What Are Utkarsh Small Finance Bank's FD Rates in 2023?
Mar 20, 2024
3 MinutesIntroduction:
Utkarsh Small Finance Bank, a trusted financial institution in India, is backed by the RBI's recognition. The bank currently offers appealing fixed deposit (FD) interest rates from 4.00% to 8.25% annually for general customers, while senior citizens can avail rates from 4.60% to 8.85% for tenures up to five years. With RBI acknowledgment, Utkarsh Small Finance Bank ensures investors' peace of mind by providing deposit insurance courtesy of DICGC, covering up to Rs. 5 lakhs, embracing savings, current, and recurring deposits.
Interest Rates on Domestic Fixed Deposits (Below Rs. 2 Crores)
| Term | General Citizen (Annual) | Senior Citizen (Annual) |
|---|---|---|
| 7 Days to 45 Days | 4.00% | 4.60% |
| 46 Days to 90 Days | 4.75% | 5.35% |
| 91 Days to 180 Days | 5.50% | 6.10% |
| 181 Days to 364 Days | 6.50% | 7.10% |
| 365 Days to 699 Days | 7.75% | 8.35% |
| 700 Days to 999 Days | 8.00% | 8.60% |
| 1000 Days to 1500 Days | 8.25% | 8.85% |
| 1501 Days up to 5 Years | 7.50% | 8.10% |
| Above 5 Years to 10 Years | 7.00% | 7.60% |
Eligibility Criteria for Opening a Fixed Deposit Account
To apply for Utkarsh FD rates, prospective customers must satisfy certain requirements. Eligible account holders include:
- Indian citizens
- Individuals
- Minors
- Bodies of Individuals
- Hindu Undivided Families (HUF)
- Limited Liability Partnerships (LLP)
- Companies, Societies, or Trusts
Required Documentation for FD Account Application
Applicants opening an FD account with Utkarsh Small Finance Bank need to submit mandatory documents such as:
- PAN and KYC documents
- Passport-sized photograph
Additional documentation varies based on the applicant type:
- HUF: HUF Declaration
- Trust: Trust Deed copies, Registration Certificate, Trustee Resolution
- Partnership Firm: Partnership Deed, Letter of Partners' Agreement
- Associations: Association By-Laws, Board Resolution
- Companies: Certificate of Incorporation, Memorandum, Articles of Association, Board Resolution, ID Proofs
Premature Withdrawal Conditions
- Only individuals can be nominated.
- Joint accounts nominate rights post demise of all depositors.
- Account title change requires new nomination; previous nominations are nullified.
- Depositors can change nominations multiple times before maturity.
FAQs on Fixed Deposit Rates
For premature withdrawals, interest payment involves a punitive deduction (1%) applied to the lowest rate during the investment or FD tenure.
No penalty applies for withdrawals within seven days of deposit.
Nomination Facilities
Utkarsh Small Finance Bank offers various nomination facilities for FD investors, including:
- Nomination for deposit accounts and locker facilities.
- Mandatory nomination for individual and sole proprietor accounts.
- Nominees' names are provided on passbooks/receipts without extra charges.
- A witness must sign the nomination form for account holder's thumb impressions.
- Nomination remains exclusive to individuals.
- Nominations activate upon joint account holders' demise.
- Account title changes necessitate new nominations.
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