boon for businessmen and professionals who always have lakhs of rupees in their accounts. Now their money will not go waste. They will earn good money on their money and will also get complete freedom to use the money whenever they want. You neither have to go through the hassle of making an FD yourself nor do you have to go to the bank to break it. This system will do all your work automatically like a loyal employee. That is, get the best of the mangoes and get nothing for the seeds!

What did the bank say?

Talking about this new facility, Hitendra Jha, a senior official of Ujjivan Bank, said, "We want our customers' money to earn as much as possible for them, but they should not face any problem when they need money. This 'Sweep Smart' facility does just that. It is a great balance between earning and need."

Conclusion

Overall, 'Ujjivan Sweep Smart' is a great tool for all business owners and professionals who value their money. It transforms your current account from a simple account to a smart, earning account, without any hassle or risk. It is a great example of smart banking, where technology helps you grow your money.

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