Utkarsh Small Finance Bank Savings Account
Utkarsh Small Finance Bank offers reasonably priced banking services, including loans, accounts, deposits, and investments. It is a small finance bank with its headquarters in Uttar Pradesh, which caters mostly to underserved low-income rural and urban populations in India.
Utkarsh currently operates 111 micro banking branches, 241 micro-finance outlets, and 53 general banking branches across all of India. The RBI has recognised Utkarsh Small Finance Bank as a scheduled bank, making its depositors qualified for deposit insurance offered by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The different types of savings accounts offered by Utkarsh Small finance Bank are discussed below.
Standard Savings Account
Benefits and Features: A minimum average quarterly balance of Rs.2,500 in semi-urban and rural areas and Rs.5,000 in metro and urban areas. Higher ATM withdrawal and purchase limits are just one of the special features of our standard savings account. On a daily product basis, interest is calculated, and it is credited every three months. Debit card coverage has zero liabilities. A Hindu Undivided Family or any Indian resident may apply for a Utkarsh Standard Savings Account.
Eligibility: A Hindu Undivided Family or any Indian resident may apply for a Utkarsh Standard Savings Account.
Fees and Charges for Utkarsh Small Finance Standard Savings Account
Average Balance Requirements | Standard Savings Account |
AQB | |
Metro and Urban Branches | Rs.5,000 |
Semi-Urban and Rural Branches | Rs.2,500 |
Charges for Non-Maintenance | Metro/Urban: Rs.25 per Rs.500 of the shortfall, MaxRs.250 for the quarterSemi Urban/Rural: Rs.25 per Rs.500 of the shortfall, Max Rs.250 for the quarter |
Branch Cash Transactions | Standard Savings Account |
Cash Deposit Transactions- Free limits/month | Rs.5 lakhs |
Charges Beyond Free Limit | Rs.3 per Rs.1,000 (Min. Rs.50) |
Cash Deposit Transactions Free limits/month (Folio) | 10 transactions |
Charges Beyond Free Limit | Rs.20 |
Cash Withdrawal - Free limits/month | Unlimited |
Cash Withdrawal charges beyond free limit | NA |
NEFT/RTGS/IMPS transactions (Online) | Standard Savings Account |
RTGS Outward | Free |
NEFT Outward | Free |
IMPS Payments | Upto Rs.1 lakh - Rs.5 Above Rs.1 lakh up to Rs.2 lakhs - Rs.15 |
Premium Savings Account
Benefits and Features: The current, savings, and term deposit accounts linked to the Premium Savings Account must each have an average quarterly balance of Rs.50,000 or a minimum composite total relationship value of Rs.500,000 to be maintained. At any ATM, users are permitted an unlimited number of free domestic transactions. The account holder is also given a Platinum Rupay debit card with an accidental policy cover of up to Rs.200,000. The interest is computed daily for each product and credited every three months.
Eligibility: A Hindu Undivided Family or any Indian resident may apply for a Utkarsh Premium Savings Account.
Fees and Charges for Utkarsh Small Finance Premium Savings Account
Average Balance Requirements | Premium Savings Account |
AQB | |
Metro and Urban Branches | Rs.50,000 or relationship of Rs.5 lakhs |
Semi-Urban and Rural Branches | Rs.50,000 or relationship of Rs.5 lakhs |
Charges for Non-Maintenance | Rs.25 per Rs.500 of the shortfall |
Branch Cash Transactions | Premium Savings Account |
Cash Deposit Transactions- Free limits/month | Rs.20 lakhs |
Charges Beyond Free Limit | Rs.3 per Rs.1,000 (Min. Rs.50) |
Cash Deposit Transactions Free limits/month (Folio) | Unlimited |
Charges Beyond Free Limit | NA |
Cash Withdrawal - Free limits/month | Unlimited |
Cash Withdrawal charges beyond free limit | NA |
NEFT/RTGS/IMPS transactions (Online) | Premium Savings Account |
RTGS Outward | Free |
NEFT Outward | Free |
IMPS Payments | Free |
Gen-Nex Savings Account
Benefits and features: To maintain this account it is necessary to keep an average quarterly balance of Rs.2,500 in metro/urban banking outlets and 750 in semi-urban/rural banking outlets. This account can be opened in conjunction with a guardian and managed by the parent or guardian up until the minor turns 18; at that point, the account can be converted into a typical savings account. increased ATM purchase and withdrawal limits. The interest is calculated daily for each product and credited every three months. On the debit card, there is no liability coverage.
Eligibility: Utkarsh Small Finance Bank offers Minor Savings Accounts to minors under the age of eighteen.
