Recurring Deposit

Become future ready with Utkarsh Small Finance Bank! A Recurring Deposit is just like your personal piggy bank, but the one that lets you avail higher returns with a host of benefits. Now invest your monthly surplus in our Recurring Deposit and give your funds a steady growth. To help you get started, we accept investment amount as small as 100.

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Benefits
Eligibility
How to apply
Interest rate
Fees and Charges
FAQs

An individual can make a joint Recurring Deposit Account.

Higher interest rates

The quarterly compounded interest makes you reap the most out of the scheme.

Start with a minimum investment amount of 100

No limit or restriction on maximum investment

Choose a tenure between 6 months to 10 years

You are eligible for a Recurring Deposit Account if you belong to any one of the following categories.

Resident of India

Hindu undivided families

Sole proprietorship firms

Partnership firms

Limited companies

Trusts

Kindly visit your nearest Utkarsh Small Finance Bank Branch to open a Recurring Deposit Account.

For a complete list of interest rate on Recurring Deposit, please click here

Particulars	Charges
Penalty on Premature Withdrawal	1% (Not Applicable for closure within 7 days)
Penalty for Non Payment of Installment	Rs.2/-per to Rs.100/-per month

How is a Recurring Deposit different from a Fixed Deposit?
Like a Fixed Deposit, a Recurring Deposit has a fixed tenure. However, the rates that may be charged upon withdrawal will be different. Furthermore, the interest rate is compounded quarterly which gives you more benefits than a Fixed Deposit.

What is the minimum and maximum tenure of a Recurring Deposit?
The minimum tenure of a Recurring Deposit is 6 months while the maximum is 120 months.

Can I withdraw before the maturity of the account’s term?
Premature withdrawals are not permitted. However, the bank may grant closure to the account with a withdrawal fee.

Is a Recurring Deposit taxed?
TDS is not deducted from a Recurring Deposit. However, the interest is subject to Income Tax.

Benefits

Free Unlimited ATM transactions across all Bank ATMs within India

Classic Rupay Debit Card with Personal Accidental Insurance cover of Rs.1 Lakh*

Quarterly/half yearly balance requirement instead of monthly
Eligibility

Anyone residing in India or a Hindu undivided family can apply for an Utkarsh Standard Savings Account.

Documents

Any resident of India or a Hindu Undivided Family can apply to open a Standard Savings Account.

Latest passport size photograph
Aadhaar Card
Address and identity proof documents

For a full list of address and identity proof documents, click here.

Documents required to open a Standard Savings Account - Hindu Undivided Family

PAN Card copy/Form 60 of HUF
Declaration from the Karta
Proof of identification and address of Karta as per documentation for individual
Prescribed Joint Hindu Family Letter signed by all the adult holders

Documents Acceptable as Proof of Identity & Address (For Domestic Individual Savings Accounts)*- Opening of Accounts /Address Change/Periodic Updation of KYC (Re-KYC)

SI No	Type of Document	ID Proof	Address Proof
1	Passport	Yes	Yes
2	Driving Licence	Yes	Yes
3	Permanent Account Number(PAN)	Yes	No
4	Voters ID Card(Issued by Election Commission of India)	Yes	Yes
5	Job Card by NREGA duly signed by an officer of the State Government	Yes	Yes
6	Aadhaar Card	Yes	Yes

***A customer shall not be required to furnish separate proof of current address, if it is different from the address recorded in OVD. In such cases, the customer is required to submit a declaration indicating the address to which all correspondence will be made by the bank/branch subject to positive field verification by the branch official which needs to be recoded
*Kindly contact the nearest branch in case you don’t have any of the above mentioned documents.

Fees & Charges

Schedule of Charges: Standard Savings Account
AQB Requirements	AQB Non-Maintenance Charges
Metro/Urban : Rs.10,000/ -AQB	Metro/Urban: Rs.25 per Rs.500 of shortfall, Max Rs.350 for quarter;
Semi Urban/Rural : Rs.5,000	Semi Urban/Rural: Rs.25 per Rs.5,00 of shortfall, Max Rs.250 for half year

Debit Card	Rupay Card - Classic
Card Fees	Issuance Fee (Primary Holder): Rs.50 Annual Fee (Primary Holder): Free for first year, Rs.50 from subsequent year
Withdrawal Limit	ATM 5,000 per day
Per Transaction Limits	Rs.20,000 (own Bank ATM) Rs.10,000 (other Bank ATM)
Shopping Limit	POS Rs.1,00,000 per day
Per Transaction Limits	POS Rs.25,000
ATM Transactions	Unlimited Free transactions
Other ATM Card Charges	PIN Regeneration Charges – NIL (Green Pin) Card Replacement Charges - 100 Add on Charges – Rs.100

Service Type	Free limit	Charges Beyond Free Limit
Cash Deposit Transactions	Rs.5 Lakhs/10 transactions	Rs.2.50 per Rs.1,000 (Min. Rs.20 )
Chequebook	One Free Chequebook per quarter (20 leaves)	Rs.2 leaf

DD/PO transactions

Demand Drafts Payable on own Bank locations:
Upto Rs.2,000 Rs.20
Above Rs.2,001 upto Rs.10,000 Rs.50
Above Rs.10,000 Rs.2 Rs.1,000
(Min Rs.60 & Max Rs.1,500 )
Payable at corresponding bank locations: Rs.1 per thousand, min Rs.25 DD + Correspondent Bank charges
Revalidation / Duplicate DD: Rs.100
Cancellation: Rs.100

For complete details on Fees and Charges, please click here

Eligibility

What is the interest rate applicable?
The rate of interest depends on the average quarterly balance maintained in the account. Your Account has the potential to earn up to 6%* interest rate. Please visit the nearest Utkarsh Small Finance Bank Branch for more details.

What is the minimum Average Monthly Balance (AMB) required for a Standard Savings Account?
The biggest advantage our customers have is that we request them to maintain an Average Quarterly Balance (AQB) instead of a monthly balance. Metro/urban customers can enjoy classic banking services with an Average Quarterly Balance (AQB) of just Rs.10,000 and semi-urban/rural customers can enjoy the same at Rs.5,000 of half yearly average balance.

What is the daily transaction limit?
The daily ATM withdrawal limit for our customers is Rs.40,000 and the shopping limit is Rs.1,00,000 (POS).

Who is eligible to open a Standard Savings Account?
Any resident of India or a Hindu Undivided Family can apply to open a Standard Savings Account.