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Utkarsh Small Finance Bank Hikes Interest Rates On FDs: Check Here For New Rates

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The DICGC-insured Utkarsh Small Finance Bank (SFB) has made interest rate revisions on fixed deposits of less than Rs 2 Cr. On 9th May 2022, the bank hiked interest rates on various maturity slabs. Following the revision, the general public will now get a maximum rate of 7.25% and senior citizens will get a maximum rate of 7.75%.

 

Utkarsh Small Finance Bank Regular FD Rates 2022
 

Utkarsh Small Finance Bank Regular FD Rates 2022

The interest rate on term deposits of less than Rs 2 Cr maturing in 7 days to 45 days would stay at 3.00 per cent, while the interest rate on deposits maturing in 46 days to 90 days will remain at 3.25 per cent. Previously, the bank offered a 4% interest rate on deposits due in 91 days to 180 days, but that rate has now been raised to 4.25 per cent, a 25-basis-point increase.

The bank's interest rate on term deposits maturing in 181 days to 364 days has remained steady at 5.75 per cent. The interest rate on domestic term deposits maturing in 365 days to 699 days was previously 6.50 per cent, but it has now been raised to 6.90 per cent, a 40-basis-point increase.

The bank will now give the general public a maximum interest rate of 7.25 per cent on deposits maturing in 700 days to 1000 days, up from 6.75 per cent for deposits maturing in 700 days to 999 days and 6.90 per cent for deposits maturing in 1000 days. The interest rates on deposits maturing in 1001 days to 5 years and above 5 years to 10 years have remained steady at 6.75 per cent and 6%, respectively.

TenureInterest rates p.a.
7 Days to 45 Days3.00%
46 Days to 90 Days3.25%
91 Days to 180 Days4.25%
181 Days to 364 Days5.75%
365 Days to 699 Days6.90%
700 Days to 1000 Days7.25%
1001 Days upto 5 Years6.75%
Above 5 Years to 10 Years6.00%
Source: Bank Website. W.e.f. May 09, 2022 
Utkarsh Small Finance Bank FD Rates For Senior Citizens

Utkarsh Small Finance Bank FD Rates For Senior Citizens

Senior citizens will continue to get an additional rate of 0.50% across all tenors. Following the revision made by the bank, senior citizens will get an interest rate of 3.5% to 6.5% on deposits maturing in 7 days to 10 years, whereas they will get a maximum rate of 7.75% on deposits maturing in 700 Days to 1000 Days.

TenureInterest rates p.a.
7 Days to 45 Days3.50%
46 Days to 90 Days3.75%
91 Days to 180 Days4.75%
181 Days to 364 Days6.25%
365 Days to 699 Days7.40%
700 Days to 1000 Days7.75%
1001 Days upto 5 Years7.25%
Above 5 Years to 10 Years6.50%
Source: Bank Website. W.e.f. May 09, 2022 
Utkarsh Small Finance Bank Recurring Deposit (RD) Interest Rates

Utkarsh Small Finance Bank Recurring Deposit (RD) Interest Rates

On recurring deposits maturing in 6 months to 10 years, Utkarsh SFB is now offering the following interest rates effective as of 9th May 2022.

TenureGeneral Customers SSenior Citizens
Upto 6 months6.50%7.00%
9 months6.50%7.00%
12 months6.75%7.25%
15 months6.75%7.25%
18 months6.75%7.25%
21 months6.75%7.25%
Above 21 Months to less than 24 Months6.75%7.25%
24 Months to 36 months7.00%7.50%
Above 3 Years upto 5 Years6.75%7.25%
Above 5 years upto 10 years6.75%7.25%
Source: Bank Website. W.e.f. May 09, 2022  

Story first published: Wednesday, May 11, 2022, 12:58 [IST]
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