As you may be aware, a Fixed Deposit (FD) is a bank-sponsored investment option that pays a higher rate of interest than a regular savings account. Because of the higher returns offered by FDs, you can easily reach your financial goals by investing in one.
The Utkarsh Small Finance Bank FD allows you to deposit a lump sum amount for a set period of time, ranging from 7 days to 10 years. You can choose from a variety of Utkarsh Small Finance Bank FD tenures to fit your needs and financial goals. As soon as you choose a tenure and deposit money in a Utkarsh Small Finance Bank_ FD, it will begin earning interest for the duration of the deposit. Customers are only allowed to deposit a lump sum of money into their fixed deposit account once, at the time of opening the account with the bank, and they are not allowed to deposit extra money into the same FD account after that.
If you invest in a Utkarsh Small Finance Bank FD for a period of 5 years or more, you can get tax benefits under section 80C of the Income Tax Act on a sum between Rs. 100 and 1.5 lakh.
Utkarsh Small Finance Bank Fixed Deposit Features
- Flexible FD tenures and competitive interest rates are available to suit your investment strategy.
- You can open an FD account online or at a Utkarsh Small Finance Bank branch near you.
- There is no limit on the maximum amount of FD.
- Tenure of FDs: From one day to ten years
- Monthly, quarterly, and other interest payment options are available.
- Up to 85 percent of the FD amount is available as a loan or overdraft against the FD.
- Liquidity options that are simple and quick are available.
- It is possible to nominate someone.
- Through the tax saving term deposit scheme, you can get a tax benefit of up to Rs 1,50,000.
- There are also options for partial withdrawal and auto-renewal.
- Senior citizens can enjoy higher interest rate as compared to regular citizens
- NRE, NRO and FCNR deposit facility is offered by the bank
Utkarsh Small Finance Bank FD Interest Rates (as on 25 Mar 2021)
Interest Rate (p.a.)
Utkarsh Small Finance Bank Fixed Deposit Rates – Premature Withdrawal
The term “premature withdrawal facility” refers to the depositor’s ability to withdraw funds from a fixed deposit before the maturity date. Depositors are given this choice to help them self-finance an emergency. The following characteristics of this facility are highlighted:
- Withdrawing funds before the maturity date incurs a 1% tax.
- 1% less the FD rate at the time of booking or 1% less the rate of interest for the duration during which the FD was involved, whichever is lower.
- If you cancel your reservation before the 7-day deadline, you will not be charged any interest.
Calculation of Utkarsh Small Finance Bank Fixed Deposit Interest Rates
The following formula is used to calculate interest on FDs for different tenures:
- For fixed deposit terms of less than six months, simple interest is paid at maturity.
- For fixed deposit terms of 6 months and more, interest is computed quarterly.
- Every quarter, cumulative interest/re-investment interest is computed and added to the Principal, resulting in Interest being paid on interest received the previous quarter as well.
- In the case of a monthly deposit scheme, interest is computed quarterly and paid monthly at a discount to the Standard FD Rate.
Utkarsh Small Finance Bank News Snippets
The rate of interest on SBI’s fixed-rate deposits has been updated.
Retail fixed deposit rates have been lowered by SBI. The current SBI deposit FD rates go into effect on January 10, 2020. Long-term deposits maturing in one year to ten years have seen their FD rates lowered by 15 basis points. Interest rates on FDs are currently 4.50 percent for 7 to 45 days, 5.50 percent for 46 to 179 days, 5.80 percent for 180 days to one year, and 6.10 percent for one year to ten years.
The interest rate on Axis Bank’s FDs was reduced.
From January 9, Axis Bank cut rates by up to 20 basis points. FDs with a tenor of less than one year and less than Rs 2 crore will earn 6.40 percent, while those with a tenor of five years to ten years will earn 6.50 percent.
In 2019, HDFC Bank deposits increased by 25% year on year.
Deposits at India’s biggest private lender, HDFC Bank, increased by 25% year on year in 2019. Its deposits have increased by 25% to Rs 10.67 trillion as of December 31, 2019, compared to Rs 8.52 trillion as of December 31, 2018.
The interest rate on HDFC Bank’s fixed deposit has been amended.
For FDs maturing in 9 months, 1 day to less than 1 year, the revised rate will be 6.05 percent. Term deposits maturing in one to two years will pay 6.3 percent, 2-3 years 6.40 percent, and 3 to 10 years 6.3 percent in interest.
✅ What is the highest Utkarsh Small Finance Bank FD Rate available?
Currently, the highest Utkarsh Small Finance Bank FD rate is 7.00% for regular individuals & 7.50% for senior citizens (700 days).
✅ What is the minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Account?
The minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Account is Rs. 1,000.
✅ What is the minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Plus Account?
The minimum amount to invest in Utkarsh Small Finance Bank Fixed Deposit Account Plus is Rs. 15,00,000.
Table of Contents
- 1 Utkarsh Small Finance Bank Fixed Deposit Features
- 2 Utkarsh Small Finance Bank FD Interest Rates (as on 25 Mar 2021)
- 3 Utkarsh Small Finance Bank Fixed Deposit Rates – Premature Withdrawal
- 4 Utkarsh Small Finance Bank News Snippets
- 5 FAQs