BackUtkarsh Small Finance Bank hikes interest rates on fixed deposits: Details here
On fixed deposits below ₹2 crore, Utkarsh Small Finance Bank (SFB) has increased interest rates.
PremiumOn fixed deposits below ₹2 crore, Utkarsh Small Finance Bank (SFB) has increased interest rates. The bank has raised interest rates across all tenors as a result of the modification, and the new rates are effective as of July 25, 2022, according to the bank's website. Senior citizens will now get interest rates ranging from 4.50 per cent to 6.75 per cent on deposits maturing in 7 days to 10 years, while the general public will receive rates between 4.00 per cent and 6.25 per cent.
Utkarsh Small Finance Bank FD Rates
The bank increased interest rates on deposits maturing in 7 days to 45 days from 3 per cent to 4 per cent, and on term deposits maturing in 46 days to 90 days from 3.25 per cent to 4.25 per cent. On deposits maturing in 91 days to 180 days, the interest rate at Utkarsh Small Finance Bank has increased from 4.25 per cent to 5.00 per cent. Deposits maturing in 181 Days to 364 Days will now fetch an interest rate of 6% which was earlier 5.75% and fixed deposits maturing in 365 Days to 699 Days will now fetch an interest rate of 7.15% which was earlier 6.90%. Utkarsh SFB will now provide deposits maturing in 700 days to five years at the highest interest rate of 7.25 per cent, which is significantly higher than the retail inflation of 7.01 per cent in June. While the bank will now give an interest rate of 6.25 per cent on term deposits maturing in 5 to 10 years, up from the previous 6 per cent.
Utkarsh Small Finance Bank has mentioned on its website that “For Term Deposits with tenure below 181 days, interest will be calculated on maturity on Simple Interest basis. 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." The bank has also stated 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."
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