Founded in 2009, Utkarsh Small Finance Bank is headquartered in Varanasi, offering a wide range of banking products and services from its extensive network of over 800 branches across India. Among its offerings, the bank provides savings accounts designed to provide customers with convenient and flexible ways to manage their money while benefiting from competitive interest rates.
In this guide, we will walk you through a comprehensive guide on the savings accounts offered by the bank while highlighting the Utkarsh Small Finance Bank savings account interest rate and other associated details.
Latest Utkarsh Small Finance Bank Savings Account Interest Rates 2024
Check your latest Utkarsh Small Finance Bank savings interest rate using the following information.
| Account Balance | Interest Rate (per annum) |
| Balance below ₹1 lakh | 4.00% |
| Amount below ₹5 lakhs, but over ₹1 lakh | 6.25% |
| Amount between ₹5 lakhs and ₹50 lakhs | 7.50% |
| Balance above ₹50 lakhs, but less than ₹10 crores | 7.25% |
| Account balance more than ₹10 crores | 7.50% |
Utkarsh Small Finance Bank Savings Account Minimum Balance Required
You need to maintain the following minimum or average balance in your Utkarsh Small Finance Bank savings account to avoid any non-maintenance charges associated with it.
| Account Type | Minimum Balance Required |
| Standard Savings Account | For metro: Average Quarterly Balance of ₹10,000For semi-urban/rural: Average Half-yearly Balance of ₹5,000 |
| Premium Savings Account | ₹50,000 Average Quarterly Balance or Relationship of ₹5 lakh |
| Minor Savings Account | For metro: Average Quarterly Balance of ₹5,000For semi-urban/rural: Average Half-yearly Balance of ₹1,000 |
| Salary Account | NIL |
Utkarsh Small Finance Bank Savings Account Charges
Apart from the high Utkarsh Small Finance Bank savings account interest rate offerings, you need to ensure the evaluation of fees associated with your account usage. Your account will be subjected to the following charges at the Utkarsh Small Finance Bank.
1. Standard Savings Account
- Non-Maintenance Charges
- For metro: ₹25 per ₹500 of shortfall, maximum ₹350 per quarter
- For semi-urban/rural: ₹25 per ₹500 of shortfall, maximum ₹250 on a half-yearly basis
- Card Fee
- Issuance Fee: ₹50
- Annual Fee: First year waived off, ₹50 next year onwards
2. Premium Savings Account
- Non-Maintenance Charges
- NIL for the first year
- Next year onwards based on the review of the average balance maintenance
- Card Fee
- Issuance Fee: ₹250
- Annual Fee: First year waived off, ₹250 next year onwards
3. Minor Savings Account
- Non-Maintenance Charges
- For metro: ₹25 per ₹500 of shortfall, maximum ₹350 per quarter
For semi-urban/rural: ₹25 per ₹500 of shortfall, maximum ₹250 on a half-yearly basis
- For metro: ₹25 per ₹500 of shortfall, maximum ₹350 per quarter
- Card Fee
- Issuance Fee: ₹50
- Annual Fee: First year waived off, ₹50 next year onwards
4. Salary Account
- Non-Maintenance Charges
- NIL
- Card Fee
- Issuance Fee: NILAnnual Fee: NIL
Why Choose Utkarsh Small Finance Bank Savings Account?
There are various benefits associated with the usage of your Utkarsh Small Finance Bank Savings Account, which are listed below.
- Higher limits of ATM withdrawal and purchase
- A range of debit cards with zero liability coverage
- Free NEFT/RTGS transactions
- Access to lounges on certain account types
- SMS alerts
- Higher Utkarsh Small Finance Bank savings account interest rate
Key Benefits of Utkarsh Small Finance Bank Savings Account
The key benefits of Utkarsh Small Finance Bank Savings account include the following based on different types of bank accounts.
- Average Quarterly balance instead of minimum monthly balance
- Avail personalised Classic/Platinum debit card with unique benefits
- Different accounts offering Personal Accidental Insurance covers
- Airport Lounge facility on selected savings accounts
- Earn up to 6% per annum of interest rate at any balance
- Zero-balance salary account
Make sure to check the latest Utkarsh Bank savings account interest rates before opening your account to meet your needs.
Additional Benefits Associated with Utkarsh Small Finance Bank Savings Account
The following benefits are additionally associated with the usage of the Utkarsh Small Finance Bank savings account.
- Free passbook service and online transactions
- Savings account transferable to any other branch without changing the account number
- Free unlimited ATM transactions across all the banks
- Free SMS alerts
- Safe deposit account and nomination services
- Gain higher term deposit income on extra funds by linking your savings account to a multi-option deposit account.
- A range of debit cards to choose from based on your needs and convenience
How to Open an Online Utkarsh Small Finance Bank Savings Account?
You can now open your Utkarsh Small Finance Bank savings account conveniently using the following steps.
- Step 1: Visit the official website of Utkarsh Small Finance Bank.
- Step 2: Select the ‘Accounts and Deposit’ tab under the ‘Personal’ tab.
- Step 3: Choose the type of savings account you require.
- Step 4: Click the ‘Get a Callback’ button on the savings account page.
- Step 5: Provide the required details as asked and click on the ‘Submit’ button.
