This bank revised the interest rates on savings accounts, now offers up to 7.50%

 

The average weekly amount allowed by Utkarsh Small Finance Bank is ₹5,000 for metro and urban branches and ₹2,500 for semi-urban and rural branches.

• Utkarsh Small Finance Bank has revised its interest rates on savings accounts and the new rates are effective from December 1, 2022, according to the bank's official website.

Utkarsh Small Finance Bank has revised its interest rates on savings accounts and the new rates are effective from December 1, 2022, according to the bank's official website. After the revision, savings account holders of the bank can now earn a maximum interest rate of 7.50%. Anyone who resides in India or who is a member of a Hindu Undivided Family is eligible to apply for Utkarsh Standard Savings Account and get benefits from higher interest rates.

Utkarsh Small Finance Bank Savings Account Interest Rates

The bank is paying an interest rate of 4.25% p.a. on savings account balances up to ₹1 lakh, while Utkarsh Small Finance Bank is paying 6.50% p.a. on incremental savings account balances above ₹1 lakh and up to ₹ ₹ is offering an interest rate of Rs. 25 lakhs. In savings account Rs. 25 lakhs and up to Rs. 10 crore, Utkarsh Small Finance Bank is offering an interest rate of 7.25% per annum.

In Bank Savings Account Rs. Guaranteeing a maximum interest rate of 7.50% p.a. on incremental balances above Rs. 100 million. The bank has said in its account that interest is calculated on daily product basis and credited on quarterly basis. The average weekly amount allowed by Utkarsh Small Finance Bank is ₹5,000 for metro and urban branches and ₹2,500 for semi-urban and rural branches.


Utkarsh Small Finance Bank mentions on its website that "The biggest advantage for our customers is that they need to maintain Average Quarterly Balance (AQB) instead of monthly balance. Metro/Urban customers can maintain an average quarterly balance of ₹5,000 only." Customers can enjoy banking services by maintaining balance (AQB) and semi-urban/rural customers can enjoy the same on average quarterly balance (AQB) of ₹2,500."


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For Standard customers, the daily ATM withdrawal limit is ₹40,000, and the maximum daily spend is ₹1 lakh (POS). Customers of the bank's savings accounts enjoy a variety of perks including higher ATM withdrawal and purchase limits, a wide range of services with minimum AQB requirements, free NEFT/RTGS, and higher interest rates on domestic savings.

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