Utkarsh SFB Hikes Savings Account Interest Rates: Now Get Up To 7%

Utkarsh Small Finance Bank (SFB) has hiked interest rates on savings accounts. The new interest rates are effective as of 1st March 2022 and are applicable on domestic deposits. The bank is giving a 3.75 percent annual interest rate on savings bank account balances up to Rs 1 lakh. The bank has increased the interest rate on incremental balances above 1 lakh and up to 25 lakhs from 6 percent to 6.50 percent p.a. Previously, the bank offered a 7% annual interest rate on incremental balances between Rs 25 lakh and Rs 10 crore, and a 6.75 percent annual interest rate on incremental balances over Rs 10 crore. However, beginning March 1, 2022, the bank would give a 7% interest rate on incremental balances over Rs 25 lakhs.

Utkarsh Small Finance Bank Old Savings Account Interest Rates

Previously, the bank offered the following savings account interest rates. These rates went into effect on October 1, 2021.

Balance in Rs	Rate of Interest w.e.f October 1, 2021
Balance Upto 1 Lakh	3.75% p.a.
Incremental balance above 1 Lakh upto 25 Lakh	6.00% p.a.
Incremental Balance above 25 Lakh upto 10 Crores	7.00% p.a.
Incremental Balance above 10 Crores	6.75% p.a.
Source: Bank Website

Utkarsh Small Finance Bank Savings Account Interest Rates 2022

The bank is giving the following interest rates on domestic savings account deposits as of March 1, 2022.

Balance in Rs	Rate of Interest w.e.f March 01, 2022
Balance Upto 1 Lakh	3.75% p.a.
Incremental balance above 1 Lakh upto 25 Lakhs	6.50% p.a.
Incremental Balance above 25 Lakhs	7.00% p.a.
Source: Bank Website