Utkarsh Small Finance Bank's fixed deposit interest rates are attractive and flexible with tenures that range from 2 weeks up to 10 years. Senior citizens get an additional interest rate of 0.50%. The interest rates for the general public range from 3.00% p.a. to 7.00% p.a. effective from 19 October 2020 for deposits lower than Rs.2 crore.
The interest rates for Domestic Term Deposits Less Than Rs.2 Crore are given below (with premature withdrawal facility):
| Tenure | For General Public (% p.a.) | For Senior Citizens (% p.a.) |
|---|---|---|
| 7 days to 45 days | 3.00% | 3.50% |
| 46 days to 90 days | 3.25% | 3.75% |
| 91 days to 180 days | 4.00% | 4.50% |
| 181 days to 364 days | 6.00% | 6.50% |
| 365 days to 699 days | 6.75% | 7.25% |
| 700 days | 7.00% | 7.50% |
| 701 days to 3652 days | 6.75% | 7.25% |
The interest rates mentioned in the table are effective 19 October 2020 and are subject to change as per the bank's discretion.
The interest rate for domestic fixed deposits ranging from Rs.15 lakh up to Rs.2 crore are as given below (without premature withdrawal facility):
| Tenure | For General Public (% p.a.) | For Senior Citizens (% p.a.) |
|---|---|---|
| 7 days to 45 days | 3.00% | 3.50% |
| 46 days to 90 days | 3.25% | 3.75% |
| 91 days to 180 days | 4.00% | 4.50% |
| 181 days to 364 days | 6.00% | 6.50% |
| 365 days to 699 days | 7.00% | 7.50% |
| 700 days | 7.25% | 7.75% |
| 701 days to 3652 days | 7.00% | 7.50% |
Note: The interest rates mentioned in the table are effective 19 October 2020 and are subject to change as per the bank's discretion.
Under Section 80C of the Income Tax Act, 1961, tax deductions of up to Rs.1.5 lakh can be availed by investing in this scheme. There is a lock-in period of 5 years and no premature withdrawal for this scheme.
| Maturity Period | General Public FD interest rate (per annum) | Senior citizen FD interest rate (per annum) |
|---|---|---|
| 5 years | 6.75% | 7.25% |
*The interest rates are subject to change as per the discretion of the bank. Rates with effect from 19 October 2020.
There are many factors that affect the bank's FD interest rates such as:
It helps to get a clear understanding of how much your deposit amount will be at the end of your tenure with the added interest amount. This will help you choose the best tenure for the best return on your investment. All you have to do is use the free online FD calculator which only requires you to input the deposit amount that you are planning to invest, the current interest rate for a particular tenure, and the tenure that you wish to choose. The results of the calculation will be instantly displayed on the page and will be accurate and reliable.
Here's an example.
If you decide to invest Rs.1 lakh in the Utkarsh Small Finance Bank FD account for a tenure of 5 years, the current rate of interest is 6.75% p.a. for the general public. Assuming that you are below the age of 60, that means that upon maturity, your fixed deposit amount with an annual compounding frequency will be Rs.1.4 lakh, which includes the interest amount of Rs.40,000.
You will get an interest of 1% less than the card rate on the date of deposit for which the deposit has remained with the bank or 1% less than the contracted rate, if you prematurely withdraw your FD after 7 days. There is no penalty if you withdraw it within one week of opening the deposit.
Yes, the interest earned on the deposit is subject to Tax Deducted at Source (TDS) as per the Income Tax rules.
Monthly payout is available for Utkarsh Small Finance Bank FD at discounted interest rates as per the rules of the Reserve Bank of India (RBI).
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