Utkarsh Bank

Utkarsh Small Finance Bank FD Features and Benefits

• The minimum deposit amount required is INR 1,000.

• Enjoy higher interest rates of up to 9.10% per annum.

• Enjoy flexible tenures ranging from 7 days to 10 years.

• No maximum investment limit is set for Utkarsh FD account.

• Enjoy overdraft facility against a fixed deposit.

Penalty on Premature Withdrawal

There's no denying the potential financial emergency during the course of a fixed deposit journey. The best part is that you can withdraw FD money before the maturity period. It is called premature FD withdrawal. However, Utkarsh Small Finance Bank will charge a penalty of 1%.

How to Avoid Premature Withdrawal?

Overdraft Facility Against a Fixed Deposit - You can apply for an overdraft facility against an Utkarsh Small Finance Bank fixed deposit at impressive terms.

• Get funds of up to 90% of the fixed deposit value.

• The interest rate on an overdraft is 2% above the fixed deposit interest rate.

• The interest is chargeable on the amount utilised.

• No processing fee is charged on the overdraft facility.

Utkarsh Small Finance Bank FD Rates vs Other Bank FD Rates

Different Types of Utkarsh Bank FD Schemes

Fixed Deposits

• The minimum deposit amount is INR 1,000.

• There's no maximum investment limit for this FD scheme.

• Open the account for a minimum of 7 days and 10 years, respectively.

• Interest payout options - Monthly, Quarterly or at Maturity

Fixed Deposit Plus

• Earn competitive returns on lump sum investments.

• The minimum amount required to open this account is above INR 1 crore.

• The maximum amount is capped to less than INR 2 crore.

• Premature withdrawal facility is not available.

• The minimum and maximum tenure is 7 days and 10 years, respectively.

Tax Saver Fixed Deposit

• Enjoy tax deductions of up to INR 1.5 lakh in a financial year as per Section 80C of the Income Tax Act.

• Open the FD with a minimum of INR 1,000 in a financial year.

• The maximum amount permitted to invest is INR 1.5 lakh in a financial year.

• Interest payment options - Monthly, Quarterly or at Maturity.

• Enjoy a fast and hassle-free FD account opening process.

• A lock-in period of five years will apply to this tax saver FD.

Term-wise Utkarsh Small Finance Bank Fixed Deposit Rates

Short-term Interest Rates

Utkarsh Small Finance Bank offers interest rates of 4.00%-8.60% per annum for a year.

Medium-term Interest Rates

The interest rates range from 7.75%-9.10% for a deposit period of 1-5 years.

Long-term Interest Rates

The bank offers interest rates of 7.25%-7.85% per annum for a deposit period of 5-10 years.

How to invest in Utkarsh Small Finance Bank FD?

You can invest in Utkarsh Small Finance Bank FD by using any of the following modes-

Internet Banking

Mobile Banking

Branch

Apps Such as BharatFD

Eligibility to Open a Utkarsh Small Finance Bank FD Account

You can open a Utkarsh Small Finance Bank FD if you fall in any of the following categories -

• Individual Resident of India

• Limited Companies

• Partnership Firms

• Proprietorship Firms

• Trust Accounts

Tax on Utkarsh Small Finance Bank Fixed Deposit

Utkarsh offers Tax Saver Fixed Deposit by which individuals can gain tax deductions of up to INR 1.5 lakh in a financial year. The tax deductions apply to the investment amount made in a financial year. So, the account department of your organisation will consider these deductions before calculating your taxable income. It will eventually reduce your taxes.

However, taxes apply to the interest earned in a financial year subject to certain terms and conditions. Once the interest earnings surpass INR 40,000 for general citizens and INR 50,000 for senior citizen depositors in a financial year. Banks debit a 10% TDs in such a case. Failure to submit the PAN will result in a 20% TDS. However, if your total income falls below the income tax bracket, you can submit Form 15G/H to get the TDS waived off.

Loan Against Utkarsh Small Finance Bank FD

Utkarsh offers overdraft against a fixed deposit to help you meet your instant liquidity needs. The funds received through this facility lets you avoid breaking an FD and face a penalty thereof. You can access funds up to 90% of the FD value. The bank charges an interest rate of 2% above the FD rate while sanctioning a loan. There's no processing fee for this facility.