SFB revises fixed deposit rates, now offers 8.50% return on tenure of 700 days

Utkarsh Small Finance Bank FD Rates

The bank is offering an interest rate of 4.00% on deposits maturing in the next 7 days to 45 days and 4.25% on deposits maturing in the next 46 days to 90 days. The interest rate offered by Utkarsh Small Finance Bank (SFB) is 5.00% for deposits maturing in 91 days to 180 days and 6.00% for deposits maturing in 181 days to 364 days. Deposits maturing between 365 and 699 days will attract 7.15 per cent interest, and deposits maturing in 700 days will attract 7.75 per cent interest. The bank will pay interest at the rate of 7.50% on deposits maturing in 701 days and up to 5 years and at the rate of 6.25% for deposits maturing in 5 years or more but less than 10 years. The above rates are valid for both fresh fixed deposits as well as renewal of existing ones. No interest is paid on deposits withdrawn prematurely within seven days from the date of deposit.

The bank has mentioned on its website that “The penalty on premature withdrawal is 1% (not applicable for closure within 7 days) i.e. 1% less than the card rate on the date of deposit, for the period for which the deposit remains 1% below the Bank or the contracted rate, whichever is lower.”

Utkarsh Small Finance Bank RD Rates

With Recurring Deposits (RDs) maturing in 6 months to 10 years, the bank is offering interest rates ranging from 6.50% to 6.75% for general public and 7.00% to 7.25% for senior citizens. Utkarsh Small Finance Bank is offering the highest interest rate of 8.00% for general public and 8.50% for senior citizens on RD maturing in 24 months to 36 months.

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