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

Utkarsh Small Finance Bank FD Rates

The bank is giving an interest rate of 4.00% on deposits maturing in the next 7 days to 45 days, and an interest rate of 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 with maturities between 365 and 699 days will earn interest at a rate of 7.15 percent, and deposits maturing in 700 days will earn interest at a rate as high as 7.75 percent. The bank will pay interest at a rate of 7.50% on deposits that mature in 701 days and up to 5 years, and at a rate of 6.25% for deposits that mature in 5 years or more but less than 10 years. The aforementioned rates are valid for both new fixed deposits as well as renewals of existing ones. No interest is paid on deposits that are prematurely withdrawn within seven days of the date of deposit.

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The bank has mentioned on its website that “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.”

Utkarsh Small Finance Bank RD Rates

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

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