Utkarsh Small Finance Bank 2024 –Utkarsh Small Money Bank offers FD loan costs of 4.00-8.25% p.a. to the overall population and 4.75-9.00% p.a. to senor residents on residencies going from 7 days to 10 years. The loan fee on Utkarsh Small Money Bank Assessment Saving FDs is 7.50% p.a. for the overall population and 8.25% p.a. for senior resident investors for residencies of 5 years. Utkarsh Small Money Bank has been perceived as a booked bank by the RBI, which sets aside its investors qualified for installment protection given by the Contributor Protection and Credit Assurance Enterprise (DICGC).
The store protection cover from DICGC, a RBI auxiliary, guarantees combined stores up to Rs 5 lakh made by every contributor, including his proper stores, reserve funds, current, and repeating stores, in each planned bank in the event of the disappointment or consolidation/combination of a booked bank. Utkarsh Small Finance Bank offers several products and services tailored to different needs of SMEs. These include short-term loans for working capital or other immediate needs, as well as long-term debt funding for larger projects or investments. The bank also provides advisory services ranging from business planning and growth to succession planning and succession management. These services help SMEs navigate the often challenging process of growing their business successfully into sustainable enterprises.
Utkarsh Small Finance Bank 2024
The fixed deposit interest rates at Utkarsh Small Finance Bank (SFB) have been revised to be less than 2%. The bank’s official website states that the new rates will go into effect on 2024. The bank now offers interest rates on FDs with maturities ranging from 7 days to 10 years that range from 4.0% to 6.25 percent for the general public and from 4.75 percent to 7.0% for senior citizens as a result of the change. Current maximum interest rates for deposits that mature in 700 days are 8.75 percent for senior citizens and 8.0 percent for the general public.
The bank currently offers a rate of 4.0% on FDs due within the next 7 to 45 days and a rate of 4.25 percent on FDs due within the next 46 to 90 days. The interest rate on deposits with maturities between 91 and 180 days has been increased to 5.00%, while the interest rate on deposits with maturities between 181 and 364 days has been increased to 6.00%. Utkarsh Small Finance Bank currently offers fixed-term deposits with interest rates of 7.50 percent for deposits maturing in 365–699 days and 8.0 percent for deposits maturing in 700 days. On FDs due in 701 days or less, the bank will offer an interest rate of 7.50 percent for up to five years. On FDs due in five years or more, the bank already offers a rate of 6.25 percent for up to ten years.
Utkarsh Small Finance Bank 2024 Interest Rate For FD Details
| Bank Name | Utkarsh Small Finance Bank |
| Article Name | Utkarsh Small Finance Bank Interest Rate For FD |
| Category | Trending |
| Official Website | Click Here |
About Utkarsh Small Finance Bank FD
A bank that provides banking services is Utkarsh Small Finance Bank Limited. In addition to card services, remittances, and Internet banking, the bank provides checking and deposit accounts, money market, investment, insurance, mortgage, and term loans. Utkarsh Small Finance Bank serves customers in India. Utkarsh Small Finance Bank offers flexible and competitive fixed deposit interest rates with terms ranging from two weeks to ten years. Senior citizens receive an additional interest rate of 0.50 percent. Small Finance Bank is a private bank that offers personalized banking solutions to individuals and small businesses.
They provide loans, deposits, and other financial services tailored to the needs of individual customers. Utkarsh Small Finance Bank was established in 2016 with a vision to provide high-quality services to its clients at an affordable cost. It is based in Surat, Gujarat, India and has branches in several cities across the country. The bank’s team is composed of experienced professionals who are committed to providing personalized service and sound financial advice to their customers. Their goal is to help individuals and small businesses achieve their financial goals and reach their dreams.
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Types of Utkarsh Small Finance Bank FD Schemes
There are a variety of different types of Utkarsh Small Finance Bank FD schemes. Some are offered as a fixed deposit scheme, where investors lock in a fixed amount of money for a set period of time. Other types of schemes may allow for variable or installment payments, which allow investors to make regular payments toward their investment. Still other schemes may offer loans or line of credit products, which can be used to finance various needs like home improvement projects and education expenses. The type of scheme offered will depend on the specific requirements and objectives of each individual investor.
Regular Fixed Deposits
- Minimum deposit amount: Rs 1,000
- Tenure: 7 days – 10 years
- The monthly pay-out option is available for FDs with a duration of less than 181 days, and the interest rates will be calculated using the discounted interest rates plus 0.75 percent per annum.
- Senior citizen depositors can take advantage of a standard FD rate, but no interest will be paid if the deposit is withdrawn early within seven days of opening the FD.
