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The Reserve Bank of India did not make any change in the repo rate in April. But the process of change in fixed deposit interest rates (FD Rates) is still going on. In May, another bank has revised the interest rate for FD. Utkarsh Small Finance Bank has implemented new FD interest rates on 5th May. After which common citizens are getting interest ranging from 4% to 8.10%.

Investment in FD can be made from 7 days to 10 years. The minimum limit is Rs 1,000. The bank is also providing the facility of premature withdrawal on domestic fixed deposits, although less than Rs 3 crore can be invested in it. Utkarsh Small Finance Bank is offering additional interest facility of 15-50 bps to senior citizens. The interest rate for people in the age group of 60 years and above ranges from 4.50% to 8.25%.

Customers are advised to visit the official website of the bank or the nearest branch before investing. Because keeping in mind various financial factors, banks keep changing the interest rates from time to time.

Highest interest will be given on tenure of so many days

The bank is offering the highest interest on tenure of 666 days. The interest rate for general citizens is 8.10% and for senior citizens is 8.25%. The bank is offering 7.50% interest to general citizens and 8% to senior citizens on tenure ranging from 2 years to 3 years. The interest rate for tenure ranging from 667 days to 2 years and more than 3 years to less than 4 years is 7.25%. Senior citizens are getting 7.75% interest.

Know tenure wise interest rates

• 7 days to 45 days – 4%
• 46 days to 90 days – 4.50%
• 181 days to 370 days – 6%
• 371 days to 665 days – 7.25%
• 666 days- 8.10%
• From 667 days to 2 years – 7.25%
• From 2 years to 3 years – 7.50%
• Above 3 years and up to 4 years – 7.25%
• From 4 years to 5 years – 7%
• More than 5 years – 6.75%

Check new interest rates here