Utkarsh Small Finance Bank was established in 2009 in Varanasi with a mission to empower low-income groups financially. The main aim of this bank is “Ummeed“, which means to give hope to its customers to fulfil their dreams.
Just like any other bank, the Utkarsh Small Finance Bank provides banking services such as accounts checking, deposits, investments, money market, insurance, mortgage, term loan, card facilities and internet banking.
As of 30-Sep-2020, the bank has expanded its services in 173 districts of 17 states and Union Territories, with over 507 banking outlets, more than 8,800 employees and 15 lakh happy customers.
Utkarsh Small Finance Bank Fixed Deposit
Utkarsh Small Finance Bank provides fixed deposit services to fulfil the dreams of its customers. These deposits are a one-time investment plan that provides a good return at the maturity time. But the interest rate for FD varies on amount and tenure. Senior citizens most likely get a higher interest rate. Premature closer is also permitted.
Utkarsh Small Finance Bank FD Rates
Utkarsh Small Finance Bank Interest Rate for Deposits less than Rs. 2 Crore
| Tenure | General Customers | Senior Citizens |
|---|---|---|
| 7 Days to 45 Days | 3.00% | 3.50% |
| 46 Days to 90 Days | 3.25% | 3.75% |
| 91 Days to 180 Days | 4.00% | 4.50% |
| 181 Days to 364 Days | 5.75% | 6.25% |
| 365 Days to 699 Days | 6.25% | 6.75% |
| 700 Days | 6.75% | 7.25% |
| 701 Days to 3652 Days | 6.00% | 6.50% |
- The minimum tenure for the fixed deposit would be seven days.
- Premature withdrawal penalty is 1 % (not applicable for closure within 7 days)
- No interest is applicable if the deposit is withdrawn prematurely within 7 days
- Term Deposits for tenure less than 181 days, the interest will be calculated on maturity
- on a Simple Interest basis.
- There is no interest payable if the deposit is withdrawn prematurely within 7 days.
Fees and Charges
| Particulars | Charges |
|---|---|
| Minimum Investment Amount | Rs. 1,000 |
| Maximum Investment Amount | No Maximum Limit |
| Minimum Tenure | 7 Days |
| Maximum Tenure | 10 Years |
| Penalty on Premature Withdrawal | 1% (Not Applicable for closure within 7 days) |
Eligibility for FD
Anyone is eligible if he/she falls in any of the following categories.
- Individual Resident of India
- Hindu Undivided Families
- Sole Proprietorship Firms
- Partnership Firms
- Limited Companies
- Trust Accounts
Utkarsh Bank Loan
Utkarsh Bank provides MSME loans to small businesses to promote Micro, Small and Medium Enterprises like traders and retailers. Now let’s have a look at Utkarsh Bank Loan interest rates.
Utkarsh Bank Loan BL Secured+
BL Secured+ loans are for non-individual entities so as to meet their business-related working capital and fixed assets creation related requirements.
- Loans range between ₹ 1,000,001 to ₹ 10,000,000
- These loans are secured against the residential, industrial and/ or commercial properties.
- Utkarsh Bank Loan Rate of Interest (ROI) ranges between: 11%-14% p.a.
- Term of loan varies from 36 to120 months.
- EMI repayments
- Foreclosure is allowed.
- Processing fee is applicable upto 2 per cent of the loan amount + taxes.
- For on MSME Loans up to 5 Lakh there is an Account Maintenance Fee upto 2 per cent of the loan amount + taxes.
Documents required for Utkarsh Bank Loan BL Secured+
- KYC
- Application form
- Last one year’s bank statement
- Last Two year Financials and Income tax Return
- Documents as per product norms
Micro Enterprise Loan
With the Utkarsh Small Finance Bank Limited’s Micro-Enterprise Loan, one can start a new business or expand an existing one. This helps customers to have a push to their businesses.
- Micro Enterprise Loan ranges from ₹ 50,001 to ₹ 150,000
- Term of loan varies from 12 months to 24 months.
- EMI Repaments.
- Foreclosure is allowed.
- Processing fee is applicable upto 2 per cent of the loan amount + taxes.
- For on MSME Loans up to 5 Lakh there is an Account Maintenance Fee upto 2 per cent of the loan amount + taxes.
Documents Required
- KYC
- Application form
- Documents as per product norms
Small Business Loan
- Small Business Loan amount ranges from ₹ 150,001 to ₹ 1,000,000
- Term of loan varies from 12 months to 48 months.
LAP- Prime
- LAP- Prime loan amount ranges from ₹ 10,000,001 to ₹ 50,000,000
- Term of loan varies from 36 months to 180 months.
Enterprise Loan
- Enterprise Loan ranges from ₹ 1,000,001 to ₹ 1,500,000
- Term of loan varies from 12 months to 48 months.
Smart Enterprise Loan
- Smart Enterprise Loan start from ₹ 1,500,001 to ₹ 2,000,000
- For a tenure of 12 Months to 48 Months
Utkarsh Lease Secure
- Utkarsh Lease Secure ranges from ₹ 5,00,000 to ₹ 25,00,00,000
- Loan term ranges from 36 Months to 180 Months.
Business Loan
- Business Loan starts from ₹ 150,001 to ₹ 1,000,000
- For a tenure of 12-48 months
Loan for Purchase of Commercial Property
- Loan amount ranges from ₹ 1,000,000 to ₹ 10,000,000
- Tenure ranges from 36-120 months.
Utkarsh Smart Business
- Loans range between 10,00,000 to 1,00,00,000
- Facility tenure for OD: 1 Year, Renewed annually
- Loan tenure for DL OD: Min 36 Months – Max 120 Months
Also, check Utkarsh Pragati which is only for married women aged between 21 to 55 years. The loan amount ranges from ₹ 6,000 to ₹ 30,000.
Utkarsh Small Finance Bank Net Banking
Utkarsh Small Finance Bank provides its customers with a complete Digital Banking Solution so that the customers can make transactions from any place at any time. With the help of Utkarsh Bank Net Banking, one can easily Remit money, Apply for Debit Cards, Generate Debit Card PINs, etc.
Yes, it is safe to open a Fixed Deposit in Utkarsh Small Finance Bank. But if safety is your priority then go with any nationalized bank. Remember high-risk high return or high return high risk.
Mr Govind Singh is the founder of Utkarsh Micro Finance Ltd. He has experience of more than 30 years in the Banking & Finance Sector.
Utkarsh Bank Limited has started its operations as a small finance bank on January 23, 2017. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance banks in India.
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