Utkarsh Small Finance Bank Limited is a financial institution that provides a wide range of banking services. These services include checking and deposit accounts, money market options, investment opportunities, insurance offerings, mortgage and term loans, as well as card services, remittance solutions, and internet banking facilities. For customers throughout India, Utkarsh small finance bank fd rates 2023 are competitive and flexible, with tenures spanning from two weeks to ten years. Additionally, senior citizens can benefit from an extra 0.50 per cent interest rate on their fixed deposits.
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About Utkarsh Small Finance Bank
Utkarsh Micro Finance Limited was founded in 2009 and obtained its small finance bank licence from the Reserve Bank of India in November 2016. By January 2017, it successfully transitioned into a fully operational bank. The bank is led by Mr. Govind Singh, who previously held the position of business head of micro banking at ICICI Bank . Currently, Utkarsh Micro Finance operates in 18 states and offers a wide range of financial services, including deposit services, microfinance loans, MSME loans, affordable housing loans, and corporate loans.
Utkarsh Small Finance Bank FD Rates for less than Rs.2 crores
Tenure | Interest Rates (% p.a.) | |
Regular Customers | Senior Citizens | |
7 days to 45 days | 4.00 | 4.60 |
46 days to 90 days | 4.75 | 5.35 |
91 days to 180 days | 5.50 | 6.10 |
181 days to 364 days | 6.50 | 7.10 |
365 days to 699 days | 8.00 | 8.60 |
700 days to less than 2 years | 8.25 | 8.85 |
2 years to 3 years | 8.50 | 9.10 |
Above 3 years to less than 4 years | 8.25 | 8.85 |
4 years to 5 years | 7.50 | 8.10 |
Above 5 years to 10 years | 7.00 | 7.60 |
Utkarsh Small Finance Bank Tax Saver Deposit
Tenure | Interest Rates (% p.a.) | |
Regular Customers | Senior Citizens | |
5 years | 7.50 | 8.10 |
Utkarsh Small Finance Bank Fixed Deposit Plus (FD without premature withdrawal facility) rates of deposits above Rs. 1 crore to less than Rs. 2 crore w.e.f. 21 August 2023
Tenure | Interest Rates (% p.a.) | |
Regular Customers | Senior Citizens | |
7 days to 45 days | 4.00 | 4.60 |
46 days to 90 days | 4.75 | 5.35 |
91 days to 180 days | 5.50 | 6.10 |
181 days to 364 days | 6.50 | 7.10 |
365 days to 699 days | 8.25 | 8.85 |
700 days to less than 2 years | 8.50 | 9.10 |
2 years to 3 years | 8.75 | 9.35 |
Above 3 years to less than 4 years | 8.50 | 9.10 |
4 years to 5 years | 7.75 | 8.35 |
Above 5 years to 10 years | 7.25 | 7.85 |
Utkarsh Small Finance Bank FD Calculator
When considering an investment in a Fixed Deposit at Utkarsh Small Finance Bank, utilising the Utkarsh Bank FD Calculator becomes essential. FD calculator Utkarsh Bank assists in precisely estimating your FD returns, and it requires the following details for accurate calculations:
- Deposit Amount: The user should enter the sum they intend to invest in the FD, known as the principal amount. This amount should align with the individual’s investment objectives.
- Interest Rate: The user is required to input the rate of interest provided by Utkarsh Small Finance Bank. It is essential to note that interest rates may fluctuate based on the chosen tenure, and once the FD is established, the interest rate remains constant throughout the tenure.
- Term of Deposit: To determine the investment duration, users have the flexibility to choose a timeframe ranging from as short as 7 days to as long as 10 years. You can select the tenure in either days, months, or years using the provided calculator.
- Compounding Period: With Utkarsh Small Finance Bank FD calculator, users can choose how often they want their interest to compound, including monthly, quarterly, half-yearly, or annually. The selection should align with the bank’s terms and the individual’s preference.
After providing these details, the Utkarsh Small Finance Bank FD Calculator will generate the following outcomes:
- Maturity Amount: This represents the total amount to be received at the end of the FD tenure, encompassing the principal amount and accrued interest.
- Total Interest Earned: This figure signifies the total interest earnings accumulated throughout the FD tenure.
The formula employed by the Utkarsh Bank FD calculator for FD return calculation is as follows:
M = P * (1 + r/n)^(n*t)
Where:
M: Maturity amount
P: Deposit amount (Principal)
r: Interest rate
n: Number of compounding periods per year
t: Time in years (FD Tenure)
Utkarsh Small Finance Bank’s FD Calculator Benefits
Utkarsh Small Finance Bank provides an FD calculator on its website, offering several key advantages:
- Precise Interest: Accurate calculations based on principal, interest rate, and tenure.
