When you think of reward points, chances are credit cards come to mind. For years, banks have used credit card reward programs to attract customers and incentivize spending. But savings accounts? That’s a newer trend. Traditionally, savings accounts were limited to offering interest and basic transactional benefits. Now, however, banks are realizing that customer engagement is just as important on the deposit side.

Among the new entrants into this space is Ujjivan Small Finance Bank’s Rewardz program, designed to make even ordinary banking activities feel rewarding. Instead of focusing only on debit card spends, Ujjivan Rewardz broadens the scope of what earns points—covering digital transactions, account registrations, recurring deposits, and more.

So, what sets it apart from other bank reward programs? Let’s break down the five biggest differences.

1. Rewards Begin at Account Opening

One of the most distinctive features of Ujjivan Rewardz is that it doesn’t make you wait to start earning. From the moment you open select savings accounts—like the Maxima or Privilege account—you receive reward points. Even the digital savings account comes with a joining bonus.

This is unusual. In most other banks, reward points only start once you begin transacting—usually through debit card swipes or online payments. By offering a welcome reward upfront, Ujjivan sets the tone that every part of your banking journey, right from account creation, is worth something. It’s a small but impactful nudge for new customers to feel valued immediately.

2. Everyday Digital Banking Actions Earn Points

Where Ujjivan really stands out is in how it links rewards to digital adoption. Customers earn points not just for spending but for completing simple digital actions like:

• Paying bills through internet banking or UPI
• Registering for internet banking, mobile banking, or even WhatsApp banking
• Using fund transfer services like NEFT or IMPS

This is a deliberate strategy. Banks want more users to shift toward digital channels, and Ujjivan is essentially gamifying the process. In contrast, most other banks’ reward programs are heavily skewed toward spending transactions—particularly debit card swipes. That means if you’re someone who prefers UPI, online transfers, or bill pay, Ujjivan’s structure feels far more inclusive.

3. Recurring Deposits & Loan Payments Are Rewarded

Another unique element of Ujjivan Rewardz is how it goes beyond “spends” and taps into savings and repayments. For example:

• At recurring deposit maturity, you can earn 50–250 points depending on the installment amount
• Loan EMI payments and bill payments also generate reward points

This is rare in the industry. Even premium international banks rarely give you points for something like paying a loan installment or maintaining a recurring deposit. By rewarding both credit (savings) and debit (repayment) behavior, Ujjivan acknowledges the full spectrum of financial activity instead of focusing only on consumption.

4. Simple Point Value, Longer Validity

One of the biggest complaints with bank reward programs is complexity. Points often have unclear value, conversion rates change across categories, and expiration timelines are short. Ujjivan keeps it refreshingly simple:

• 1 point = ₹0.25
• Validity = 2 years

This clarity makes it easy for customers to calculate the real value of their points and plan redemptions. Longer validity ensures customers don’t feel pressured to redeem prematurely and can accumulate points for higher-value rewards.

5. Diverse Redemption Options

Earning points is only half the story; how you redeem them matters more. Ujjivan Rewardz allows redemption across a wide range of lifestyle needs, including:

• Shopping vouchers from leading retail and online platforms.
• Travel and entertainment bookings.
• Dining discounts and experiences.
• Utility redemptions like mobile recharges.

This variety ensures points don’t feel locked into narrow catalogs of merchandise (a common pain point with older programs).

Comparison Snapshot

Final Thoughts

In a crowded banking market where interest rates are often similar, reward programs are emerging as a new way to engage customers. But not all rewards are created equal.

Ujjivan Rewardz breaks from tradition by rewarding a much broader range of actions—covering digital registrations, recurring deposits, bill payments, and even account opening. Its simple point structure, longer validity, and flexible redemption options add to its appeal. By contrast, other bank programs tend to be narrower, focusing largely on debit card spends or offering rewards tied to merchandise-heavy catalogs.