Utkarsh Small Finance Bank FD Rates — Complete Guide & Interest Chart

Key Takeaways
 

• Small finance banks offer higher rates than traditional commercial banks.
   
• Senior citizens earn an extra 0.50% interest on all deposits.
   
• Digital banking facilities provide convenient account management options.

Utkarsh Small Finance Bank Fixed Deposit provides attractive interest rates with flexible tenure options for investors. The bank offers special benefits for senior citizens and digital convenience for account management.

This blog covers Utkarsh Small Finance Bank's fixed deposit schemes, current interest rates, and investment procedures.

Example:

I put ₹3,00,000 into a Utkarsh fixed deposit for three years at 8% interest per year. By the end, I’ll earn about ₹77,800 in interest, so my total amount will be around ₹3,77,800.

Utkarsh Small Finance Bank Fixed Deposit Interest Rate

Utkarsh Small Finance Bank Fixed Deposit offers competitive interest rates for investors.

Latest FD interest rates for domestic deposits under ₹3 crores:

• Short-term deposits of 7-45 days earn 4.00% interest rates currently.
• Medium-term deposits of 46-90 days offer 4.50% to 5.00% rates for senior citizens of India.
• Long-term deposits of 2-3 years provide attractive 7.65% interest rates.
• Extended tenure deposits above 5 years earn 7.00% interest annually.

Choose a fixed deposit term that fits your savings goal and get the most from Utkarsh Bank’s competitive interest rates.

Senior citizen FD rates:

• Senior citizens receive an additional 0.50% interest on all deposit tenures.
• Elderly investors earn a maximum of 8.15% on 2-3 year deposit terms.
• Senior rates range from 4.50% to 8.15% across different periods.

Senior citizens can earn up to 8.15% interest with medium-term deposits. This includes an extra 0.50% interest just for seniors, helping you get more from your savings.

Term-wise interest rates from 7 days to 10 years:

• Rates start at 4.00% for weekly deposits and increase progressively.
• Peak rates of 8.00% apply for 3-4 year senior deposits.
• Ten-year deposits offer steady 7.50% returns for senior citizens.

Choose a fixed deposit term that matches your investment goals. With Utkarsh Bank, longer terms offer higher returns.

Bulk deposit FD rates above ₹3 crores:

• Contact the nearest branch for bulk deposit rates above ₹3 crores.
• Large deposits require special rate negotiations with bank officials.

The Utkarsh Small Finance Bank Fixed Deposit provides excellent investment returns.

Types of Utkarsh Small Finance Bank Fixed Deposit Schemes

Utkarsh Small Finance Bank Fixed Deposit offers multiple scheme options for investors.

• Fixed Deposit Plus: Maximise your returns with higher interest rates and compounding benefits. This option offers exclusive senior citizen rates compared to standard deposits.
• Tax Saver Fixed Deposit: Save tax while gaining competitive returns with flexible payout options. This scheme offers senior citizen benefits and hassle-free tax processing.
• Deposit Locker: Ensure your valuables remain safe with trusted bank security services. Choose from three locker sizes and benefit from competitive rates.

The Utkarsh Small Finance Bank Fixed Deposit caters to diverse investment needs.

Features and Benefits of Utkarsh Small Finance Bank FD

Key advantages that make these deposits attractive for investors:

• Better Interest Rates: Small finance banks offer higher rates than traditional banks.
• Safety and Regulatory Oversight: DICGC insures deposits up to five lakh rupees completely.
• Flexibility and Customisation Options: Multiple tenure options from seven days to ten years are available.
• Monthly Income Schemes: Interest payments are made monthly for regular income needs.
• Digital Convenience: Online and mobile banking facilities provide easy account management.
• Special Focus on Small Depositors: Utkarsh Small Finance Bank's FD serves underserved sectors effectively.

Utkarsh Small Finance Bank FD combines safety with attractive returns perfectly.

Comparison of Utkarsh Small Finance FD Rates with Other Banks

Utkarsh Small Finance Bank FD offers competitive rates against major banks.

