FINANCE

Latest Utkarsh Small Finance Bank FD rates: Senior citizens get up to 9.10%, general customers up to 8.5% – check revised list

Utkarsh Small Finance Bank FD rates: Utkarsh Small Finance Bank has revised its fixed deposit (FD) interest rates for amounts below Rs 2 crore, with the changes effective from May 1, 2024. The revised rates apply to both new deposits and renewals of existing FDs.

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Fixed deposit rates for general customers

According to ET, Utkarsh Small Finance Bank provides fixed deposit interest rates between 4% and 8.5% for regular customers, with terms ranging from seven days to 10 years. The best rate, 8.5%, is available for FDs that mature between two and three years.

Special FD rates for senior citizens

Senior citizens receive fixed deposit interest rates ranging from 4.6% to 9.10% at Utkarsh Small Finance Bank. The highest rate of 9.10% is for FDs with a maturity of two to three years.

FD interest rates breakdown

After the rate changes, the small finance bank now provides a 4% interest rate for fixed deposits maturing between seven and 45 days. If the FD matures between 46 and 90 days, the rate is 4.75%.

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Sr.RegularSenior Citizens
No.TenureInterest RateInterest Rate
17 Days to 45 Days4.00%4.60%
246 Days to 90 Days4.75%5.35%
391 Days to 180 Days5.50%6.10%
4181 Days to 364 Days6.50%7.10%
5365 Days to 699 Days8.00%8.60%
6700 Days to less than 2 Years8.25%8.85%
72 Years (730 Days) to 3 Years (10968.50%9.10%
Days)
8Above 3 Years to less than 4 Years8.25%8.85%
94 Years (1461 Days) upto 5 Years7.75%8.35%
(1826 Days)
10Above 5 Years to 10 Years7.25%7.85%

Premature withdrawal penalty

As stated on the Utkarsh Small Finance Bank website, if you withdraw your fixed deposit early, there’s a 1% penalty. This penalty doesn’t apply if you close the deposit within seven days. The 1% is deducted from the current rate for the period your deposit was with the bank, or from the agreed-upon rate, whichever is lower.

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Deposit insurance

Deposits in small finance banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to Rs 5 lakh. This means that if the bank faces financial trouble, your deposit is protected up to this limit.

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