Utkarsh Small Finance Bank is Varanasi's sole Small Finance Bank. It was founded in 2009 to empower the low-income population financially, and it has since reached new heights.
The bank's goal is 'Ummeed' - to provide consumers hope for fulfilling their ambitions and requirements. They have expanded our services throughout the years to 112 districts in 11 states. With 400 banking outlets, they now have a customer base of over 15 lakh pleased customers. Among these products and services, the bank also offers its customers recurring deposits.
Here is a table to show the Utkarsh Small Finance Bank RD rates:
|
Tenure |
Utkarsh Bank RD Interest Rates |
|
Year 1 |
6.25% |
|
Year 2 |
6.00% |
|
Year 3 |
6.00% |
|
Year 4 |
6.00% |
|
Year 5 |
6.00% |
Utkarsh Small Finance Bank allows you to accumulate wealth over time by recurring monthly contributions of a defined amount. It gives you a variety of RD alternatives with deposit terms ranging from 12 months to 120 months. The highest deposit amount for an RD is unlimited. When you open an RD account, you must provide instructions for the disposition of maturity profits.
Loans or overdrafts of up to 90% of the deposited amount are available. The interest rate on Recurring Deposits is the same as on term deposits. The rate applicable to all Senior Citizens aged 60 and up will be 0.50% higher than the rate applicable to general consumers.
Investing in Utkarsh Small Finance Bank is an excellent choice for those with little income. The advantage of RDs is that you obtain the same interest rate for the duration of the RD, even if future RD rates are lower.
There is no partial withdrawal allowed on the RD account from Utkarsh Bank RD. But, premature withdrawal is allowed, which means you can withdraw the money you hold in the RD account before maturity is attained.
There is a 1% penalty when you want to withdraw the funds beforehand. 1% means it will be 1% over the amount that you hold in the RD account.
When you pay your penalties late or do not pay the RD payments, you will be charged with a penalty of Rs. 2 to Rs. 100 for a month that was skipped.
There are a set of mandatory documents needed while applying for the RD from Utkarsh Bank. The documents have been enlisted below:
You can easily apply for a recurring deposit from Utkarsh Bank in two simple ways, and they are:
1) Internet Banking Portal
2) Visiting the Bank
You can visit the official portal to apply for the RD account from Utkarsh bank, and the steps to do so are mentioned below:
Step 1: You will have to visit the portal and log in.
Step 2: Once you have logged in - you need to go to the apply section of the page.
Step 3: On the apply section, you can choose Recurring deposit.
Step 4: After choosing RD, you will have to fill in all the required details.
Step 5: When all of the details have been verified, you can deposit your RD account amount and start with the RD account saving plan.
You can also apply for the RD account in another way, and that is by physically visiting the Utkarsh Bank close to you. For this, you must locate the closest Utkarsh Bank and carry the above-mentioned documents. Once you go there, a bank representative will walk you through the application process.
Q1. Can I opt for a recurring deposit from Utkarsh bank and then choose to take a loan against it?
You can get a loan against your recurring deposit, but this loan amount will only be up to the value of 90% of your amount in the RD account and not more.
Q2. What is the interest rate for my RD scheme in Utkarsh Bank?
The interest rate for the RD will vary for different tenures and for senior citizens, which is given in the table above. Also these rates will also change periodically.
Q3. What happens when I skip a month's payment for my RD account?
When you skip or do not pay your RD monthly installments, you will be charged a penalty by Utkarsh Bank between Rs. 2 and Rs. 100.
Q4. Can I make premature withdrawals of my RDs in Utkarsh Bank?
Yes, you can make premature withdrawals of the RDs, but a penalty of 1%, will be charged by the bank.
Q5. Can I invest this RD money into an FD?
Yes, you can easily convert your RD amount into an FD account upon its maturity.