Utkarsh Small Finance Bank offers some of the best FD interest rates in the market. The bank provides its customers with an option to safeguard their savings in fixed deposits and also earn good returns. Read on to know about the current Utkarsh Small Finance Bank FD rates along with the bank’s premature withdrawal facility, eligibility criteria and more.
Utkarsh Small Finance Bank FD Rates
|Tenures||Utkarsh Bank FD Rates (p.a.)|
|Regular Citizens||Senior Citizens|
|7 days to 45 days||3.50%||4.00%|
|46 days to 180 days||4.50%||5.00%|
|181 days to 364 days||6.50%||7.00%|
|365 days to 776 days||8.25%||8.75%|
|778 days to 3652 days||8.25%||8.75%|
Note: Interest rates are applicable on deposits below ₹ 2 crore with effect from 1st June 2020.
Utkarsh Small Finance Bank – Fixed Deposit Schemes
The bank has two types of fixed deposit schemes to cater to the differential needs of its customers. These schemes are:
- Utkarsh – Fixed Deposit
- Utkarsh – Fixed Deposit Plus
Features & Benefits of Utkarsh Bank FD Schemes
- Utkarsh Fixed Deposit
This is the bank’s regular FD scheme and is fit for most of the customer base. The details of this scheme are stated in the table below:
|Tenure||7 days – 10 years|
|Min. Deposit Amount||Rs. 1,000|
|Interest Treatment||Simple Interest calculation for deposits maturing in less than 181 days|
Option of compounding available for deposits maturing in 181 days or more
|Rates for Senior Citizens||0.5% over the standard FD interest rates|
|Premature Withdrawal||Allowed; penalty of 1%|
- Utkarsh Fixed Deposit Plus
This fixed deposit scheme is designed to provide higher returns to those who wish to invest a higher amount (minimum Rs. 15 lakh). Features of this scheme are tabulated further:
|Tenure||7 days – 10 years|
|Min. Deposit Amount||Rs. 15 lakh|
|Interest Treatment||Same as that of regular fixed deposit scheme|
|Rates for Senior Citizens||0.50% extra|
|Premature Withdrawal||Allowed; penalty of 1%|
Who Should Invest?
Anyone looking for a safer investment option with decent but guaranteed returns should invest in a fixed deposit scheme. For Utkarsh FD schemes, you can earn better interest rates than the average rates circulating in the major banks.
For those looking to save on the income tax, go for Tax Saver FD and save up to Rs. 1.5 lakh by claiming the deposit amount in ‘Deductions’ u/s 80C of IT Act, 1961.
If you wish to invest big amount, starting with Rs. 15 lakh, you should select Utkarsh Fixed Deposit Plus and earn higher interest due to preferential rates.
Premature Withdrawal Facility
Premature withdrawal facility means that the depositor is given the option to withdraw money from the fixed deposit before the date of maturity. This option is given to depositors to help them self-finance an emergency. The following points highlight the features of this facility:
- 1% penalty is levied on withdrawing funds before the maturity
- Lower of 1% minus the FD rate at the time of booking and 1% minus the rate of interest for the period for which the FD was active
- No interest is paid on premature withdrawal exercised before 7 days from the date of booking
Utkarsh Bank FD Calculator
Before putting money in any of the fixed deposit schemes by Utkarsh Small Finance Bank, it is suggested to use the Fixed Deposit Calculator at Paisabazaar.com. This is an online free tool which can be accessed at any time and from mobile phone or computer, likewise.
Using this FD calculator, customers can get an idea of their potential interest earnings with Utkarsh Bank’s FD schemes. To use the tool, one only needs to provide three inputs, viz. deposit amount, tenure for which FD is to be kept with the bank and the updated Utkarsh Bank FD rates.
On submitting these details, the calculator shall furnish the estimated total interest earnings. This way, one can direct one’s money in the best possible way.
Eligibility Criteria – Who can apply?
The persons stated below can apply for the FD schemes by Utkarsh Small Finance Bank:
- Indian residents (individuals)
- Hindu Undivided Families (HUFs)
- Partnership Firms
- Sole Proprietorship Firms
- Trusts and Societies
- Limited Companies
Documents Required to Apply
The following documents/details are required when opening a fixed deposit account with Utkarsh Bank:
- One latest passport size photograph
- PAN or Form 60
- Address Proof (Voter’s ID card/ Aadhar / Passport/ Driving Licence/Job card issued by NREGA, etc.)
2. Public or Private Limited Companies
- Certificate of Incorporation
- Memorandum and Articles of Association
- Board Resolution authorizing the opening and operations of the account
- PAN or General Index Registrar (GIR) number
- List of Directors with residential addresses
- PAN Card and Aadhaar Card of authorized signatories
- Firm’s Address Proof (if not stated in the Certificate of Incorporation)
- GST Certificate
3. Partnership Firms
- Partnership Deed and Registration Certificate, PAN Card of Partnership Firm
- Shop and Establishment Certificate or GST Certificate
- Letter from partners approving the persons concerned to open and operate the account
- Aadhaar Card and PAN Card of Authorized Signatories
- PAN Card of the Firm or Form 60
4. Limited Liability Partnership Firms
- Certificate of Registration issued by registrar of Limited Liability Partnership
- PAN Card of LLP
- Aadhaar Card and PAN Card of authorized signatories
- Communication Address proof of Limited Liability Partnership Firm
5. Proprietorship Concerns
- Certificate from a State Government or Statutory Body or Trade License or Sales Tax Certificate or Shop and Establishment Certificate or GST Certificate
- Letter of proprietorship, duly signed by the proprietor in her or his individual capacity (with a rubber stamp)
- Aadhaar Card and PAN Card of proprietor(s) or authorized signatorie(s)
6. Hindu Undivided Family (HUF)
- Letter of HUF duly signed by Karta and all Co-Parceners
- PAN or GIR number or completed Form 60
- Names of Karta and Co-Parceners with residential address
- Aadhaar Card of all authorized signatories
Utkarsh Bank FD Schemes - How to Apply?
Interested customers are required to visit a nearby branch of Utkarsh Small Finance Bank along with all the above-stated documents.
However, now the bank has come up with another alternative in which one may apply online and a banks’ customer care executive shall call back to help the customer proceed with the application thus registered.
Steps for online intimation are as follows:
Step 1 – Visit the official website of Utkarsh Small Finance Bank.
Step 2 – On the top of the homepage, hover over the ‘Accounts & Deposits’ tab and select ‘Fixed Deposits’ or ‘Fixed Deposit Plus’ from the list.
Step 3 – On the redirected page, Click on ‘Apply Now’ button.
Step 4 – Fill the pop-up online form with the product type, state, city and nearest branch number from options provided in drop-down boxes along with name and contact number.
Step 5 – Submit the form (after clicking on the ‘reCaptcha’ to confirm that the user is a human).
Step 6 – Enter the OTP (this will be sent to the submitted contact number) and click on ‘Get a call back’ to complete the application process.
For queries, customers can also call on any of the following Utkarsh Small Finance Bank customer care numbers:
1800 123 9878
1800 208 1788
Frequently Asked Questions (FAQs)
Q. What is the highest Utkarsh Small Finance Bank FD Rate available?
Currently, the highest Utkarsh Small Finance Bank FD rate is 9.00% for regular individuals & 9.50% for senior citizens (777 days).
Q. What is the minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Account?
The minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Account is Rs. 1,000.
Q. Are there any penalty charges on premature withdrawal of Utkarsh Small Finance Bank Fixed Deposit?
Bank charges penalty of 1%, i.e. interest is given at the applicable rate of interest minus 1%.