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.
FD Tenure | Interest Rates (per annum) |
| 7 days to 45 days | 4.00 % |
| 46 days to 90 days | 4.75 % |
| 91 days to 180 days | 5.50 % |
| 181 days to 364 days | 6.50 % |
| 365 days to 699 days | 8.00 % |
| 700 days to less than 2 years | 8.25 % |
| 2 years up to 3 years | 8.50 % |
| Above 3 years to less than 4 years | 8.25 % |
| 4 years up to 5 years | 7.50 % |
| Above 5 years up to 10 years | 7.00 % |
* 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.
FD Tenure | Interest Rates (per annum) |
| 7 days to 45 days | 4.60% |
| 46 days to 90 days | 5.35% |
| 91 days to 180 days | 6.10% |
| 181 days to 364 days | 7.10% |
| 365 days to 699 days | 8.60% |
| 700 days to less than 2 years | 8.85% |
| 2 years up to 3 years | 9.10% |
| Above 3 years to less than 4 years | 8.85% |
| 4 years up to 5 years | 8.10% |
| Above 5 years up to 10 years | 7.60% |
* 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.
Other Finance Bank FD Interest Rates:
1. Suryoday Small Finance Bank FD Rates
2. Ujjivan Small Finance Bank FD Rates
3. Jana Small Finance Bank FD Rates
4. AU Small Finance Bank FD Rates
5. Small Finance Bank FD Rates
6. Equitas Small Finance Bank FD Rates
Other Banks FD Interest Rates:
1. Kotak Mahindra Bank FD Interest Rates
2. Indian Bank FD Interest Rates
3. Canara Bank FD Interest Rates
4. HDFC Bank FD Interest Rates
5. ICICI Bank FD Interest Rates
6. Axis Bank FD Interest Rates
7. SBI FD Interest Rates
Frequently Asked Questions
Quick Summary
Utkarsh Small Finance Bank offers competitive FD interest rates to help achieve long-term capital growth. Different schemes cater to various financial requirements with interest rates ranging from 4.00% to 9.10% p.a. for senior citizens. Tax Saver FD provides tax benefits under Section 80C. Premature withdrawal is allowed after 7 days with a penalty. TDS is applicable on interest income over certain limits.
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