Utkarsh SFB hikes FD rates, senior citizens can earn up to 9% on 700 days tenor
2 min read 01 Mar 2023, 04:54 PM ISTUtkarsh Small Finance Bank (SFB) hikes interest rates on fixed deposits of less than ₹2 Cr.
PremiumUtkarsh Small Finance Bank (SFB) hikes interest rates on fixed deposits of less than ₹2 Cr. For the general public, the bank presently offers interest rates between 4.00% and 7.00%, while for senior citizens, the band is 4.75% to 7.75%. At Utkarsh Small Finance Bank, deposits maturing in 700 days will now earn a maximum interest rate of 8.25% for the general public and 9.00% for senior citizens. As per the official website of the bank, the new FD rates are effective as of 27th February 2023.
Utkarsh SFB FD Rates
The bank is now giving an interest rate of 4.00% on fixed deposits that mature in the next 7 days to 45 days, and Utkarsh Small Finance Bank (SFB) is now offering an interest rate of 4.75% on those that mature in the next 46 days to 90 days. The interest rates offered by Utkarsh Small Finance Bank (SFB) are presently 5.50% for deposits with a tenor of 91 days to 180 days and 6.50% for deposits with a tenor of 181 days to 364 days.
Deposits maturing in 365 days to 699 days will now fetch an interest rate of 7.75% and those maturing in 700 days will now fetch a maximum interest rate of 8.25%. The bank is now giving an interest rate of 7.50% on domestic term deposits maturing in 701 days to up to 5 years, while Utkarsh Small Finance Bank (SFB) will now give an interest rate of 7.00% on domestic term deposits maturing in 5 years or more and up to 10 years.
“Above rates effective from Feb 27, 2023 are applicable for fresh fixed deposits as also for renewal of existing fixed deposits," said Utkarsh Small Finance Bank.
Regarding premature withdrawals of fixed deposits, Utkarsh Small Finance Bank has mentioned on its website that “Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower."
Utkarsh Small Finance Bank offers an additional rate of 75 bps over and above the regular rates to senior citizens across all tenors.
Meanwhile, Suryoday Small Finance Bank has also announced an interest rate hike on fixed deposits effective from today i.e. 1st March 2023. Following the announcement, the bank is now offering interest rates ranging from 4.00% to 7.25% for the general public and 4.50% to 7.50% for senior citizens on a deposit tenor ranging from 7 days to 10 years. On a deposit tenor of 999 days, Suryoday Small Finance Bank is now offering a maximum interest rate of 8.51% for the general public and 8.76% for senior citizens.