Fixed Deposit Plus (Without Premature Withdrawal Facility)
- Investors can acquire higher premium than customary fixed stores under this plan
- Store sum: Least above Rs 15 lakh; Greatest not as much as Rs 2 crore
- Residency: 7 days to 10 years
- Extra 0.75% loan costs are material to senior residents
- For FDs with residency under 181 days, interest will be determined on development at basic interest
- Investors can decide on regularly scheduled pay-outs (at a limited rate), or a quarterly payout choice
- Investors likewise have the choice of getting revenue payout at development
Tax Saver Fixed Deposit
- Stores under this plan are qualified for a duty derivation of up to Rs 1.5 lakh under Segment 80C in each monetary year
- Store sum: Least Rs 1,000; Most extreme Rs 1.5 lakhs
- Residency: 5 years (secure in period)
- Extra 0.75% loan fees are proposed to senior residents FD contributors
- Regularly scheduled pay-outs (at a limited rate) and quarterly payout choices are accessible
- Contributors additionally have the choice of getting interest payout at development
- Untimely/fractional withdrawal, auto-restoration and credit and overdraft office against store are not accessible
- Assignment office is accessible.
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Premature Withdrawal of Fixed Deposits – Penalty Charges
- Premium will be paid in the wake of deducting the punitive rate (1%) from the pertinent rate.
- The appropriate rate would be the financing cost material for the time of store for which the FD stayed with the bank or at the contracted loan fee, whichever is lower.
- Punishment on untimely withdrawal isn’t relevant for conclusion in 7 days or less
- Untimely withdrawal of the Proper Store In addition to store is permitted exclusively in the event of death of the record holder or on request from administrative as well as legal power.
Features Benefits of Utkarsh Small Finance FD
- Anyone looking for a secure investment with decent but guaranteed returns should consider a fixed deposit program. Utkarsh FD plans may offer interest rates that are higher than the typical rates offered by major banks.
- Choose a Tax Saver FD to save up to Rs for people who want to save money on their income taxes. 1.5 lakh by using Section 80C of the Income Tax Act of 1961 to claim the deposit amount as a “Deduction.”
- If you wish to make a substantial deposit, beginning with Rs. 15 lakh, the Utkarsh Fixed Deposit Plus, which has higher interest rates, is the better option.
- There is a penalty of one percent for withdrawing funds prior to maturity. This penalty can be calculated by subtracting either the FD rate at the time of booking or the interest rate for the time the FD was active, whichever is less.
- Premature withdrawals made within seven days of the booking date are exempt from interest.
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Utkarsh Small Finance Bank FD Interest Rates 2024
| Tenure | Interest Rates (% p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 45 days | 4.00 | 4.75 |
| 46 days to 90 days | 4.75 | 5.50 |
| 91 days to 180 days | 5.50 | 6.25 |
| 181 days to 364 days | 6.50 | 7.25 |
| 365 days to 699 days | 7.75 | 8.50 |
| 700 days | 8.25 | 9.00 |
| 701 days to 5 years | 7.50 | 8.25 |
| Above 5 years to 10 years | 7.00 | 7.75 |
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Utkarsh Small Finance Bank Fixed Deposit Plus
| Tenure | Interest Rates (% p.a.) | |
| Regular Customers | Senior Citizens | |
| 7 days to 45 days | 4.00 | 4.75 |
| 46 days to 90 days | 4.75 | 5.50 |
| 91 days to 180 days | 5.50 | 6.25 |
| 181 days to 364 days | 6.50 | 7.25 |
| 365 days to 699 days | 8.00 | 8.75 |
| 700 days | 8.50 | 9.25 |
| 701 days to 5 years | 7.75 | 8.50 |
| Above 5 years to 10 years | 7.25 | 8.00 |
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Utkarsh Bank FD Calculator
Use the Fixed Deposit Calculator at Paisabazaar.com before investing in any of Utkarsh Small Finance Bank’s fixed deposit plans. This is a free online tool that can be used from any device, including a computer or mobile phone.
Customers can estimate their potential interest earnings from Utkarsh Bank’s FD schemes by using this FD calculator. There are only three inputs required to use the tool: the amount of the deposit, the duration of the FD’s tenure with the bank, and the most recent Utkarsh Bank FD rates. The calculator will estimate the total interest earnings once these details are submitted. One can use this method to best manage their money.
Conclusion
The conclusion is that the interest rate for the 2024 FD and RD products at Utkarsh Small Finance Bank is 9.50%. This is a good interest rate for these products, especially considering the high stability and reliability of this bank. The bank’s FD and RD products come with excellent liquidity and security, making it a safe place to store your money. Additionally, the bank offers competitive rates on its forex services, so you can earn extra income by trading in foreign currencies.
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