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Home / Money / Personal Finance /  Utkarsh SFB hikes fixed deposit interest rates on this tenure: Details inside
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Utkarsh Small Finance Bank has hiked interest rates on fixed deposits of less than 2 Cr. As per the official website of the bank, the new interest rates are in force from 12th August 2022. Following the adjustment, the bank has hiked interest rates by 25 bps on fixed deposits maturing in 700 days up to 5 years.

Utkarsh Small Finance Bank FD Rates

The bank will continue to provide an interest rate of 4% on fixed deposits maturing from 7 days to 45 days, and an interest rate of 4.25% on fixed deposits maturing from 46 days to 90 days. Fixed deposits with maturities between 91 and 180 days will continue to pay 5% interest, while term deposits with maturities between 181 and 364 days will continue to pay 6% interest. On fixed deposits maturing in 365 days to 699 days, Utkarsh Small Finance Bank will continue to give an interest rate of 7.15%, while on fixed deposits maturing in 700 days and up to 5 years, the bank has increased the interest rate by 25 basis points, from 7.25% to 7.50%. The bank will keep offering a 6.25% interest rate on fixed deposits maturing in more than 5 to 10 years.

Utkarsh Small Finance Bank FD Rates
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Utkarsh Small Finance Bank FD Rates (utkarsh.bank)

Utkarsh Small Finance Bank has said 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."

The bank has also stated on its website that “Interest on Term Deposit can be paid for a period of less than a quarter (monthly pay-out) at the discounted interest rates as per RBI directives. No interest is payable for deposits prematurely withdrawn within the period of 7 days from the date of deposit."

Utkarsh Small Finance Bank has also revised interest rates on recurring deposits. Recurring deposits maturing in upto 6 months to 9 months, the bank is now offering an interest rate of 6.50% and on RDs maturing in 12 months, the bank will now offer an interest rate of 6.75%. On recurring deposits maturing in 15 months, the interest rate now applicable is 7.00% and on RDs maturing in 18 months, Utkarsh SFB will now offer an interest rate of 7.25%. On recurring deposits maturing in 21 months to above 21 months to less than 24 months, the bank will offer an interest rate of 7.50%. On RDs maturing in 24 months to 36 months, the bank will now offer a maximum interest rate of 8.00%. The bank will now provide an interest rate of 6.75% on RDs maturing in 3 to 10 years.

 

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