Utkarsh Small Finance Bank RD Rates – 2025 Overview
The Recurring Deposit (RD) offered by Utkarsh Small Finance Bank comes with several attractive advantages, making it a secure and flexible savings option. It offers competitive interest rates—ranging from 6.50% to 8.00% for regular customers and up to 8.50% for senior citizens—depending on the tenure.
Utkarsh Small Finance Bank offers Recurring Deposits (RD) at a starting interest rate of 6.50%. The minimum deposit amount required to book a recurring deposit is Rs.100 for a tenure ranging between 6 months to 10 years.
Utkarsh Small Finance Bank RD Interest Rates
Tenure | Interest Rates* (p.a.) for General citizens | Interest Rates* (p.a.) for Senior Citizens |
Up to 6 months | 6.50% | 7.00% |
9 months | 6.50% | 7.00% |
12 months | 6.75% | 7.25% |
15 months | 7.00% | 7.50% |
18 months | 7.25% | 7.75% |
21 months | 7.50% | 8.00% |
Above 21 months and less than 24 months | 7.50% | 8.00% |
24 months to 36 months | 8.00% | 8.50% |
Above 3 years up to 5 years | 6.75% | 7.25% |
Above 5 years up to 10 years | 6.75% | 7.25% |
Note: The interest rates for recurring deposits may change as per the bank’s discretion. These interest rates are effective from 7 June 2024.
Features and Benefits of Utkarsh Small Finance Bank Recurring Deposit
The following are the features and benefits of Utkarsh Small Finance Bank RD:
- You can invest an amount as small as Rs.100 in recurring deposit
- Senior citizens get additional interest rate benefit of 0.50%
- Interest is compounded on quarterly basis
- Tax deductions under Section 80C of Income Tax Act can be availed
- Premature withdrawal of the recurring deposit is allowed
Documents Required to Apply for Utkarsh Small Finance Bank RD
The following documents are required to apply for a recurring deposit:
- Identity proof - Aadhaar card, PAN card, Passport, etc.
- Address proof - Electricity bill, water bill, Aadhaar card, etc.
- Passport size photographs
- Application form
How to Apply for a Recurring Deposit with Utkarsh Small Finance Bank?
You need to visit the nearest Utkarsh Small Finance bank’s branch to apply for a recurring deposit.
FAQs on Utkarsh Small Finance Bank RD Rates
- What is the minimum tenure of Utkarsh Small Finance Bank recurring deposit?
The minimum tenure of Utkarsh Small Finance Bank recurring deposit is six months.
- How much is the minimum deposit amount for a recurring deposit?
The minimum deposit amount for recurring deposit is Rs.100
- How much is the penalty on premature withdrawal of the recurring deposit?
A penalty of 1% is charged on premature withdrawal of the recurring deposit. However, this penalty is not applicable is the deposit is closed within seven days of time.
- Is premature withdrawal of recurring deposit allowed at Utkarsh Small Finance Bank?
Yes, premature withdrawal of recurring deposit is allowed at Utkarsh Small Finance Bank
- Can I avail tax benefits on recurring deposit?
Yes, you can avail tax benefits on recurring deposit under Section 80C of the IT Act.
- Do senior citizens get any additional benefits on Utkarsh Small Finance Bank recurring deposit?
Yes, the senior citizens get an additional interest rate benefit of 0.50% on Utkarsh Small Finance Bank recurring deposit.
- Can I apply for Utkarsh Small Finance Bank recurring deposit online?
No, the Utkarsh Small Finance Bank does not provide the facility to apply for recurring deposit online.
- Can avail a loan against my recurring deposit?
No, you cannot avail yourself of a loan against the recurring deposit.
- Is nomination facility available with Utkarsh Small Finance Bank recurring deposit?
No, nomination facility is not available with Utkarsh Small Finance Bank recurring deposit
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