Utkarsh Small Finance Bank FD Interest Rates

3.00% - 6.75%
Interest rates
3 months - 10 years
Time Period
1000 - no limit
Min. - Max amount
QUARTERLY
Compounding

About Utkarsh Small Finance Bank FD

Utkarsh Small Finance Bank Limited is a bank that offers banking services. The bank provides checking and deposit accounts, money market, investment, insurance, mortgage, and term loans, as well as card services, remittances, and Internet banking. Customers in India are served by Utkarsh Small Finance Bank. Fixed deposit interest rates at Utkarsh Small Finance Bank are competitive and versatile, with terms ranging from two weeks to ten years. Senior citizens receive an extra 0.50 percent interest rate.

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Started On2016
Head QuartersUttar Pradesh
CRISIL RatingNA
CEOGovind Singh
Listed on exchange as
ICRA RatingNA

Utkarsh Small Finance Bank FD Rates 2022

TenureRegular customersSenior citizens

Features Benefits of Utkarsh Small Finance FD

  • A fixed deposit program is a good alternative for anybody seeking a safe investment with decent but guaranteed earnings. You can earn higher interest rates on Utkarsh FD plans than on the average rates offered by big banks.
  • For individuals wanting to save on income taxes, choose a Tax Saver FD and save up to Rs. 1.5 lakh by claiming the deposit amount as a ‘Deduction' under Section 80C of the Income Tax Act of 1961.
  • If you want to deposit a large sum, starting with Rs. 15 lakh, you should go with Utkarsh Fixed Deposit Plus, which offers greater interest rates.
  • Withdrawing funds before maturity incur a 1% penalty, which is the lower of 1% minus the FD rate at the time of booking or 1% minus the rate of interest for the period in which the FD was active. 
  • No interest is paid on premature withdrawals made before 7 days from the date of booking.

Types of Utkarsh Small Finance Bank FD Schemes

Utkarsh Fixed Deposit

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:

  • The tenure is from 7 days to 10 years.
  • The interest is treated as simple interest that is calculated for deposits maturing in less than 181 days.
  • Compounding options are available for deposits that mature in 181 days and more.
  • Rates for Senior Citizens: 0.5 percent higher than regular FD interest rates.
  • Premature Withdrawal: Allowed; a 1 percent penalty applies.
  • There is an option to receive monthly or quarterly interest.
  • A nominee can be nominated online is available 
  • For resident persons and non-individuals (for deposits above Rs. 2 crores, the customer needs to directly contact the bank).

Utkarsh Fixed Deposit Plus

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:

  • The tenure is from 7 days to 10 years.
  • The minimum deposit amount is Rs. 15 lakh.
  • The maximum deposit amount is less than Rs.1 crore.
  • The interest treatment is the same as that of a regular fixed deposit scheme.
  • The interest rates for Senior Citizens are 0.50% extra.
  • A Premature Withdrawal is not allowed.
  • They offer higher FD rates than a regular fixed deposit scheme.
  • An online nomination facility is available.
  • The investment is capped at Rs. 2 crores.

Term wise Utkarsh Small Finance Bank FD Rates

Short-Term Deposit

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.

Medium-Term Deposit

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 Deposit

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.

Utkarsh Small Finance vs Other Banks' FD Rates

NameTenureInterest rate

How to invest in Utkarsh Small Finance Bank FD?

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.

Eligibility to Open an Utkarsh Small Finance FD

Individuals or entities satisfying the following criteria can opt for a fixed deposit in Utkarsh Small Finance Bank-

  • Individual Resident of India
  • Sole Proprietorship Firms
  • Hindu Undivided Families
  • Trust Accounts
  • Limited Companies
  • Partnership Firms

Documents to Open Utkarsh Small Finance Bank FD

The following documents have to be furnished for opening an Utkarsh Small Finance Bank FD-

  1. Individuals
  • PAN or Form 60
  • One latest passport size photograph
  • Address Proof (Voter’s ID card/ Aadhar / Passport/ Driving Licence/Job card issued by NREGA, etc.)
  1. Public or Private Limited Companies
  • Memorandum and Articles of Association
  • PAN Card and Aadhaar Card of authorized signatories
  • Board Resolution authorizing the opening and operations of the account
  • Certificate of Incorporation
  • Firm’s Address Proof (if not mentioned in the Certificate of Incorporation)
  • PAN or General Index Registrar (GIR) number
  • GST Certificate
  • List of Directors with residential addresses
  1. Partnership Firms
  • PAN Card of the Firm or Form 60
  • Letter from partners approving the persons concerned to open and operate the account
  • Shop and Establishment Certificate or GST Certificate
  • Aadhaar Card and PAN Card of Authorized Signatories
  • Partnership Deed and Registration Certificate, PAN Card of Partnership Firm
  1. Limited Liability Partnership Firms
  • PAN Card of LLP
  • Certificate of Registration issued by the registrar of Limited Liability Partnership
  • Communication Address proof of Limited Liability Partnership Firm
  • Aadhaar Card and PAN Card of authorized signatories
  1. Proprietorship Concerns
  • Certificate from a State Government or Statutory Body or Trade License or Sales Tax Certificate or Shop and Establishment Certificate or GST Certificate
  • Aadhaar Card and PAN Card of the proprietor(s) or authorized signatory(s)
  • Letter of proprietorship, duly signed by the proprietor in her or his individual capacity (with a rubber stamp)
  1. Hindu Undivided Family (HUF)
  • PAN or GIR number or completed Form 60
  • Letter of HUF duly signed by Karta and all Co-Parceners
  • Aadhaar Card of all authorized signatories
  • Names of Karta and Co-Parceners with a residential address

Tax on Utkarsh Small Finance Bank Fixed Deposit

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.

Loan Against Utkarsh Small Finance Bank FD

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.

Premature Closure of Utkarsh Small Finance Bank FD

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.

FAQs

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.

Calculate Utkarsh Small Finance Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Utkarsh Small Finance Bank
@6.75% p.a
Get higher interest rates
online upto 0%
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