This bank now offers up to 8.85% FD interest rate for senior citizens: Check details

Utkarsh Small Finance Bank revised its fixed deposit interest rates for amounts below Rs 2 crore with premature withdrawal facility. The new rates are effective from May 22, 2023, according to the bank’s website. The revised rates are applicable for fresh fixed deposits as well as for renewal of existing fixed deposits.

Latest Utkarsh SFB FD interest rates

The bank offers a 4.00% interest rate on FDs that mature in 7 to 45 days and a 4.75% interest rate on FDs that mature between 46 to 90 days. Deposits that mature between 91 and 180 days will now earn interest at a rate of 5.50%, while those that mature between 181 and 364 days will get 6.50% interest rate.


Now, Utkarsh Small Finance Bank offers interest rates of 7.75% for deposits maturing in 365-699 days and 8.00% for deposits maturing in 700 days to 999 days. It offers 8.25% on FDs maturing in 1000 Days to 1500 Days, the bank will offer an interest rate of 7.50% on FDs due in 701 days to up to five years. For deposits above 5 years, the bank will offer 7% interest.

	Tenure
		General customers	Senior citizens
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	7.75%	8.35%
6	700 Days to 999 Days	8.00%	8.60%
7	1000 Days to 1500 Days	8.25%	8.85%
8	1501 Days to upto 5 Years	7.50%	8.10%
9	Above 5 Years to 10 Years	7.00%	7.60%

Senior Citizen FD rates
The bank provides senior citizens with FD interest rates ranging from 4.75% to 8.85%. Senior citizens presently earn maximum interest rate of 8.85% on deposits with maturities between 1000 and 1500 days.

RD interest rates
Interest rates on recurring deposits range from 6.50% to 8% for the general public and from 7% to 8.50% for seniors. The recurring deposit offered would have a minimum term of six months and a maximum term of up to ten years. If a recurring deposit is closed prematurely within a month, no interest is paid to the consumer and just the principal amount is repaid. If the closure occurs within a month, there will be no penalty for early withdrawal.

Premature withdrawal
According to the Utkarsh SFB, “Penalty on premature withdrawal is 1 % (not applicable for closure within 7 days) i.e. 1 % less than the card rate as on the date of deposit, for the period for which the deposit has remained with the Bank or 1% less than the contracted rate, whichever is lower”