Utkarsh SFB hikes fixed deposit interest rates during this period: Details inside

Utkarsh Small Finance Bank FD Rates

The bank will continue to offer an interest rate of 4% on fixed deposits maturing from 7 days to 45 days and 4.25% on fixed deposits maturing from 46 days to 90 days. Fixed deposits maturing between 91 and 180 days will continue to pay 5% interest, while fixed deposits maturing 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 offer an interest rate of 7.15 per cent, while on fixed deposits maturing in 700 days and up to 5 years, the bank has increased the interest rate by 25 basis points. Marks, ranging from 7.25% to 7.50%. The bank will continue to offer 6.25% interest rate on fixed deposits maturing in more than 5 to 10 years.

Utkarsh Small Finance Bank on its website states that “The penalty on premature withdrawal is 1% (not applicable for closure within 7 days) i.e. 1% less than the card rate on the date of deposit, for the period for which the deposit is be with the Bank or 1% below the contracted rate, whichever is lower.”

The bank has also stated on its website that “Interest can be paid on fixed deposits for a period of not less than one quarter (monthly pay-out) at concessional interest rates as per RBI instructions. No interest is payable for deposits withdrawn prematurely within a period of 7 days from the date of deposit.”

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

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