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Fixed deposit rates for general customers
According to ET, Utkarsh Small Finance Bank provides fixed deposit interest rates between 4% and 8.5% for regular customers, with terms ranging from seven days to 10 years.The best rate, 8.5%, is available for FDs that mature between two and three years.
Special FD rates for senior citizens
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Senior citizens receive fixed deposit interest rates ranging from 4.6% to 9.10% at Utkarsh Small Finance Bank. The highest rate of 9.10% is for FDs with a maturity of two to three years.
ALSO READ | RBL Bank latest FD rates: Earn up to 8.75% interest rate; check list of revised fixed deposit rates
FD interest rates breakdown
After the rate changes, the small finance bank now provides a 4% interest rate for fixed deposits maturing between seven and 45 days. If the FD matures between 46 and 90 days, the rate is 4.75%.
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| Sr. | Regular | Senior Citizens | |
| No. | Tenure | Interest Rate | Interest Rate |
| 1 | 7 Days to 45 Days | 4.00% | 4.60% |
| 2 | 46 Days to 90 Days | 4.75% | 5.35% |
| 3 | 91 Days to 180 Days | 5.50% | 6.10% |
| 4 | 181 Days to 364 Days | 6.50% | 7.10% |
| 5 | 365 Days to 699 Days | 8.00% | 8.60% |
| 6 | 700 Days to less than 2 Years | 8.25% | 8.85% |
| 7 | 2 Years (730 Days) to 3 Years (1096 | 8.50% | 9.10% |
| Days) | |||
| 8 | Above 3 Years to less than 4 Years | 8.25% | 8.85% |
| 9 | 4 Years (1461 Days) upto 5 Years | 7.75% | 8.35% |
| (1826 Days) | |||
| 10 | Above 5 Years to 10 Years | 7.25% | 7.85% |
Source: Bank website
Premature withdrawal penalty
As stated on the Utkarsh Small Finance Bank website, if you withdraw your fixed deposit early, there’s a 1% penalty. This penalty doesn’t apply if you close the deposit within seven days. The 1% is deducted from the current rate for the period your deposit was with the bank, or from the agreed-upon rate, whichever is lower.
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Deposit insurance
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Deposits in small finance banks are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC) for up to Rs 5 lakh. This means that if the bank faces financial trouble, your deposit is protected up to this limit.
