When it comes to safe and reliable investment options, fixed deposits are a preferred choice for senior citizens. Utkarsh Bank FD rates for senior citizens offer attractive interest rates and additional benefits that make them smart financial decisions. Let us dive deeper into this blog to understand why Utkarsh Bank FD rates for senior citizens are worth considering.
Why Utkarsh Bank FD Rates for Senior Citizens Is a Good Choice?
The main reason why senior citizens should consider choosing Utkarsh Bank’s FD rate is because they provide 0.60% additional interest rates on the standard FD rates of general citizens. However, along with that FD rate, an FD account in Utkarsh Small Finance Bank is also a good choice for senior citizens for several other reasons. Here are the reasons why:
Low-Risk Investment
Fixed deposits are regarded as one of the safest and most dependable investment options for senior citizens. Additionally, changes in market conditions do not affect the returns on FDs, ensuring consistent and stable earnings.
Flexible Payout of Interest
Utkarsh Bank offers flexible FD interest payout options. It allows senior citizens to choose from monthly, quarterly, half-yearly or yearly payouts.
Early Withdrawal
Although Fixed deposits typically have a lock-in period, Utkarsh Bank offers the option for early withdrawal. While there may be a penalty for premature withdrawal, this flexibility can be incredibly helpful during emergencies.
Guaranteed Returns
Fixed deposits provide senior citizens with reliable and secure returns, with the interest rate set at the time of investment. This ensures that the returns are predictable and stable throughout the term of the FD, offering a sense of financial security.
Tax Deduction at Source (TDS) Implications
The interest income from fixed deposits is taxable under Indian tax rules. However, senior citizens who meet the eligibility criteria can avoid TDS deductions by submitting Form 15H.
Download the Stable Money App to enjoy the benefits of Utkarsh Bank FD online!
What Are the Current FD Interest Rates for Senior Citizens at Utkarsh Bank?
The following table mentions the current FD interest rates of Utkarsh Bank for senior citizens:
| Tenure | Interest Rate (per annum) |
| 1 year | 8.60% |
| 2 years | 9.10% |
| 2 years 6 months | 9.10% |
| 4 years 1 month 10 days | 9.10% |
Final Word
Utkarsh Bank FD rates for senior citizens provide an excellent combination of safety, flexibility and guaranteed returns. With interest rates as high as 9.10% per annum, senior citizens can secure their finances and enjoy stable returns. For senior citizens who want to enjoy the benefits of Utkarsh Bank FD investments efficiently, the Stable Money App offers a convenient platform to track and manage their fixed deposits. This makes it easier to monitor returns and make informed investment decisions.
Frequently Asked Questions
Senior citizens receive an additional 0.60% interest rate on the standard FD rates compared to general citizens.
9.10% per annum is the highest interest rate of Utkarsh SF Bank FD for senior citizens.
Yes, you can manage and track your Utkarsh Bank FD online using the Stable Money App, which helps you monitor returns and make informed investment decisions.