- Step 6: Verify your One-Time Password (OTP) to request a call back from Utkarsh Small Finance Bank customer support.
- Step 7: Complete your Video KYC process to enjoy the benefits of your full KYC savings account at Utkarsh Bank.
Eligibility Criteria to Open Utkarsh Small Finance Bank Savings Account
The eligibility criteria for different types of savings accounts of Utkarsh Bank are provided below.
| Account Type | Eligibility Criteria |
| Standard Savings Account | Any Indian resident or HUF member |
| Premium Savings Account | Any Indian resident or HUF member |
| Minor Savings Account | Children below the age of 18 years |
Documents Required to Open Utkarsh Small Finance Bank Savings Account
You will require the following documents for opening your Utkarsh Small Finance Bank savings account.
- Proof of Identity
- Aadhaar Card
- Job card by NREGA
- Passport
- PAN card
- Proof of Address
- Driving Licence
- Passport
- Voter ID card
Types of Utkarsh Small Finance Bank Savings Account and Its Features
The following table demonstrates the different features of Utkarsh Small Finance Bank savings accounts based on different account types.
1. Standard Savings Account
- Classic debit card
- For metro: Average Quarterly Balance of ₹10,000
- For semi-urban/rural: Average Half-yearly Balance of ₹5,000
2. Premium Savings Account
- Platinum RuPay debit card
- Airport lounge access
3. Minor Savings Account
- Classic RuPay debit card
- Auto-transfers to minor account facility
4.Salary Account
- Zero-Balance Savings Account
- Classic/Platinum Debit Card
Steps to Open Utkarsh Small Finance Bank Video KYC Savings Account
You can easily complete your full KYC to enjoy the services of a full KYC account at Utkarsh Small Finance Bank using the following steps.
- Step 1: Book your Video KYC request and keep all the documents ready.
- Step 2: Receive the video call and verify your identity by answering the questions asked by the representative.
- Step 3: Provide your documents such as your PAN card, the screenshot of your signature on a blank paper and the consent to use it for verification to the bank.
Note that you need to be in India and have decent internet connectivity before initiating the video KYC process.
Utkarsh Bank Savings Account Transaction Limit
Different types of savings accounts at Utkarsh Small Finance Bank have different transaction limits as provided in the tabular form below.
1. Standard Savings Account
- ATM Withdrawal Limit: ₹40,000/day
- Per transaction Limit: ₹20,000 using Utkarsh Bank’s ATMs, for other Bank ATMs, ₹10,000
- Shopping Limit: ₹1,00,000/day POS
- Per transaction Limit: ₹25,000 POS
2. Premium Savings Account
- ATM Withdrawal Limit: ₹1,00,000/day
- Per transaction Limit: ₹20,000 using Utkarsh Bank’s ATMs, for other Bank ATMs, ₹10,000
- Shopping Limit: ₹1,50,000/day POS
- Per transaction Limit: ₹50,000 POS
3. Minor Savings Account
- ATM Withdrawal Limit: ₹5,000/day
- Per transaction Limit: ₹5,000 using Utkarsh Bank’s ATMs, for other Bank ATMs, ₹5,000
- Shopping Limit: ₹5,000/day POS
- Per transaction Limit: ₹5,000 POS
4. Salary Account
- ATM Withdrawal Limit: ₹40,000/day
- Per transaction Limit: ₹20,000 using Utkarsh Bank’s ATMs, for other Bank ATMs, ₹10,000
- Shopping Limit: ₹1,00,000/day POS
- Per transaction Limit: ₹25,000 POS
How to Close the Utkarsh Small Finance Bank Savings Account Offline?
You can easily close your savings account from Utkarsh Bank offline by visiting your nearest branch and following the steps below.
- Step 1: Fill up the account closure form of Utkarsh Small Finance Bank.
- Step 2: Provide the signatures of all the bank account holders in the form for closure.
- Step 3: Attach the required KYC documents as required.
- Step 4: Surrender all your account facilities of cheque leaves, debit cards, as well as passbooks to the home branch.
- Step 5: Withdraw the balance amount from your old savings account.
Note that you can collect your funds in the form of cash, cheque or DD in your favour. Your request will be processed and you will receive an email and phone number confirmation regarding the status of your account closure.
Final Word
With the help of the above information, you can check the latest Utkarsh Small Finance Bank savings account interest rates, benefits and features, based on different types of savings accounts. For further assistance, reach out to your nearest Utkarsh Bank branch.
FAQs
Who is eligible to open their Standard Savings Account at Utkarsh Bank?
Any Indian resident or member of HUF can apply to open their standard savings account at Utkarsh Small Finance Bank.
You will receive a Platinum debit card upon opening the Utkarsh Small Finance Bank Premium Savings Account.
You can withdraw up to ₹40,000 daily from an ATM and continue shopping up to ₹1 lakh (POS) if you are a Standard Savings account holder at Utkarsh Bank.
Utkarsh Small Finance Bank savings account interest rate is determined based on the type of savings account, and is evaluated as per your daily closing balance and credits the amount quarterly.
You will be required to provide the KYC documents as proof of your identity and address. This includes your Aadhaar Card, PAN card, photographs, as well as a birth certificate (in case of a minor/senior citizen savings account).
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
