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How to Open Utkarsh Small Finance Bank Fixed Deposit Account

Updated 05 Sep 2023

Fixed Deposits (FDs) have long been considered one of the most trusted and secure forms of investment in the financial domain. Utkarsh Small Finance Bank, with its rich history and substantial growth over the years, offers attractive FD schemes.

 

This article provides a step-by-step guide on how to open an FD account with Utkarsh Small Finance Bank, the eligibility criteria, the essential documents required, and answers to some frequently asked questions.

How to open an FD account in Utkarsh Small Finance Bank

For a depositor who is an existing account holder of the bank (having savings or current account) fixed deposit can be opened using the following procedure:

 

By login into Internet banking

Step 1: Visit the Utkarsh Small Finance Bank website and navigate to the “Personal Login” tab. Provide username and password to log in.
Step 2: Go to the “Fixed Deposit Tab”
Step 3: Enter all the details.
Step 4: Verify details and click confirm. A confirmation message will be displayed on the screen.

 

By using a Mobile App

Step 1: Download the Utkarsh Small Finance Bank Mobile App and log in using your credentials.
Step 2: Select the 'Open FD' option from the app's main menu.
Step 3: Choose the type of deposit account you want to open based on your preferences and requirements.
Step 4: Provide all the necessary details, including your personal information, nominee details, and payment and maturity instructions.
Step 5: After you have verified all the details, click on the 'Confirm' button to complete the transaction.
Step 6: Once the transaction is completed, you should receive a confirmation message on the screen indicating that your FD account has been opened.

 

Offline Mode

Step 1: Visit the nearest branch office of Utkarsh Small Finance Bank
Step 2: Ask for a Fixed Deposit Application Form and fill in all the details.
Step 3: Submit all the documentary proofs.
Step 4: Deposit the money.
Step 5: Collect the Fixed Deposit Receipt.

Eligibility Criteria

The following are eligible to open a fixed deposit with Utkarsh Small Finance Bank:

  • Any person in his capacity or more than one person in their joint name, any minor jointly with a guardian, can open a deposit with the Utkarsh Small Finance Bank.
  • Hindu Undivided Family (HUF)
  • Sole proprietorship firms
  • Partnership firms
  • Limited company
  • Trust accounts

Documents Required

Proof of identity

  • PAN card
  • Driving licence
  • Passport
  • Voter ID card
  • Aadhaar card
  • Government/Defence ID card.

Proof of residence

  • Aadhaar card
  • Electricity bill
  • Telephone bill
  • Ration card
  • Bank account statement
  • A letter from statutory authority/local body, Income Tax Order.

Proof of date of birth

  • Passport, Voter ID card, driving licence, PAN card, Service Discharge Certificate, and PPO in case of a pensioner.
  • In case of minors: Birth certificate issued by Gram Panchayat/ Notified Area Committee/Municipal Corporation.
  • Depositor's recent passport-size photograph.

FAQs

When is the right time to invest in a fixed deposit?

The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.

Is the ₹5 lakhs DICGC insurance cover applicable on Utkarsh Small Finance Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Utkarsh Small Finance Bank FD.

What will happen if the depositor furnishes an incorrect PAN?

If the depositor furnishes an incorrect or invalid PAN for a fixed deposit, the bank may deduct TDS (Tax Deducted at Source) at a higher rate of 20% instead of the prescribed rate of 10%.

Are there charges at the time of opening/maturity of the fixed deposit?

There are no charges at the time of opening/maturity of the fixed deposit. However, there is a penalty in case of premature withdrawal. Moreover, the bank may deduct TDS at 10% if the amount of interest exceeds ₹40,000 (₹50,000 in the case of senior citizens).

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