Utkarsh Small Finance FD Interest Rates – 2024

Established on April 30^th 2016, Utkarsh Small Finance Bank Limited aims to provide banking and financial services to underdeveloped sections of India. The bank’s major aim is to provide microfinancing to the rural and semi-urban locations of the country. Thanks to its seamless digital onboarding process, it has a customer base that exceeds 8 lakhs. Headquartered in Varanasi, Uttar Pradesh, this bank offers microfinance loans, retail asset loans, MSME loans, housing loans, commercial vehicle loans, personal loans and much more.

Utkarsh Small Finance Bank offers quite a few fixed deposit schemes to meet the unique needs of its customers. Keep reading to learn all you need to know about the schemes as well as Utkarsh Small Finance Bank FD Rates.

Updated Utkarsh Small Finance Bank FD Rates – 2024

Features and Benefits of Utkarsh Small Finance Bank FD

Utkarsh Small Finance Bank offers different types of fixed deposit schemes that aim to fulfil the financial requirements of different customers. Here are the features and benefits:

• By investing in FD, you get the flexibility to choose the interest payout frequency, which can be either monthly, quarterly or at maturity.
• Senior citizens get an additional 0.60% interest rate than what general citizens receive.
• The bank offers the option of premature withdrawal, but it is subject to penalty.
• In case there is any urgent financial need, you can opt for an overdraft on your FD. 
• Minors can open an FD account under an adult guardian.
• The Deposit Insurance and Credit Guarantee Corporation offers insurance coverage on Utkarsh Small Finance fixed deposit schemes.

How to Book Utkarsh Small Finance Bank FD?

If you are planning to open an FD account in Utkarsh Small Finance Bank, you can do so both online as well as offline and get attractive Utkarsh Small Finance Bank FD rates.

1. Online

In case you wish to open an FD account online, you can do so via the official website of the bank. Here are the steps that you can follow:

• Step 1: Log in to the official website of Utkarsh Small Finance Bank Fixed Deposit
• Step 2: Click on the ‘Apply Now’ button.
• Step 3: Once redirected, select the Fixed Deposit, select the state in which you reside, city name, nearest branch, your name and mobile number.
• Step 4: After this, you need to click the ‘Submit’ button.
• Step 5: Next, you will be able to see a message that says, ‘Our representative will call you soon.’
• Step 6: Once the bank representative calls you, they will mention in detail about all the documents that you need to submit as well as how to go ahead with the FD account opening process.

2. Offline

However, if you want to invest in an FD scheme offline, you can follow the steps provided below:

• Step 1: Visit the nearest branch of Utkarsh Small Finance Bank.
• Step 2: Ask for the fixed deposit account opening form from any of the bank representatives.
• Step 3: Fill in all the details that the bank asks for.
• Step 4: After you complete filling it up, submit it along with supporting documents, as well as the amount you wish to deposit.
• Step 5: Once the bank representatives process your request and verify all the details in your application form, you will receive a fixed deposit receipt. This acts as proof that your FD account has been created.

Documents Required to Book Utkarsh Small Finance Bank FD

Following is a list of documents that individuals, as well as entities, require for opening a fixed deposit account in Utkarsh Small Finance Bank and earn Utkarsh Bank FD rates:

• Fully filled application form
• Proof of Age – Birth certificate, school passing certificate.
• Proof of Identity – PAN card, Aadhaar card, Voter ID card, passport, driving licence, etc.
• Proof of Address – Aadhaar card, voter ID card, passport, driving licence, Job card etc.
• PAN card or Form 60
• Recent passport-size photograph
• Bank account details – account number, IFSC code, and branch name. 

Eligibility to Open Utkarsh Small Finance Bank FD

Utkarsh Small Finance Bank offers FD schemes to people as well as entities who belong to any of the following categories:

• Applicant type: Individual residents of India, Public and Private Limited Companies, Partnership Firms, Sole Proprietorship Firms, Trust Account and Societies.
• Age (in case of individual applicants): Must be 18 years old. 

Types of Utkarsh Small Finance Bank FD Schemes

Utkarsh Small Finance Bank offers a number of fixed deposit schemes as well as attractive Utkarsh FD rates for their customers. These schemes fulfil different types of requirements of their customers and come with a wide range of benefits. Keep reading to learn everything you need to know about these schemes.

1. Utkarsh Small Finance Bank Fixed Deposit

This is a lump-sum investment plan that comes with competitive returns at maturity. The best part about this scheme is that it comes with an additional interest return for senior citizens. On the basis of the deposit amount, you will receive your interest.

• Minimum Deposit: ₹1000
•  Maximum Deposit: No maximum limit
•  Tenure: 7 days to 10 years
• Interest Rate: 4.00% to 8.85% (including senior citizens)
• Eligibility: Indian residents

2. Utkarsh Small Finance Bank Fixed Deposit Plus

This is a non-callable type of deposit, which means you cannot prematurely withdraw any amount. People who are planning to invest a lump sum of money at once can take advantage of this scheme. Not only individuals but Proprietary firms, Partnership firms, trusts and societies, as well as Limited companies, can also invest in this scheme.

• Minimum Deposit: ₹15 lakhs
• Maximum Deposit: ₹2 crores
• Tenure: 7 days to 10 years
• Interest Rate: 4.00% to 8.50% (in case of general citizens below the age of 60 years) and 4.60% to 8.85% (for senior citizens who are above the age of 60 years)
• Eligibility: Indian residents

3. Utkarsh Small Finance Bank Tax Saver Fixed Deposit

Are you an individual who is looking for a way to save some tax on your income? If yes, then you should probably try out the Utkarsh Small Finance Bank Tax Saver Fixed Deposit Scheme. If you invest in this scheme, you can avail of a tax deduction on interest income of up to ₹1,50,000 under Section 80C of the Income Tax Act of 1961.  

• Minimum Deposit: ₹1000
• Maximum Deposit: ₹1,50,000
• Tenure: Lock-in period of 5 years
• Interest Rate: 7.50% (for general public) and 8.10% (for senior citizens)
• Eligibility: Indian residents

Final Word

Before investing in any type of FD scheme, it is best to read all the terms and conditions carefully. This will protect you from any type of surprises you might get after investing in the said scheme. Go through the details, such as Utkarsh Small Finance Bank FD rates for different types of schemes, so that you do not end up investing in an FD which actually does not serve your purpose.

Before opening an FD with Utkarsh Small Finance Bank, it is best to go through the penalty policy on premature withdrawal beforehand so that you do not lose any of your hard-earned money.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.