Senior citizens FD rates: This bank hiked interest rates up to 8.85% on 1000 days to 1500 days tenure

Utkarsh Small Finance Bank has revised its interest rates on fixed deposits of less than ₹2 Cr. Following the revision, the bank is offering interest rates ranging from 4.00% to 7% for the general public and 4.60% to 7.60% for senior citizens. The general public can receive a maximum return of 8.25% on deposits with tenors of 1000 to 1500 days, while senior persons can get a maximum return of 8.85%. According to Utkarsh Small Finance Bank's (SFB) official website, the revised FD rates take effect on May 22, 2023.

Utkarsh Small Finance Bank FD Rates

The bank is now giving an interest rate of 4.00% on fixed deposits that mature in the next 7 days to 45 days, and Utkarsh Small Finance Bank is currently offering an interest rate of 4.75% on those that mature in the next 46 days to 90 days. The interest rates offered by Utkarsh Small Finance Bank are now 5.50% for deposits with a tenor of 91 days to 180 days and 6.50% for deposits with a tenor of 181 days to 364 days.

Deposits with maturities between 365 and 699 days will now earn interest at a rate of 7.75%, while deposits with maturities between 700 and 999 days will now earn interest at a rate of 8%. The bank is now offering an interest rate of 8.25% on fixed deposits that mature in 1000 days to 1500 days, and it is now providing a rate of 7.50% on deposits that mature in 1501 days to up to 5 years. On deposits with a tenor of more than five years and up to ten years, Utkarsh Small Finance Bank is now offering an interest rate of 7.00%.

“Above rates effective from May 22, 2023 are applicable for fresh fixed deposits as also for renewal of existing fixed deposits,” said Utkarsh Small Finance Bank on its website.

On Utkarsh Small Finance Bank FDs, senior citizens would get an additional interest rate of 60bps over and above the regular rates across all maturity buckets.

Meanwhile, Union Bank of India has hiked FD rates today on 23rd May. Following the change, the bank is now providing interest rates on deposits that mature in 7 days to 10 years ranging from 3.00% to 6.70%. The bank is now providing a maximum interest rate of 7% for a period of 399 days.