New Delhi. The process of increasing FD interest rates by banks in the country continues. This includes all Public Sector Banks, Private Sector Banks and Small Finance Banks. Recently, another small finance bank has decided to increase the interest rates of its fixed deposits. This bank is Utkarsh Small Finance Bank. The bank has decided to increase the interest rate in its FD scheme up to Rs 2 crore. The new rates have been implemented from October 17, 2022.
The bank is offering fixed deposits maturing in 7 days to 10 years. Which is from 4.00% to 6.25% for general citizen. 4.75% to 7.00% for public and senior citizens. On the other hand, in Utkarsh Small Finance Bank, deposits maturing in 700 days will now get a maximum interest rate of 7.75% for general public and 8.50% for senior citizens.
If you are also thinking of doing FD in Utkarsh Small Finance Bank, then we tell you about the interest rate offered by this bank on different tenures-
Interest accrued to ordinary citizens on FD of Rs 2 crore-
7 to 45 days-4.00%
46 to 90 days-4.25%
91 to 180 days-5.00%
181 to 364 days-6.00%
365 to 699 days-7.15%
on deposits maturing in 700 days – 7.75
701 to 5 years -7.50%
from 5 to 10 years -6.25%
The bank has mentioned on its website 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 remains 1% less than the Bank or the contracted rate, whichever is lower.”
Utkarsh Small Finance Bank
is offering RD rates ranging from 6.50% to 6.75% on Recurring Deposits (RDs) maturing in 6 months to 10 years and 7.00% to 7.25% for Senior Citizens. Utkarsh Small Finance Bank is offering the highest interest rate of 8.00% for general public and 8.50% for senior citizens on RD maturing in 24 months to 36 months. Let us tell you that almost all the banks have decided to increase the interest rates on their deposit schemes like FD scheme, savings scheme and RD scheme.