BusiMoniOD Current Account
BusiMoni OD facility caters to all your business requirements, be it re-stocking supplies or fulfilling last-minute orders. Get unsecured overdraft facilityof up to ₹3 lakh, flexible withdrawals, quick approvals, and more with BusiMoniOD Current Account.
Key Features of Ujjivan SFB BusiMoniOD Current Account
Top Benefits of Ujjivan SFB BusiMoniOD Current Account
How to Open a Ujjivan SFB BusiMoniOD Current Account Online
To open the Ujjivan SFB BusiMoniOD Current Account online, follow the below-mentioned steps
For assistance, you can call our 24/7 customer support team or visit your nearest branch.
Ujjivan SFB BusiMoniOD Current Account Interest Rates
Below are the Interest Rates payable for the overdraft facility
| Minimum Interest Rate* (%) | Maximum Interest Rate* (%) | Average Rate of Interest in Last Quarter** (%) |
|---|---|---|
| 16% | 20% | 16.03% |
Processing Fees
| OD Limit | Charges |
|---|---|
| Up to ₹1 Lakh | ₹1,000 plus applicable taxes |
| Above ₹1 Lakh | ₹1,500 plus applicable taxes |
Please note that the processing fee is to be collected from the overdraft account.
Are you eligible for the BusiMoniOD Current Account?
You can open the Ujjivan SFB BusiMoni OD Current Account if you meet any one of the following criteria
FAQs
1. What is the Ujjivan Small Finance Bank BusiMoniOD Current Account?
The Ujjivan Small Finance Bank BusiMoniOD Current Account is an overdraft facility for businesses. It offers an unsecured overdraft of up to ₹3 lakhs to help businesses meet their short—and long-term financial needs.
2. What is the processing fee charged under the BusiMoniOD Current Account?
To avail of the overdraft facility, the following processing fee will be collected from the Ujjivan SFB BusiMoniOD Current Account
3. How is the overdraft limit calculated under the BusiMoniOD Current Account?
Ujjivan SFB BusiMoniOD Current Account calculates the overdraft limit based on your history of banking transactions.
4. How is the interest calculated under the BusiMoniOD Current Account?
The interest is calculated on the amount that you borrow and not on the sanctioned overdraft limit. For instance, if you have an OD limit of ₹2 lakh but you borrow only ₹1 lakh, interest will be charged only on ₹1 lakh.
5. Do I need to visit the Ujjivan SFB branch to open the BusiMoniOD Current Account?
No, you don't have to visit the Ujjivan Small Finance Bank's branch to open the BusiMoniOD Current Account. The bank offers doorstep facilities, where a representative will visit your home and help you with the account opening formalities.
6. Can I renew the overdraft facility under the Ujjivan SFB BusiMoniOD Current Account?
Yes, renewal of the overdraft is allowed with the Ujjivan SFB BusiMoniOD Current Account. However, the renewal fee will be payable for renewing the overdraft. The renewal fee is equal to the processing fee charged by the bank.
7. Can I foreclose the overdraft?
Yes, you can foreclose the overdraft by repaying the outstanding dues with interest. A foreclosure fee of 2% of the sanctioned overdraft limit will be charged for foreclosures.
8. Can I apply for an additional chequebook if needed?
Yes, you can apply for an additional chequebook under the Ujjivan SFB BusiMoniOD Current Account. However, a charge of ₹75 per chequebook of 25 leaves would be levied.
9. What happens if I don't use the overdraft allowed under the Ujjivan Small Finance Bank BusiMoniOD Current Account?
Non-utilisation of the overdraft limit would attract additional charges. The monthly charge would be ₹500 plus the applicable GST.
10. Does the Ujjivan SFB BusiMoniOD Current Account yield any interest?
The Ujjivan SFB BusiMoniOD Current Account is a type of loan facility granted for your business needs. As such, it does not yield any interest. Alternatively, you have to pay an interest on the amount borrowed from the sanctioned overdraft limit
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