Utkarsh Small Finance Bank FD Rates 2024

Investing your savings in a fixed deposit with Utkarsh Small Finance Bank can help you achieve long-term capital growth with their competitive interest rates and extensive investment tenures. As a valued customer, you can enjoy FD interest rates ranging from 4.00% to 8.50% p.a. if you are a general public depositor, and 4.60% to 9.10% p.a. if you are a senior citizen depositor, with tenures ranging from 7 days to 10 years. Moreover, for a tenure of 5 years, you can enjoy an impressive interest rate of 7.50% p.a. for the general public and 8.10% p.a. for senior citizen depositors with Utkarsh Small Finance Bank Tax Saving FDs.

Utkarsh Small Finance Bank FD Rates 2024

The Utkarsh Small Finance Bank FD rates for 2024 are displayed in the table below. 

* The interest rates as of 27 February 2024 

Utkarsh Small Finance Bank FD Rates For Senior Citizens

Take a look at the Utkarsh Small Finance FD rates for senior citizens in the table given below. 

* Data last checked on 31/01/2024 

Types of Utkarsh Small Finance Fixed Deposit Schemes

Utkarsh Small Finance Bank offers various fixed deposit schemes to fulfil your financial requirements. The types of fixed deposits provided by the bank are mentioned below.

• Utkarsh Fixed Deposits

The Utkarsh fixed deposit interest rates start from 4% per annum for regular depositors and from 4.60% per annum for senior citizens. 

Furthermore, under this scheme, you can also enjoy multiple payout options. This means, your deposits can earn interest on a monthly or quarterly basis as per your choice while account opening. The minimum investment amount for this FD scheme is Rs.1000 with no upper limit. 

• Utkarsh  Fixed Deposit Plus

This scheme is fit for depositors who can start a fixed deposit with a minimum investment amount above Rs.1 Crore. Maximum investment limit for Utkarsh Fixed Deposit Plus scheme is Rs.2 Crore. Various types of entities can invest in this scheme, including individuals, sole proprietorship firms, partnership firms, limited companies, and trust accounts.

 The interest rates range for this FD scheme is 4% to 7% for the general public, and 4.60% to 7.60% for senior citizens. Utkarsh Small Finance Bank offers different options for interest payouts, which include monthly, quarterly, and at maturity.

• Tax Saver FD

With Utkarsh Small Finance Bank Tax Saver FD, you can enjoy tax benefits under Section 80C of the Income Tax Act. In the case of joint deposits, only the first holder of the deposit scheme can avail of the tax benefit. 

You can open a fixed deposit account with a minimum deposit of Rs. 1000, and the maximum limit for this FD scheme is Rs. 1.5 Lakh. Tax Saver FD comes with a lock-in period of 5 years, meaning you can not withdraw the money during the tenure, and a loan against this FD scheme is also not possible. A nomination facility is available under this scheme. 

Lowest and Highest FD Interest Rate in Utkarsh Bank

The lowest and highest Utkarsh Bank FD rates are as follows. 

• Lowest FD rates: 4.00% p.a. for general citizens and 4.60% p.a. for senior citizens. 
• Highest FD rates: 8.50% for general citizens and 9.10% for senior citizens. 

Utkarsh Small Finance Bank FD Premature Withdrawal

Utkarsh Small Finance Bank allows premature withdrawal of your fixed deposit only after 7 days of account opening. However, you have to pay the premature withdrawal penalty which is 1% of your withdrawal amount. 

Tax on Utkarsh Small Finance Bank FD Interest Income

While redeeming your Fixed Deposit after it matures, Utkarsh Small Finance will charge a TDS on your earned interest. Here are a few things you must know about taxation on your income from Utkarsh Small Finance Bank FD. 

• Utkarsh Small Finance Bank will charge TDS from your FD interest income if it is more than Rs.40,000 for general citizens and Rs.50,000 for senior citizens. Earned interest lower than these limits will not attract any TDS deductions. 
• Resident Indian citizens will receive a 10% TDS deduction on their interest income. This deduction rate is applicable only if you have submitted your PAN details while starting your FD account. 
• In case, you are yet to submit your PAN details to the bank before your amount matures, they will charge a 20% TDS deduction on your maturity amount. 
• Lastly, as per section 80 C, you can opt for a tax deduction of Rs.1.5 lakhs on your interest income with Tax saver FD.  

Final Words

To summarise, I have provided you with all the necessary information regarding Utkarsh Small Finance Bank's FD rates to help you start a fixed deposit with them. Before opening an FD account, it is crucial to determine a timeline for your financial goal and the amount of corpus required to achieve it. Remember that FDs are long-term investments, so invest a surplus amount that is separate from your emergency funds.

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