Check the FD Rates of other banks online to know the best rate.

Eligibility Criteria & Required Documents for Utkarsh Small Finance Bank FD Interest Rates

You are eligible for Utkarsh Small Finance Bank Fixed Deposit if you belong to any one of the following categories:

• Indian citizens presently living in India
• Must be minimum eighteen years old
• Aadhaar linked with mobile number and PAN

Utkarsh Small Finance Bank Fixed Deposit serves eligible Indian residents easily.

Tax Implications on Utkarsh Small Finance Bank Fixed Deposit

The government taxes interest earned from fixed deposits. Banks deduct TDS when interest exceeds certain limits. You can submit Form 15G to avoid TDS deductions. Senior citizens use Form 15H for TDS exemption benefits.

Utkarsh Small Finance Bank Fixed Deposit offers tax-saving deposit schemes. These special deposits lock funds for five years. Investors reduce taxable income up to ₹1,50,000 annually. The Tax Saver scheme falls under Section 80C provisions.

Utkarsh Small Finance Bank FD Premature Withdrawal & Closure Rules

Utkarsh Small Finance Bank FD Premature Withdrawal & Closure Rules: 

• You can withdraw your Utkarsh Small Finance Bank Fixed Deposit early.
• The bank charges penalty fees for premature withdrawal requests.
• Penalty reduces your interest rate by 1% for early closures.
• Deposits closed within 7 days receive no interest payments whatsoever.
• The bank applies lower contracted rates for premature withdrawals.
• Banks calculate interest on a simple basis for premature withdrawal periods.
• Early withdrawal affects your overall returns from the deposit significantly.
• Consider penalty costs before closing your Utkarsh Small Finance Bank Fixed Deposit.

Always check current penalty rates before making withdrawal decisions.

How to Invest in Utkarsh Small Finance Bank FD?

Opening a Utkarsh Small Finance Bank Fixed Deposit is simple and quick. Follow these steps:

For Existing Account Holders:

• Log in to your Utkarsh Bank net banking or mobile banking application securely.
• Use your customer ID and password for account access.
• Navigate to the fixed deposits section on the platform.
• Tap on ‘Start FD’ or ‘Open New Fixed Deposit’ option.
• Enter your deposit amount and choose your preferred tenure.
• Select cumulative or periodic interest payout options as needed.
• Add a nominee for your fixed deposit if required.
• Review all details carefully and confirm your deposit application.
• Receive your FD confirmation slip via SMS or email instantly.

Just follow the steps, check your details, and you’ll get instant confirmation so you can start earning guaranteed returns on your FD.

For New Customers:

• Visit the digital FD page of Utkrash Bank and click the ‘Apply Now’ button.
• Complete online KYC with Aadhaar, PAN, and video verification.
• Fund your FD account using UPI or net banking.
• Get your FD account confirmation details shared via message.

The Utkarsh Small Finance Bank Fixed Deposit offers convenient investment options.

Conclusion

Utkarsh Small Finance Bank Fixed Deposit combines competitive rates with regulatory safety effectively. Senior citizens benefit from enhanced returns and flexible payout options. The digital platform makes investment and management processes convenient for investors.

Bonus Tip: You can make a minimum deposit of ₹1,000, and there is no maximum limit for the Utkarsh Bank Fixed Deposit.

FAQs

Is the interest earned on Utkarsh Small Finance Bank FD subject to TDS?

Yes, interest earned on your deposit is subject to TDS according to Income Tax rules.

Is there a monthly payout of interest for Utkarsh Small Finance Bank FD?

You can choose a monthly interest payout for your Utkarsh Small Finance Bank FD, but the interest rate will be lower as per RBI rules.

What is the minimum and maximum tenure for FD in Utkarsh Small Finance Bank?

The minimum tenure for a Utkarsh Small Finance Bank FD is 7 days, and the maximum is 10 years.

What is the penalty for premature withdrawal of an FD in Utkarsh Small Finance Bank?

For premature withdrawal, if you withdraw your FD from Utkarsh Small Finance Bank early, a 1% penalty will be charged on the interest.