Investment
oi-Vipul Das
Utkarsh Small Finance Bank (SFB) has raised interest rates on savings accounts. The new interest rates come into effect on March 1, 2022 and apply to domestic deposits. The bank grants an annual interest rate of 3.75% on savings bank account balances up to Rs 1 lakh. The bank has increased the interest rate on additional balances above 1 lakh and up to 25 lakhs from 6% to 6.50% per annum Previously, the bank offered an annual interest rate of 7% on additional balances between Rs 25 lakh and Rs 10 crore, and an Annual Interest Rate of 6.75% on additional balances above Rs 10 crore. However, from March 1, 2022, the bank would grant an interest rate of 7% on additional balances above Rs 25 lakhs.
Utkarsh Small Finance Bank Old Savings Account Interest Rate
Previously, the bank offered the following interest rates for savings accounts. These rates came into effect on October 1, 2021.
Balance in Rs | Interest rate as of October 1, 2021 |
---|---|
Balance up to 1 Lakh | 3.75% per year |
Incremental balance above 1 Lakh up to 25 Lakh | 6.00% per year |
Incremental balance above 25 Lakh up to 10 Crores | 7.00% per year |
Incremental balance above 10 crore | 6.75% per year |
Source: Bank website |
Utkarsh Small Finance Bank Savings Account Interest Rate 2022
The bank gives the following interest rates on deposits in national savings accounts as of March 1, 2022.
Balance in Rs | Interest rate as of March 01, 2022 |
---|---|
Balance up to 1 Lakh | 3.75% per year |
Incremental balance above 1 Lakh up to 25 Lakhs | 6.50% per year |
Incremental balance above 25 Lakhs | 7.00% per year |
Source: Bank website |
Article first published: Friday, March 4, 2022, 11:34 a.m. [IST]