Utkarsh Small Finance Bank FD Rates
With risk dwelling alternatives, fixed Deposits have long been a preferred investment option for many due to their safety and assured returns. Utkarsh Small Finance Bank, a relatively new entrant in the Indian banking sector, offers competitive FD rates that are worth exploring. In this blog, we will delve into the specifics of Utkarsh Small Finance Bank FD rates for 2024, their types, features, and answer some frequently asked questions.
Introduction to Utkarsh Small Finance Bank
Utkarsh Small Finance Bank commenced its operations in 2017 with the goal of providing banking solutions to the underserved parts of the society. The bank offers a wide range of financial services, including savings accounts, loans, and fixed deposits. One of the attractive offerings is their Fixed Deposit (FD) schemes which cater to various customer needs with attractive interest rates and flexible tenure options.
Utkarsh Small Finance Bank FD Rates in 2024
For the year 2024, Utkarsh Small Finance Bank has updated its FD rates to offer competitive returns to its customers. Below is a table outlining the current FD rates:
Utkarsh Small Finance Bank FD Rates (p.a.) Highlights for 2024
| Tenure | Interest Rate (p.a.) |
|---|---|
| Highest Slab Rate | 8.50% (for 2 years – 3 years) |
| 1 Year | 8.00% |
| 2 Years | 8.50% |
| 3 Years | 8.50% |
| 4 Years | 7.75% |
| 5 Years | 7.75% |
| Tax-Saving FD | 7.50% |
*Note: The interest rates are updated as of 13 May 2024.
FD Rates on Domestic Deposits<Rs 2 Crore (Effective from 1 May 2024)
| Tenure | Regular Customers | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 4.00% | 4.60% |
| 46 days to 90 days | 4.75% | 5.35% |
| 91 days to 180 days | 5.50% | 6.10% |
| 181 days to 364 days | 6.50% | 7.10% |
| 365 days to 699 days | 8.00% | 8.60% |
| 700 days to < 2 years | 8.25% | 8.85% |
| 2 years to 3 years | 8.50% | 9.10% |
| Above 3 years to < 4 years | 8.25% | 8.85% |
| 4 years to 5 years | 7.75% | 8.35% |
| Above 5 years to 10 years | 7.25% | 7.85% |
Utkarsh Small Finance Bank Tax Saver Deposit (Effective from 1 May 2024):
| Tenure | Regular Customers | Senior Citizens |
|---|---|---|
| 5 years | 7.50% p.a. | 8.10% p.a. |
Utkarsh Small Finance Bank FD Rates (No Premature Withdrawal Facility) for Deposits Above Rs 15 Lakh to < Rs 2 Crore (Effective from 1 May 2024):
| Tenure | Regular Customers | Senior Citizens |
|---|---|---|
| 7 days to 45 days | 4.00% p.a. | 4.60% p.a. |
| 46 days to 90 days | 4.75% p.a. | 5.35% p.a. |
| 91 days to 180 days | 5.50% p.a. | 6.10% p.a. |
| 181 days to 364 days | 6.50% p.a. | 7.10% p.a. |
| 365 days to 699 days | 8.25% p.a. | 8.85% p.a. |
| 700 days to < 2 years | 8.50% p.a. | 9.10% p.a. |
| 2 years to 3 years | 8.75% p.a. | 9.35% p.a. |
| Above 3 years to < 4 years | 8.50% p.a. | 9.10% p.a. |
| 4 years to 5 years | 8.00% p.a. | 8.60% p.a. |
| 5 years | 7.50% p.a. | 8.10% p.a. |
Types of Fixed Deposits Offered by Utkarsh Small Finance Bank:
Utkarsh Small Finance Bank offers various types of fixed deposit schemes tailored to meet the diverse needs of their customers:
1. Regular Fixed Deposits: This is the standard FD scheme where users can invest a lump sum amount for a fixed tenure with a predetermined interest rate.
2. Tax-Saver Fixed Deposits: They come with a lock-in period of 5 years and are tax deductible under Section 80C of the Income Tax Act.
3. Cumulative Fixed Deposits: Interest is compounded quarterly and paid at the end of the maturity period.
4. Non-Cumulative Fixed Deposits: Interest is paid out at regular intervals (monthly, quarterly, half-yearly, or annually) as per the customer’s choice.
5. Senior Citizen Fixed Deposits: Exclusive FD schemes for senior citizens offering higher interest rates.
Features of Utkarsh Small Finance Bank Fixed Deposits:
1. Flexible Tenure: Customers can choose from a wide range of tenure options starting from 7 days to over 5 years.
2. High-Interest Rates: The bank offers competitive interest rates, especially for long-term deposits.
3. Premature Withdrawal: Facility available with applicable penalty charges.
4. Nomination Facility: Customers can nominate a beneficiary for their FD account.
5. Loan Against FD: Option to avail loans against the fixed deposit up to 90% of the deposit amount.
Benefits of Choosing Utkarsh Small Finance Bank FDs:
- Financial Security: FDs provide a stable and predictable return, minimizing investment risk.
- Goal Achievement: FDs can be a valuable tool for achieving financial goals like building an emergency fund, financing education, or investing for retirement.
- Tax Benefits: Interest earned on FDs may be eligible for tax deductions under specific sections of the Income Tax Act.
Conclusion:
Utkarsh Small Finance Bank FDs cater to diverse customer requirements with attractive interest rates. Whether you are looking for a short-term investment or a long-term savings plan, Utkarsh Small Finance Bank has options that can suit your financial goals.
Investing in FDs can be a secure and profitable choice for many, thanks to their safe and fixed interest rates. But if you are looking for a stable fixed income platform that gives more than twice the returns of FDs, head over to Tap Invest now!
FAQs For Utkarsh Small Finance Bank FD Rates:
Q1: What is the minimum deposit amount for opening an FD at Utkarsh Small Finance Bank?
A1: The minimum deposit amount is Rs. 1,000.
Q2: Can I prematurely withdraw my FD?
A2: Yes, premature withdrawal is allowed, but it may attract a penalty as per the bank’s policy.
Q3: Are there any special benefits for senior citizens?
A3: Yes, senior citizens enjoy higher interest rates compared to the general public.
Q4: Is it possible to take a loan against my FD?
A4: Yes, you can avail of a loan up to 90% of your FD amount.
Q5: How is the interest on the FD calculated?
A5: Interest is calculated on a quarterly basis and can be either compounded or paid out periodically, depending on the type of FD chosen.