Fees and Charges for Utkarsh Small Finance Gen-Nex Savings Account
Average Balance Requirements | Gen-Nex Savings Account |
AQB | |
Metro and Urban Branches | Rs.2,500 |
Semi-Urban and Rural Branches | Rs.750 |
Charges for Non-Maintenance | Metro/Urban: Rs.25 per Rs.500 of the shortfall, MaxRs.125 for the quarterSemi Urban/Rural: Rs.25 per Rs.500 of the shortfall, Max Rs.37.50 for the quarter |
Branch Cash Transactions | Gen-Nex Savings Account |
Cash Deposit Transactions- Free limits/month | Rs.5 lakhs |
Charges Beyond Free Limit | Rs.3 per Rs.1,000 (Min. Rs.50) |
Cash Deposit Transactions Free limits/month (Folio) | 10 transactions |
Charges Beyond Free Limit | Rs.20 |
Cash Withdrawal - Free limits/month | Unlimited |
Cash Withdrawal charges beyond free limit | NA |
NEFT/RTGS/IMPS transactions (Online) | Gen-Nex Savings Account |
RTGS Outward | Free |
NEFT Outward | Free |
IMPS Payments | Upto Rs.1 lakh - Rs.5 Above Rs.1 lakh - Rs.2 lakhs - Rs.15 |
Basic Savings Bank Deposit Account (BSBDA)
Benefits and features: In order to encourage people to open Savings Bank accounts and benefit from financial inclusion, this savings account offers Basic Savings banking features. There is no liability coverage on the debit card offered with this account.
Eligibility: A Hindu Undivided Family or any Indian resident may apply for a Basic Savings Bank Deposit Account.
Fees and Charges for Utkarsh Small Finance Basic Savings Bank Deposit Account (BSBDA)
Average Balance Requirements | Basic Savings Bank Deposit Account (BSBDA) |
AQB | |
Metro & Urban Branches | Nil |
Semi-Urban & Rural Branches | Nil |
Chages for Non-Maintenance | Nil |
Branch Cash Transactions | Basic Savings Bank Deposit Account (BSBDA) |
Cash Deposit Transactions- Free limits/month | Rs.1 lakh |
Charges Beyond Free Limit | Rs.3 per Rs.1,000 (Min. Rs.50) |
Cash Deposit Transactions Free limits/month (Folio) | 4 transactions |
Charges Beyond Free Limit | Rs.20 |
Cash Withdrawal - Free limits/month | Unlimited |
Cash Withdrawal charges beyond free limit | NA |
NEFT/RTGS/IMPS transactions (Online) | Basic Savings Bank Deposit Account (BSBDA) |
RTGS Outward | Free |
NEFT Outward | Free |
IMPS Payments | Upto Rs.1 lakh - Rs.5 Above Rs.1 lakh - Rs.2 lakhs - Rs.15 |
Basic Savings Bank Deposit Small Account (BSBDA-Small)
Benefits and features: Customers from the economically underprivileged segment of society who lack the necessary KYC documents should use this product. The goal of the Zero Average Balance Requirement is to bring the unbanked population into the banking segment. The debit card offered with this account has no liability coverage.
Eligibility: A Hindu Undivided Family or any Indian resident may apply for a Basic Savings Bank Deposit Small Account (BSBDA-Small)
Fees and Charges for Utkarsh Small Finance Basic Savings Bank Deposit Small Account (BSBDA-Small)
Average Balance Requirements | Basic Savings Bank Deposit Small Account (BSBDA- Small) |
AQB | |
Metro & Urban Branches | Nil (The balance at any point of time should not exceed Rs.50,000) |
Semi-Urban & Rural Branches | |
Chages for Non-Maintenance | Nil |
Branch Cash Transactions | Basic Savings Bank Deposit Small Account (BSBDA- Small) |
Cash Deposit Transactions- Free limits/month | Total credits in such accounts should not exceed one lakh rupees in a year. Maximum balance in the account should not exceed fifty thousand rupees at any time. |
Charges Beyond Free Limit | NA |
Cash Deposit Transactions Free limits/month (Folio) | 4 transactions |
Charges Beyond Free Limit | NA |
Cash Withdrawal - Free limits/month | Monthly cash withdrawal (including debit transfers) is restricted to ten thousand. |
Cash Withdrawal charges beyond free limit | NA |
NEFT/RTGS/IMPS transactions (Online) | Basic Savings Bank Deposit Small Account (BSBDA- Small) |
RTGS Outward | Not Available |
NEFT Outward | Free |
IMPS Payments | Up to Rs.10,000 - Rs.5 |
Corporate Salary Account
Benefits and features: Utilize banking services with Utkarsh Small Finance Bank for simple salary disbursement. You have a choice between Standard and Premium Corporate Salary Accounts for a fine banking experience.
Eligibility: To know the eligibility of the Utkarsh Small Finance Bank Corporate Salary Account, account holders need to visit the nearest bank branch.
