The new interest rates on fixed deposits (FD) of Utkarsh Small Finance Bank have come into effect from July 25. The bank will now give interest ranging from 4.50 percent to 6.75 percent to senior citizens on FDs maturing in a period of 7 days to 10 years.
New Delhi. Fixed Deposit (FD) is still the preferred investment option of a large number of Indians. After the increase in the repo rate by the Reserve Bank of India (RBI), banks have increased the interest rates on fixed deposits significantly. Now the name of Utkarsh Small Finance Bank has also been added to the list of banks which have increased the interest rates of FD. The bank has increased the interest rates on all fixed deposits (Utkarsh Small Finance Bank FD Rates) of less than Rs 2 crore.
According to a report by Live Mint, the new interest rates for fixed deposits have come into effect from July 25. The bank will now give interest ranging from 4.50 percent to 6.75 percent to senior citizens on FDs maturing in a period of 7 days to 10 years. At the same time, the common customer will get 4.00 percent to 6.25 percent annual interest. According to the bank’s website, for FDs with tenor less than 181 days, interest will be calculated on maturity on the basis of simple interest.
These are the new interest rates
Utkarsh Small Finance Bank will now give 4 percent interest to customers instead of 3 percent on FDs maturing in 7 days to 45 days. The customers will get 4.25 percent interest on the fixed deposit which matures in 46 days to 90 days. Whereas earlier 4.25 percent interest was available on FDs maturing in 91 days to 180 days, now customers will get interest at the rate of 5 percent.
Similarly, the interest rate on FDs maturing in 181 days to 364 days has also been increased from 5.75 per cent to 6 per cent. The bank has now announced an interest rate of 7.15 per cent per annum on fixed deposits maturing from 365 days to 699 days. Earlier the bank was paying interest at the rate of 6.90 percent.
Utkarsh Small Finance Bank has increased the interest rates on fixed deposits maturing in from 700 days to five years. The bank will now pay interest at the rate of 7.25 percent on this FD. Similarly, the bank will now pay interest at the rate of 6.25 per cent per annum on term deposits maturing between 5 and 10 years.
