Utkarsh Small Finance Bank has revised interest rates of fixed deposit (FD) of less than Rs 2 crore. The revised rates are effective from May 1, 2024, according to the website. The revised rates are applicable for fresh fixed deposits as well as for the renewal of existing fixed deposits.
Utkarsh Small Finance Bank offers up to 8.5% interest on FDs for general citizen
Utkarsh Small Finance Bank offers interest rates ranging from 4% to 8.50% for regular citizens for fixed deposits maturing between seven days and 10 years. The highest interest rate of 8.5% is offered on FDs maturing between two years and three years.FD investors can earn up to 8.75% interest as this bank revises fixed deposit rates; check details
Utkarsh Small Finance Bank senior citizen FD interest rates
For senior citizens, FD interest rates vary from 4.6% to 9.10%. Utkarsh Small Finance Bank offers the highest interest rate of 9.10% on fixed deposits maturing between two years and three years to senior citizens.
Utkarsh Small Finance Bank FD interest rates
Following the revision, the small finance bank now offers an interest rate of 4% on FDs maturing between seven and 45 days. For FDs maturing between 46 days and 90 days, the bank offers a 4.75% interest rate.
| Sr. | Regular | Senior Citizens | |
| No. | Tenure | Interest Rate | Interest Rate |
| 1 | 7 Days to 45 Days | 4.00% | 4.60% |
| 2 | 46 Days to 90 Days | 4.75% | 5.35% |
| 3 | 91 Days to 180 Days | 5.50% | 6.10% |
| 4 | 181 Days to 364 Days | 6.50% | 7.10% |
| 5 | 365 Days to 699 Days | 8.00% | 8.60% |
| 6 | 700 Days to less than 2 Years | 8.25% | 8.85% |
| 7 | 2 Years (730 Days) to 3 Years (1096 | 8.50% | 9.10% |
| Days) | |||
| 8 | Above 3 Years to less than 4 Years | 8.25% | 8.85% |
| 9 | 4 Years (1461 Days) upto 5 Years | 7.75% | 8.35% |
| (1826 Days) | |||
| 10 | Above 5 Years to 10 Years | 7.25% | 7.85% |
Source: Bank website
FD premature withdrawal rule in Utkarsh Small Finance Bank
According to the Utkarsh Small Finance Bank website, “Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower.”
Deposits in the small finance banks are insured up to a maximum of Rs 5 lakh under Deposit Insurance and Credit Guarantee Corporation (DICGC).
