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.
Table of Contents
| Tenures | Utkarsh Bank FD Rates (p.a.) | |
| General Customers | Senior Citizens | |
| 7 days to 45 days | 3.25% | 3.75% |
| 46 days to 90 days | 3.75% | 4.25% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 364 days | 6.50% | 7.00% |
| 365 days to 699 days | 7.25% | 7.75% |
| 700 days | 7.50% | 8.00% |
| 701 days to 3652 days | 7.25% | 7.75% |
Note: Interest rates are applicable on deposits below ₹ 2 crores with effect from 1st September 2020.
Utkarsh Small Finance Bank FD Plus Rates
| Tenure | Utkarsh Bank FD Rates (p.a.) | |
| General Customers | Senior Citizens | |
| 7 days to 45 days | 3.25% | 3.75% |
| 46 days to 90 days | 3.75% | 4.25% |
| 91 days to 180 days | 4.50% | 5.00% |
| 181 days to 364 days | 6.75% | 7.25% |
| 365 days to 699 days | 7.50% | 8.00% |
| 700 days | 7.75% | 8.25% |
| 701 days to 3652 days | 7.50% | 8.00% |
Note: Interest rates are applicable on deposits above ₹ 15 Lakhs to below ₹ 2 crores with effect from 1st September 2020.
The bank has two types of fixed deposit schemes to cater to the differential needs of its customers. These schemes are:
Features & Benefits of Utkarsh Bank FD Schemes
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:
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Min. Deposit Amount | Rs. 1,000 |
| Interest Treatment | Simple Interest calculation for deposits maturing in less than 181 days The 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; a penalty of 1% |
| Features |
|
This fixed deposit scheme is designed to provide higher returns to those who wish to invest a higher amount (minimum Rs. 15 Lakh to less than Rs. 2 Crore). Features of this scheme are tabulated further:
| Particulars | Details |
| Tenure | 7 days – 10 years |
| Min. Deposit Amount | Rs. 15 lakh |
| Max. Deposit Amount | Less than Rs.1 crore |
| Interest Treatment | Same as that of regular fixed deposit scheme |
| Rates for Senior Citizens | 0.50% extra |
| Premature Withdrawal | Not allowed |
| Features |
|
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 a 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 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:
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.
The persons stated below can apply for the FD schemes by Utkarsh Small Finance Bank:
The following documents/details are required when opening a fixed deposit account with Utkarsh Bank:
1. Individuals
2. Public or Private Limited Companies
3. Partnership Firms
4. Limited Liability Partnership Firms
5. Proprietorship Concerns
6. Hindu Undivided Family (HUF)
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 the ‘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
Q. What is the highest Utkarsh Small Finance Bank FD Rate available?
Currently, the highest Utkarsh Small Finance Bank FD rate is 7.50% for regular individuals & 8.00% for senior citizens (700 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. What is the minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Plus Account?
The minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Account Plus is Rs. 15,00,000.
Q. Are there any penalty charges on premature withdrawal of Utkarsh Small Finance Bank Fixed Deposit?
Bank charges a penalty of 1%, i.e. interest is given at the applicable rate of interest minus 1%.
