Utkarsh Small Finance Bank commenced activity in 2017 after acquiring the licence to conduct small finance bank business in India on November 25, 2016. Between 2017 and 2023, the bank significantly expanded its network throughout India, making it one of the leading small finance banks in the BFSI sector. Let’s take a look at the Utkarsh Small Finance Bank FD rates.
What are the Utkarsh Small Finance Bank Rates in 2023?
Utkarsh Small Finance Bank is offering competitive FD rates to cater to the diverse needs of investors. These rates vary based on factors such as deposit amount, tenure, and whether you are a senior citizen or not.
The Utkarsh Small Finance Bank FD Rates 2023*, effective from August 21, 2023, for deposits less than Rs. 2 crores are given below.
Tenure | Utkarsh Small Finance Bank FD Rates (Non-senior citizens) | Utkarsh Small Finance Bank FD rates (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% |
*These rates are subject to change.
Utkarsh Small Finance Bank FD Rates for Senior Citizens and Non-Senior Citizens (1-Year Tenure)
Senior citizens receive greater interest rates from Utkarsh Small Finance Bank than regular residents. Senior citizens benefit from an additional 0.60% interest rate. The Utkarsh Small Finance Bank FD rates are effective from August 21, 2023.
Here are the FD rates of Utkarsh Small Finance Bank applicable to 1-year-tenure FDs:
Tenure | Utkarsh Small Finance Bank FD rates for non-senior citizens | Utkarsh Small Finance Bank FD rates for 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% |
*The FD interest rate of Utkarsh Small Finance Bank is subject to change. It is to be noted that the rates are applicable to deposits above Rs. 15 lakhs to less than Rs. 2 crores.
Utkarsh Small Finance Bank FD Rates for Senior Citizens and Non-Senior Citizens (2-Years Tenure)
The interest rate offered to elderly citizens who want to invest in an FD for a period of two years differs slightly from that offered to FDs with a one-year duration. The Utkarsh Small Finance Bank FD interest rate for both elderly senior and general citizens is as follows for a 2-year tenure:
Tenure | Utkarsh Small Finance Bank FD rates for senior citizens | Utkarsh Small Finance Bank FD rates for non-senior citizens |
700 days to less than 2 years | 9.10% | 8.50% |
*The FD interest rates of Utkarsh Small Finance Bank are subject to change. It is to be noted that the rates are applicable to deposits above Rs. 15 lakhs to less than Rs. 2 crores.
Reasons to Opt for Utkarsh Small Finance Bank FD
FD interest rates in Utkarsh Small Finance Bank are quite high, but there are also other reasons to open a Fixed Deposit in this bank. Those are:
● Higher rate of interest
Utkarsh Small Finance Bank FD interest rates can go as high as 9.10% for senior citizens and 8.5% for general residential Indians.
● Online convenience
You can transact from anywhere around the world by using Utkarsh Bank’s official application.
● Multiple interest payout options
You can choose multiple interest payout options varying from monthly, quarterly, or at the time of maturity of the FD.
● Overdraft against fixed deposit
Avail OD of 90% of your FD amount. The Utkarsh Small Finance Bank loan against the FD interest rate is 2% above the FD rate.
Summing Up
The Utkarsh Small Finance bank FD rates are quite lucrative for all categories of investors, whether senior or non-senior, in the year 2023. The variation in these rates depends on your selected tenure and age. Opting for Utkarsh Small Finance FDs not only ensures financial stability but also assures you of consistent and secure returns, making it a reliable choice for those seeking dependable returns on their investments.
Utkarsh Small Finance Bank FD Rates FAQ’s:-
Individual residents of India, Sole Proprietorship Firms, Partnership Firms, Limited Companies, and Trust Accounts can open a Utkarsh Small Finance Bank FD account.
There is a penalty charge of 1% on premature withdrawal. This is not applicable for closure within 7 days.
While there is no maximum limit for investing in an FD account of Utkarsh Bank, the minimum deposit amount needed to open a Utkarsh Small Finance FD account is Rs. 1000.
With Utkarsh Small Finance Bank FD schemes, you get insurance coverage of up to Rs. 5,00,000 on the maturity amount offered by Deposit Insurance and Credit Guarantee Corporation (DICGC). Hence, opting for Utkarsh Small Finance FDs is considered a safe option.
The minimum tenure of investment is 7 days, while the maximum tenure is of 10 years.