Utkarsh Small Finance Bank Fixed Deposit Interest Rates (as on 2024)

Utkarsh Small Finance Bank Fixed Deposit Interest Rates (below Rs. 2 Crores) w.e.f. 21/08/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
7 Days to 45 days4.004.60
46 Days to 90 Days4.755.35
91 Days to 180 Days5.506.10
181 Days to 364 Days6.507.10
365 Days to 699 Days8.008.60
700 Days to less than 2 Years8.258.85
2 Years to 3 Years8.509.10
Above 3 Years to less than 4 Years8.258.85
4 Years to 5 Years7.508.10
Above 5 Years to 10 Years7.007.60

For interest rates of bulk deposits (Rs. 2 Crores & above), please contact the nearest Utkarsh Small Finance Bank Branch.

Utkarsh Small Finance Bank Recurring Deposit Interest Rates w.e.f. 21/08/2023

TenorsInterest Rate p.a.(%)
(General)
Interest Rate p.a.(%)
(Senior Citizen)
181 Days to 364 Days6.507.10
365 Days to 699 Days8.008.60
700 Days to less than 2 Years8.258.85
2 Years to 3 Years8.509.10
Above 3 Years to less than 4 Years8.258.85
4 Years to 5 Years7.508.10
Above 5 Years to 10 Years7.007.60

Snapshot: Utkarsh Small Finance Bank FD

PointsDetails
EligibilityResident Indians, Minor, HUF, Sole Proprietorship, Partnership, a Limited Company or Trust
Minimum FDRs. 1,000
Maximum FDNo maximum limit FD
FD Tenure7 days to 10 years
Periodicity of Interest PaymentMonthly (at discounted rates) or Quarterly or Cumulative
Interest to Senior Citizens0.50% more than general FD for FD amount below Rs.1 Crore

Utkarsh Small Finance Bank Fixed Deposit

Utkarsh Small Finance Bank has a range of Fixed Deposits (FD) products at competitive interest rates with various tenures and lots of other benefits. Utkarsh Small Finance Bank offers Fixed Deposit schemes for a short term period and long term period.

It is very easy to open an Utkarsh Small Finance Bank FD either online through its website or by visiting its nearby branch.

Important Points regarding Utkarsh Small Finance Bank Fixed Deposit

  • In order to avail Senior Citizen Interest Rates, submission of age proof is mandatory.
  • Submission of Income Tax PAN is mandatory, failing which TDS will be deducted at a higher rate.
  • PAN is mandatory to book Fixed Deposits, if the total Fixed Deposit holding per customer, per branch exceeds Rs 50,000.
  • Loan against deposit / OD facility of upto 80% of accrued amount is available .

Features & Benefits: Utkarsh Small Finance Bank Fixed Deposit

  • Competitive interest rates are offered with flexible FD tenures to suit your investment plan.
  • FD account can be opened online or by visiting your nearest Bandhan Bank branch.
  • Minimum Amount of FD: Rs 1,000
  • Maximum Amount of FD: No limit
  • FD Tenures: 7 days to 10 years
  • Different interest payout options such as monthly, quarterly, etc.
  • Loan/ Overdraft against FD facility is available upto 90% of the FD amount.
  • Easy and fast liquidity options are available.
  • Nomination facility is available.
  • Part withdrawal facility and auto-renewal facilities
  • Senior citizens can enjoy higher interest rate as compared to regular citizens.

Utkarsh Small Finance Bank FD Calculator

Fixed Deposit Calculator

 
 
                       
 
 
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Eligibility for Utkarsh Small Finance Bank Fixed Deposit

Any of the following persons can invest in fixed deposits (FD):

  • Individual
  • Minor
  • HUF
  • Proprietary Firm
  • Partnership Firm
  • Limited Liability Partnership (LLP)
  • Company
  • Association of Persons (AOP)
  • Body of Individuals (BOI)
  • Local Authority
  • Trust
  • Non-Resident Indian (NRI)
  • Registered Society

