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Utkarsh Small Finance Bank has revised its interest rates on savings accounts and the new rates are effective as of 1st December 2022 as per the official website of the bank. Following the revision, savings account holders of the bank can now earn a maximum interest rate of 7.50%. Anyone who lives in India or who is a member of a Hindu Undivided Family is eligible to apply for a Utkarsh Standard Savings Account and start benefiting from the higher interest rates.

Utkarsh Small Finance Bank Savings Account Interest Rates

The bank is paying an interest rate of 4.25% per annum on savings account balances up to 1 lakh, while Utkarsh Small Finance Bank is offering an interest rate of 6.50% per annum on incremental savings account balances over 1 lakh and up to 25 lakhs. On savings account incremental balances over Rs. 25 lakhs and up to Rs. 10 crore, Utkarsh Small Finance Bank is giving an interest rate of 7.25% per annum.

The bank is guaranteeing a maximum interest rate of 7.50% per annum on savings account incremental balances above Rs. 10 crore. The bank has said in its account that the interest is calculated on a daily product basis and credited quarterly. The average weekly amount allowed by Utkarsh Small Finance Bank is 5,000 for metro and urban branches and 2,500 for semi-urban and rural branches.

Utkarsh Small Finance Bank Savings Account Interest Rates
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Utkarsh Small Finance Bank Savings Account Interest Rates (utkarsh.bank)

Utkarsh Small Finance Bank has mentioned on its website that “The biggest advantage our customers have is that they need to maintain an Average Quarterly Balance (AQB) instead of a monthly balance. Metro/urban customers can enjoy banking services by maintaining an Average Quarterly Balance (AQB) of just 5,000 and semi-urban/rural customers can enjoy the same at 2,500 of Average Quarterly Balance (AQB)."

For the standard customers, the daily ATM withdrawal limit is 40,000, and the daily spending maximum is 1 lakh (POS). Customers of the bank's savings accounts receive a variety of perks, including higher ATM withdrawal and purchase limits, a wide range of services with minimal AQB requirements, free NEFT/RTGS, and higher interest rates on domestic savings.

ABOUT THE AUTHOR

Vipul Das

Vipul Das is a Digital Business Content Producer at Livemint. He previously worked for Goodreturns.in (OneIndia News) and has over 5 years of expertise in the finance and business sector. Stocks, mutual funds, personal finance, tax, and banking are among his specialties, and he is a professional in industry research and business reporting. He received his bachelor's degree from Dr. CV Raman University and also have completed Diploma in Journalism and Mass Communication (DJMC).
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