- Financial Planning: Experiment with different investment amounts and tenures for tailored financial plans.
- Informed Comparisons: Compare FDs with varying tenures and rates for informed decisions.
- Transparency: Trustworthy results ensure confident investment planning.
- User-Friendly: Easy online access for convenient calculations.
- Informed Choices: Determine ideal investment amounts for specific goals.
- Maturity Insights: Anticipate maturity amounts for future financial planning.
Different FD Schemes offered by Utkarsh Small Finance Bank
Diverse Utkarsh Small Finance Bank FD Schemes | Regular Fixed Deposits | Fixed Deposit Plus (Without Premature Withdrawal Facility) | Tax Saver Fixed Deposit |
Minimum Deposit | Rs 1,000 | Above Rs 15 lakh (Max limit less than Rs 2 crore) | Rs 1,000 to Rs 1.5 lakhs |
Flexible Tenure | 7 days to 10 years | – | 5 years |
Interest Calculation | Simple interest (for FDs below 181 days) | Simple interest (for tenures below 181 days) | Interest at maturity |
Monthly Pay-outs | Available with discounted rates | Monthly (discounted rate) or Quarterly | Monthly (discounted rate) or Quarterly |
Senior Citizen Advantage | Extra 0.75% p.a. interest rate | Additional 0.75% interest rate | Additional 0.75% interest rate |
Short Lock-in | No interest if withdrawn within 7 days | – | – |
Credit Card Access | Secured credit card with a credit limit of 100% of FD | – | – |
Tax Benefits | – | – | Eligible for tax deduction of up to Rs 1.5 lakh under Section 80C |
Restrictions | – | – | No premature/partial withdrawal, auto-renewal, or loan & overdraft facility |
Nomination Facility | – | – | Available |
Eligibility for Utkarsh Small Finance Bank Fixed Deposit
The Utkarsh Small Finance Bank extends fixed deposit eligibility to various entities:
- Individuals: Individuals, individually or jointly with others, including minors with a guardian, can open a fixed deposit with Utkarsh Small Finance Bank.
- Hindu Undivided Family: HUFs are eligible to open fixed deposits.
- Proprietorship Firms: Sole proprietorship firms can avail of fixed deposit services.
- Partnership Firms: Partnership firms can open fixed deposits.
- Limited Companies: Fixed deposits are accessible to limited companies.
- Trust Accounts: Entities with trust accounts can also open fixed deposits with the bank.
Essential Documents for Utkarsh Small Finance Bank Fixed Deposit
In compliance with KYC (Know Your Customer) norms, specific documents are necessary to open an FD in Utkarsh Small Finance Bank:
- Proof of Identity: Choose from PAN card, driver’s licence, Passport, Voter ID card, Aadhaar card, or Government/Defence ID card.
- Proof of Residence: Provide either an Aadhaar card, electricity bill, telephone bill, ration card, bank account statement, a letter from a statutory authority/local body, or an Income Tax Order.
- Proof of Date of Birth: For senior citizens enjoying higher interest rates, documents indicating dates of birth, such as a Passport, Voter ID card, driver’s licence, PAN card, Service Discharge Certificate, or PPO (for pensioners), are necessary.
- For Minors: Birth certificate issued by Gram Panchayat/Notified Area Committee/Municipal Corporation issued birth certificate.
- Recent Passport-Size Photograph: A photograph of the depositor is also required.
Conclusion
In conclusion, Utkarsh Small Finance Bank provides a wide range of fixed deposits schemes that offer competitive rates to meet different needs. Utkarsh Small Finance Bank FD rates calculator is easy to use and helps investors make informed decisions by accurately calculating maturity amounts and interest earnings. The bank accepts individuals, Hindu Undivided Families, firms, corporations, and trusts as eligible customers, strictly adhering to KYC norms. Utkarsh Small Finance Bank’s commitment to transparency and flexibility makes it an appealing option for secure financial growth through fixed deposits.
Utkarsh Small Finance Bank FD Calculator : FAQs
The current highest Utkarsh Small Finance Bank FD rate is 8.5% annually for regular citizens and 9.1% for senior citizens.
The top interest rate provided for a 1-year FD scheme at Utkarsh Small Finance Bank is 8% per annum.
The Utkarsh Small Finance Bank FD scheme provides an interest rate of 7.5% per annum for a 5-year term.
You can start your Utkarsh Small Finance Bank FD with a minimum deposit of INR 1,000. There is no maximum limit, so you can invest as much as you'd like.
You can open as many FDs as you wish with Utkarsh Small Finance Bank, as there are no restrictions on the quantity.