Documents Required for Utkarsh Small Finance Bank Fixed Deposit

Following Documents are required for opening a Fixed Deposit Account

CategoryDocuments Required
Individual, HUF, Proprietor
  • PAN and KYC documents
  • Passport size photograph
  • Deed of declaration of HUF
Partnership Firm
  • PAN and KYC documents
  • Partnership Deed
  • Letter from partners to open and operate the account
  • Passport size photographs of all partners
Trust
  • PAN and KYC documents
  • Copy of the Trust Deed
  • Copy of the Registration Certificate
  • Copy of the Resolution of the Trustees
  • Utkarshthorizing the members concerned to open and operate the account
  • Photographs of the members operating the account
Associations, Clubs
  • PAN and KYC documents
  • By-Laws of the Association
  • Board Resolution to open and operate the account
  • Passport size photographs
Company
  • PAN and KYC documents
  • Certificate of Incorporation
  • Memorandum and Articles of Association
  • Board Resolution to open and operate the account
  • ID proofs of Utkarshthorised signatories
  • Passport size photographs of directors

Types of Utkarsh Small Finance Bank Fixed Deposits

  1. Utkarsh Small Finance Bank Fixed Deposit: This is a regular FD scheme which helps you invest your idle savings to earn higher returns. Minimum deposit in this scheme is of Rs 1,000 & no cap on maximum deposit amount. Its tenure ranges from 7 days to 10 years. It is available in multiple options i.e. monthly, quarterly and at Maturity (Discounted interest rate for monthly interest payout option). For tenure of up to 6 months, calculation will be on simple interest basis. It offers great rates, flexibility and security for your fixed deposits, with 0.50% higher interest for our Senior citizens, with quarterly and monthly payout options. You can also earn compound interest by reinvesting your principal amount along with the interest earned during the period. Loan / OD Facility are available. Premature Closure and Partial Withdrawal facility allowed. 1% (Not Applicable for closure within 7 days) penalty will be levied in case of premature closure.

  2. Utkarsh Small Finance Bank Recurring Deposit: It is available to all resident individuals. This scheme allows you to start saving a small amount regularly to help your money grow slowly but steadily. Minimum deposit in this scheme is of Rs 100 and no cap on maximum deposit. Its tenure ranges from 6 months to 10 years. 0.5% additional rate is offered to the senior citizens. You can build your wealth securely through regular investments at attractive Interest rates. It gives you opportunity to achieve your short or long term finance goals comfortably. Interest is only paid on maturity. 1% (Not Applicable for closure within 7 days) penalty will be levied in case of premature closure. Penalty of Rs.2 per day to Rs 100 per month will be levied in case of non payment of instalment.

Penalty on premature withdrawal of Utkarsh Small Finance Bank Fixed Deposit

Penalty on premature withdrawal is 1% (not applicable for closure within 7 days) i.e. 1% less than 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.

Utkarsh Small Finance Bank Fixed Deposit: Interest Calculation

  • For Term Deposits with tenure below 181 days, interest will be calculated on maturity at Simple Interest.
  • Interest on Term Deposit 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.
  • Interest earned will be subject to Tax Deducted at Source as per Income Tax laws.

Benefits of Senior Citizens Utkarsh Small Finance Bank Fixed Deposit

Senior Citizens are offered more interest rate by Utkarsh Small Finance Bank for FD amount below Rs.1 Crore as detailed below:

  • 0.50% more than general FD for FD amount below Rs.1 Crore

How and when to apply for exemption on TDS?

  • If your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax, then you can submit self declaration in Form 15G or 15H (for senior citizens only) to the bank to ensure non deduction of tax at source.
  • The declaration has to be given in prescribed format only wherein the valid 10 digit PAN is also required.
  • It may be noted that if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to income tax, then the Form 15G submitted will be treated as invalid.
  • In case of Senior Citizens, if the interest payable by the bank during the financial year on time deposits is likely to exceed the maximum amount which is not chargeable to tax and deduction(s) under chapter VIA, if any, for which declarant is eligible, then the Form 15H submitted will be treated as invalid.

You may refer to following table for more details:

CategoryName of FormExemption limit (Male)Exemption limit (Female)
Individuals(upto age of 60)Form 15GRs.2,50,000Rs.2,50,000
HUFs, Associations, TrustsForm 15GRs.2,50,000Rs.2,50,000
Individual (age 60 years and above but less than 80 years)Form 15HRs.3,00,000Rs.3,00,000
Individual (age 80 years and above)Form 15HRs.5,00,000Rs.5,00,000
OthersExemption certificate issued by Income Tax OfficerAs per Exemption CertificateAs per Exemption Certificate

Utkarsh Small Finance Bank Fixed Deposit FAQ

  1. What interest payment options are available under Term Deposit with Utkarsh Small Finance Bank?

    Interest payment on Monthly (discounted), Quarterly and Cumulative is available under Utkarsh Small Finance Bank Term Deposit.

