|Tenure||Regular customers||Senior citizens|
Utkarsh Fixed Deposit This is the bank's standard FD program, which is suitable for the majority of its customers. The following table summarises the details of this scheme:
This fixed deposit program is intended to give better returns to individuals who invest a larger sum (minimum Rs. 15 Lakh to less than Rs. 2 Crore). The following features of this plan are mentioned in further detail:
Short-term Duration Deposits have a term of 7 days to less than 12 months. The bank's interest rate for this tenure runs from 3.00 percent p.a. to 3.00 percent p.a. to 3.00 percent p.a. to 3.00 percent p.a. to 3.00 percent p.a. to a yearly rate of 6.00 percent, and it is 0.50% higher for senior citizens.
The duration of medium-term fixed deposits ranges from one year to fewer than five years. The bank's interest rates start at 6.75 percent per year and go up from there. to a yearly rate of 7.00 percent and it is 0.50% higher for senior citizens.
Long-term fixed deposits have terms ranging from 60 months to ten years and pay an annual interest rate of 6.75 percent and it is 0.50% higher for senior citizens.
For opening a Utkarsh Small Finance Bank FD, one can visit the nearest branch of Utkarsh Small Finance Bank. A bank representative will guide you on the FD application process.
Individuals or entities satisfying the following criteria can opt for a fixed deposit in Utkarsh Small Finance Bank-
The following documents have to be furnished for opening an Utkarsh Small Finance Bank FD-
As per the general rules, fixed deposits under Utkarsh Small Finance Bank are eligible for a tax deduction of up to Rs 1,50,000 under Section 80C in every financial year. However, different schemes might have different tax deductions applicable.
Utkarsh Small Finance Bank provides loans against their Fixed Deposits. The loan and the rate of interest for the loan depend on the rules set by Utkarsh Small Finance Bank.
Utkarsh Small Finance Bank Fixed Deposits can be withdrawn prematurely. Utkarsh Small Finance bank levies a 1% penalty on the interest for all premature withdrawals.
Who is eligible for the FD scheme?
Utkarsh Small Finance Bank's FD programs are open to the following: individuals: Indian citizens (individuals), Hindu Undivided Families (HUFs), Partnership Firms, Sole Proprietorship Firms, Trusts, Societies, and Limited Companies.
Will I receive the same interest rate on my Utkarsh Small Finance Bank FD if I remove it early?
If you prematurely withdraw your FD after 7 days, you will get interest at 1% less than the card rate on the day of deposit for which the deposit has stayed with the bank, or at 1% less than the contractual rate. If you remove it within one week after opening the deposit, there is no penalty.
Is there a monthly interest payment for Utkarsh Small Finance Bank FD?
Monthly payouts are provided for Utkarsh Small Finance Bank FDs at reduced interest rates in accordance with Reserve Bank of India guidelines (RBI).
Is TDS levied on Small Finance Bank FDs?
Yes, according to the Income Tax Regulations, the interest generated on the deposit is subject to Tax Deducted at Source (TDS).
What is the minimum amount that may be deposited into a Utkarsh Small Finance Bank Fixed Deposit Account?
A Utkarsh Small Finance Bank Fixed Deposit Account requires a minimum deposit of Rs. 1,000.