Utkarsh Small Finance Bank FD Rates

In the realm of investments and savings, Fixed Deposits (FDs) play a major role. A lump sum is invested for assured returns and long-term growth. Among the myriad of options available, Utkarsh Small Finance Bank stands out as one of the best banks for FDs. Its attractive FD rates and flexibility make it a great option for saving enthusiasts.

In this guide, we’ll take you on a journey to understand Utkarsh Small Finance Bank’s FD rates, its various FD schemes, and how it differs from its competitors.

Utkarsh FD Rate Table

Utkarsh Small Finance Bank’s FD rates are unique because they are determined by the bank’s specific financial policies and market positioning. Like other banks, the bank sets its FD rates independently to attract deposits and remain competitive.

Let’s take a quick glance at the numbers that truly matter i.e., Utkarsh FD interest rates and its tenure. The interest rates offered to general and senior citizens for deposits under INR 2 crore as of August 21, 2023, are discussed in the table below.

Tenure	Regular Citizens (%p.a.)	Senior Citizens (% p.a.)
7 days – 45 days	4.00	4.60
46 days – 90 days	4.75	5.35
91 days – 180 days	5.50	6.10
181 days – 364 days	6.50	7.10
365 days – 699 days	8.00	8.60
700 days – less than 2 years	8.25	8.85
2 years – 3 years	8.50	9.10
3+ years – less than 4 years	8.25	8.85
4 years – 5 years	7.50	8.10
5+ years – 10 years	7.00	7.60

Note: The interest rates are subject to change based on the market conditions. <H2> Types Of Utkarsh Fixed Deposit Schemes

Types Of Utkarsh Fixed Deposit Schemes

Utkarsh Bank FD schemes are curated for different needs and preferences. Here are the 3 different FD schemes and their features:

1. Regular FD
2. Fixed Deposit Plus
3. Tax Saver FD

1. Regular Fixed Deposits

Regular fixed deposit is one of the most common types of FD schemes. Some of its features are:

• The minimum deposit is ₹1,000 with a tenure ranging from 7 days to 10 years.
• For deposits that mature in less than 181 days, the interest is calculated as simple interest.
• For deposits that mature in 181 days or longer, compounding options are available.
• Senior citizen interest rates are 0.5% more than standard FD interest rates.
• The interest rate is fixed for the entire tenure of the deposit.

2. Fixed Deposit Plus (No Premature withdrawal facility)

For investors who want to earn a greater interest rate on their FDs, the Fixed Deposit Plus programme is a smart choice. Some of the benefits of Utkarsh bank FD Plus rates are:

• The minimum deposit is over Rs. 15 lakh & maximum deposit is under Rs. 2 crore with a tenure of 7 days to 10 years.
• Senior citizens receive an additional 0.75% interest rate on top of the standard FD interest rate.
• Depositors have the choice of quarterly payouts or discounted monthly payouts.
• Simple interest will be applied for FDs with a tenure of less than 181 days on maturity.
• This scheme does allow for premature withdrawals.

3. Tax Saver Fixed Deposit

As the name suggests, Tax Saver Fixed Deposit is a scheme crafted for tax-conscious people. The benefits include:

• Under Section 80C of the Income Tax Act, tax can be deducted up to Rs. 1.5 lakh every fiscal year.
• The deposit amount ranges from Rs 1,000 to Rs 1.5 lakhs.
• There is a 5-year lock-in period and a deposit tenure.
• Senior citizens are eligible for a 0.50–0.75% higher interest rate.
• There are monthly and quarterly payout choices at discounted rates.
• Auto-renewal, premature/partial withdrawal, and loan/overdraft facilities are not offered.
• A nomination facility is available.

Term-wise Utkarsh Bank Fixed Deposit Rates

Utkarsh Small Finance Bank FD Rates can be divided into three types based on tenure; short-term, medium-term, and long-term fixed deposits.

• Short-term deposits have a tenure of 7 days to less than 12 months. The interest offered for this tenure ranges from 4.00% p.a. to 6.50% p.a. for general citizens and from 4.75% p.a. to 8.35% p.a. for senior citizens.
• Medium-term deposits range from 1 year to less than 5 years. The interest offered ranges from 8.00% p.a. to 8.50% p.a. for general citizens and from 8.60% p.a. to 8.85% p.a. for senior citizens.
• Long-term deposits have tenures that range from 60 months to 10 years and have an interest rate of 7.00% p.a. for general citizens and 7.60% p.a. for senior citizens.

Your returns are significantly influenced by the FD tenure you choose. Longer-term Utkarsh bank FDs frequently provide attractive interest rates. It’s important to select a tenure that fits with your financial objectives and timeframe.

Features and Benefits of Utkarsh Bank FD’s

The advantages and features of Utkarsh FD schemes are as follows:

• Fixed interest rate: Your interest rate will remain constant for the entire tenure of the deposit.
• Safety: Your money remains safe and secured in case the bank fails.
• Tax benefits: You can save taxes on interest collected from your FDs.
• Flexibility: You have a range of tenure options to choose for your investment that fits your financial goals.
• Convenience: You may open an FD at any Utkarsh Bank branch or online.
• Premature Withdrawal: The premature withdrawal penalty is 1% if withdrawal is done within seven days of investment.

Utkarsh Small Finance Bank Vs Other Banks’ FD Rates

Before making a decision, it is wise to compare FD rates. Although the FD rates of Utkarsh Small Finance Bank remain stable, it is a good idea to look at other banks as well.

Bank	Tenure	GeneralPublic (%p.a.)	Senior Citizens (%p.a.)
Utkarsh Small Finance Bank	5 years	7.50	8.10
IndusInd Bank	5 years	7.80	8.40
ICICI Bank	5 years	7.70	8.30
Kotak Mahindra Bank	5 years	7.70	8.30
SBI	5 years	6.50	7.50
RBL Bank	5 years	7.80	8.40
AU Small Finance Bank	5 years	7.90	8.50
Equitas Small Finance Bank	5 years	7.80	8.40
Ujjivan Small Finance Bank	5 years	7.80	8.40
Jana Small Finance Bank	5 years	7.75	8.35
Suryoday Small Finance Bank	5 years	8.60	9.10

Note: The interest rates of the banks are subject to change.

It is usually preferable to check the most recent rates before investing because the interest rates provided by the banks can change any time.

Premature Withdrawal Of Utkarsh Fixed Deposits

Like other banks, Utkarsh Bank allows for premature withdrawals but with a penalty. The penalty depends on the tenure of the FD and the amount withdrawn.

In case of withdrawal of FD within 7 days of investment, a 1% penalty of the amount withdrawn is applicable. If it’s after 7 days but before 1 year, then one has to pay 3 months’ interest as a penalty.  

The following situations qualify for an exemption from the early withdrawal penalty:

• Death of the account holder
• Closure of the bank
• Premature closure of the FD due to natural disaster
• Maturity of the FD
• Permanent disability of the account holder

In the case of Utkarsh fixed deposit plus, there is no premature withdrawal facility.

Summing It Up

Utkarsh Small Finance Bank’s FD rates open the doorway to secure growth for your hard-earned money. It provides a promising path whether you’re looking to create a financial safety net, fund your dreams, or prepare for retirement. However, like any financial decision, careful evaluation is the key. Assess your goals, seek guidance from an expert if necessary, and let the FD rates of Utkarsh Small Finance Bank help you progress towards a future enriched with financial stability and prosperity.

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