  2. What is the minimum and maximum amount of FD in Utkarsh Small Finance Bank?

    The minimum amount is Rs.1,000 and there is no cap on maximum FD amount.

  3. What is the minimum and maximum tenor for which Term Deposit can be kept with Utkarsh Small Finance Bank?

    The minimum and maximum tenor for general/Senior citizen is 7 days and 10 years respectively.

  4. Does Utkarsh Small Finance Bank offer any special interest rate for Senior Citizen on its Term Deposits?

    Yes, an additional interest rate for Senior Citizen is 0.50% for deposits less than Rs. 1 crore.

  5. When is TDS deducted?

    TDS is done at the time of credit of interest to account, if the total interest payable to the customer during the financial year is likely to exceed the limit of Rs.10,000.

  6. At what rate is TDS deducted?

    TDS is deducted at rates as required by section 194A (Resident) and section 195 (NRO) of IT Act 1961 for the following category of account holders:

    • Resident Indians (Individuals, Trusts, Associations, HUFs, Firms Indian Companies): 10% plus applicable surcharge and education cess
    • Non-Resident Indians: 30% plus applicable surcharge and education cess

  7. Can I apply for exemption on TDS?

    Yes, you can apply for exemption on TDS, in case your total taxable income during the financial year is not likely to exceed the maximum amount which is not chargeable to income tax. For this, you need to submit self declaration in Form 15G or 15H (for senior citizens only) to the Bank to ensure non deduction of tax at source, in the beginning of respective financial year.

Tax Implications and TDS in FD

  • An amount invested in fixed deposits in a scheduled bank is eligible for tax deduction under section 80C. Only the interest earned on the deposit is taxable.
  • Tax will be deducted at source (TDS), if the interest income on a fixed deposit per annum exceeds Rs.10,000
  • A person can exempt from TDS, if he/ she submits Form 15G/ Form 15H in the beginning of each financial year

Factors affecting Fixed Deposit Interest Rates

  1. Change in Policies Rates by RBI: If there is a change in Cash Reserve Ratio (CRR) and/ or Repo Rate, it affects the fixed deposit interest rate.

  2. Inflation: As FD interest rate has to be kept higher than inflation by the banks, hence if inflation increases then FD interest rates also go higher. When inflation decreases, banks offer lower interest rates so that people can borrow and spend more.

  3. Demand and Supply of Credit: With the increase in demand of the credit/ loan, interest rates of fixed deposit also go higher. When the supply is more than the demand of credit, banks offer lower interest rates on fixed deposit.

  4. Growth Uncertainty: If there is any uncertainty of future economic growth, the banks need to offer higher interest rates on FD as a compensation for higher defUtkarshlt risks.

  5. State of Economy: If a country's economic state is very good then the banks of that country offer higher interest rate on fixed deposits in order to attract more investments to extend more credits/ loans.

  6. Recession: Whenever there is a situation of recession in an economy, it always results into a decrease in the fixed deposit interest rate, as in case of situation of recession, the RBI needs to increase the liquidity in the market by releasing the funds i.e. by lowering CRR and hence, banks reduce the FD interest rates.

  7. Global Liquidity: Higher global liquidity results into higher domestic liquidity. In such cases banks will offer lower interest rates on FD.

Utkarsh Small Finance Bank FD News May 2024

  • August 21, 2023: Utkarsh Small Finance Bank has revised Fixed Deposit Interest Rates w.e.f. 21/08/2023

  • May 22, 2023: Utkarsh Small Finance Bank has revised Fixed Deposit Interest Rates w.e.f. 22.05.2023

  • April 22, 2021: Utkarsh Small Finance Bank raises $32m in equity from Aavishkaar, Growth Catalyst, Olympus, responsAbility, Triodos for microfinance in India

  • March 22, 2021: Utkarsh Small Finance Bank has raised a little over ?240 crore through a private placement of equity shares ahead of its IPO

  • September 21, 2019: Utkarsh Small Finance Bank plans to come up with Rs 500-600 crore IPO by December 2020

  • January 19, 2020: Utkarsh Small Finance Bank opens its new branch in Panipat, Haryana
Disclaimer: The FD Interest Rates keep on changing. You are advised to check the interest rates with banks before making your savings.      Source: Bank Websites