Utkarsh Small Finance Bank has revised its fixed deposit interest rate for the amount below ₹2 crore with a premature withdrawal facility. According to the bank’s website, the new interest rate is effective from 21st August 2023. Now, a senior citizen can earn 9.10%, and general customers can earn 8.50% for a tenure of 2 years to 3 years.
Updated Fixed Deposit Interest Rate of Utkarsh SFB
| Tenure | General Customers | Senior Citizen |
|---|---|---|
| 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 less than 2 Years | 8.25% | 8.85% |
| 2 Years upto 3 Years | 8.50% | 9.10% |
| Above 3 Years to less than 4 Years | 8.25% | 8.85% |
| 4 Years upto 5 Years | 7.50% | 8.10% |
| Above 5 Years upto 10 Years | 7.00% | 7.60% |
Here are a Few Things Which You Need to Keep in Mind
- The minimum tenor of the deposit offered would be seven days.
- Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days), i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower.
- Please refer to Tax Saver’s Interest Rate card for Tax Saver Fixed Deposit.
- Interest rates are subject to change from time to time. Deposits will be booked post receipt of clear funds with the Bank at an applicable interest rate as on the date of receipt of funds.
- The above rates, effective from August 21, 2023, are applicable for fresh fixed deposits and renewal of existing fixed deposits.
- Interest earned will be subject to Tax Deducted at Source as per Income Tax Act and Rules.
- For Fixed Deposits with tenure below 181 days, interest will be calculated on maturity on a Simple Interest basis.
- Interests earned on Fixed Deposits can be paid for a period of less than a quarter (monthly pay-out) at the discounted interest rates as per RBI directives.
- No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit.
- For interest rates of bulk deposits (₹2 Crore and above), please contact the nearest Utkarsh Small Finance Bank Branch.