Fees and Charges for Utkarsh Small Finance Corporate Salary Account
Average Balance Requirements | Corporate Salary-Standard Account | Corporate Salary- Premium Account |
AQB | AQB | |
Metro and Urban Branches | Nil | Nil |
Semi-Urban and Rural Branches | Nil | Nil |
Charges for Non-Maintenance | Nil | Nil |
Branch Cash Transactions | Corporate Salary-Standard Account | Corporate Salary- Premium Account |
Cash Deposit Transactions- Free limits/month | Rs.5 lakhs | Rs.20 lakhs |
Charges Beyond Free Limit | Rs.3 per Rs.1,000 (Min. Rs.50) | Rs.3 per Rs.1000 (Min Rs.50) |
Cash Deposit Transactions Free limits/month (Folio) | 10 transactions | Unlimited |
Charges Beyond Free Limit | Rs.20 | NA |
Cash Withdrawal - Free limits/month | Unlimited | Unlimited |
Cash Withdrawal charges beyond free limit | NA | NA |
NEFT/RTGS/IMPS transactions (Online) | Corporate Salary-Standard Account | Corporate Salary- Premium Account |
RTGS Outward | Free | Free |
NEFT Outward | Free | Free |
IMPS Payments | Up toRs.1 lakh - Rs.5 Above Rs.1 lakh - Rs.2 lakhs - Rs.15 | Free |
Documents required for opening Utkarsh Small Finance Bank Savings Accounts
Individuals | Hindu Undivided Family | Domestic Individual Savings Accounts |
Recent passport-size photograph, Aadhaar Identity proof, Residential proof, Proof of your child's birth date | Copy of PAN card or Form 60 for HUF Karta's statement Evidence of Karta's identity and address in accordance with personal documentation Joint Hindu Family Prescribed Letter, signed by All Coparceners | Aadhaar, Passport, PAN, Driving License, Voter ID card NREGA Job Card (duly signed by an officer of the State Government) |
Interest Rate for savings accounts in Utkarsh Small Finance Bank
Interest rates on Deposits in Domestic Savings Accounts are as follows:
Balance | Rate of Interest |
Rs.1 Lakh | 4.25% p.a. |
Above Rs.1 Lakh to Rs.25 Lakhs | 6.50% p.a. |
Above Rs.25 Lakhs to Rs.10 crore | 7.25% p.a. |
Above Rs.10 Crore | 7.50% p.a. |
Note: These rates are effective from 1 December 2022
How do I open a Utkarsh Small Finance Bank Savings Account?
Customers can apply offline by going to the nearest branch of Utkarsh Small Finance Bank. If you want to open an account online then follow the instructions given below:
- Step 1: Visit the official Utkarsh Small Finance Bank website as the first step.
- Step 2: Click the savings account the customer wants to apply for under the ‘Accounts & Deposits’ section of the ‘Personal’ tab.
- Step 3: Select ‘Get a call back’ on the savings account page.
- Step 4: Complete the required fields and press the ‘Submit’ button.
- Step 5: Enter the OTP to receive a return call from a customer service representative at Utkarsh Small Finance Bank.
FAQs on Utkarsh Small Finance Bank Savings Account
- What type of debit card is included with a Utkarsh Small Finance Premium savings account?
Customers of Utkarsh Small Finance Bank Premium Savings Accounts will also receive a Platinum Debit Card.
- What are the different types of savings accounts available at Utkarsh Small Finance Bank Savings Account?
There are six types of savings accounts available at Utkarsh Small Finance Bank. They are Standard Savings Account, Premium Savings Account, Gen-Nex Savings Account, Basic Savings Bank Deposit Account (BSBDA), Basic Savings Bank Deposit Small Account (BSBDA-Small), and Corporate Salary Account.
- How is Interest calculated in the Utkarsh Small Finance Standard savings account?
The interest is calculated on a daily product basis and credited quarterly in the Standard savings account.
- What is the average quarterly balance in Utkarsh Small Finance Premium savings account?
You must keep your savings and FD accounts at a minimum average quarterly balance of Rs.50,000 in the Utkarsh Small Finance Premium savings account.
- How many transactions per day are permitted for Utkarsh Small Finance Standard savings account?
The daily ATM withdrawal cap is set at Rs.40,000, and their daily spending limit is set at Rs.100,000 (POS) for the Utkarsh Small Finance Standard savings account.
- What is the minimum balance required to maintain a Basic Savings Bank Deposit Account (BSBDA) in Utkarsh Small Finance Bank?
There is no minimum balance required to maintain the Basic Savings Bank Deposit Account (BSBDA) in Utkarsh Small Finance.
- Is there a savings bank account for minors at Utkarsh Small Finance Bank?
Yes. Utkarsh Small Finance Bank offers Minor Savings Account (Gen-Nex) to minors under the age of eighteen.
- How many variants of corporate salary accounts are available from Utkarsh Small Finance Bank?
There are two variants of corporate salary accounts (Standard and Premium) from Utkarsh Small Finance Bank.
- What type of debit card is included with a Utkarsh Small Finance Basic Savings Bank Deposit Small Account (BSBDA-Small)?
A Classic Rupay debit card is offered with Utkarsh Small Finance Basic Savings Bank Deposit Small Account (BSBDA-Small). There are no annual maintenance charges for the first year of this card.
- Can I open a savings account with Utkarsh Small Finance Bank online?
Yes, you can open a savings account with Utkarsh Small Finance Bank online by visiting their official website.
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