Gen-Nex Savings Account
Financial independence is as important as Literary Independence. Sow the seeds of financial discipline today. The Gen-Nex Savings Account can be opened jointly with a guardian and can be operated by the parent/ guardian until the minor becomes a major. Further, the account can be converted into a regular savings account. An average quarterly balance of 2,500 in metro/ urban Banking Outlets and 750 in semi-urban/ rural Banking Outlets is required to be maintained.
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Rewards
1 reward point on every 100 spends on debit card
Get
15% discount
1 reward point on every 100 spends on debit card
Get
Free
Cash withdrawal on Utkarsh Bank ATMs
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Facility to auto transfer funds to Minor's Account
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Classic Rupay Debit Card with Unlimited Free ATM access at (own/other) Banks within India
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Customers are offered Higher ATM withdrawal and purchase limits
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Lower ATM withdrawal and purchase limits as protection against misuse
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Free SMS Alerts
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Interest Rate on Domestic Savings *:
| Balance in | Rate of Interest w.e.f 1stDec 2022 |
|---|---|
| Balance Upto 1 Lakh | 4.25% p.a. |
| Incremental balance above 1 Lakh upto 25 Lakh | 6.50% p.a. |
| Incremental Balance above 25 Lakhs up to 10 crore | 7.25% p.a. |
| Incremental Balance above 10 Crore | 7.50% p.a. |
* T&C Apply
*Important Point: No Additional Interest Rate for Senior Citizen.
Children below 18 years of age can open a Minor Savings Account with Utkarsh Small Finance Bank.
| Gen-Nex Savings Account | |
| Average Balance Requirements | AQB |
|---|---|
| Metro & Urban Branches | 2,500/- |
| Semi-Urban & Rural Branches | 750/- |
| Changes for Non-Maintenance | Metro/Urban: 25/- per 500/- of shortfall, Max 125/- for quarter; Semi Urban/Rural: 25/- per 500/- of shortfall, Max 37.50/- for quarter |
| Branch Cash Transactions | |
| Cash Deposit Transactions- Free limits/month | 5 lakhs |
| Charges Beyond Free Limit | 3/- per leaf 1000/- [Min 50/-] |
| Cash Deposit Transactions Free limits/month [Folio] | 10 transactions |
| Charges Beyond Free Limit | 20/- |
| Cash Withdrawal - Free limits/month | Unlimited |
| Cash Withdrawal charges beyond free limit | Not Applicable |
| DD/PO Issuance | |
| Demand Drafts Payable on own Bank Locations |
Upto 10,000/- 50/- Above 10,000/- 4/- per 1,000/- [Min 50/- and Max 1000/-] |
| Revalidation | 100/- |
| Duplicate DD Issuance | 100/- |
| DD/PO Cancellation | 100/- |
| Cheque Issuance/ Collection Charges | |
| Free Leaves | One free cheque book per quarter [20 leaves] |
| Charges Beyond Free Limit | 2/- per leaf |
| Cheque Return Charges [Outward] | 200/- per cheque |
| Cheque Return Charges [Inward] | 500/- per cheque |
| NEFT/RTGS/IMPS transactions [Online] | |
| RTGS Outward | Free |
| NEFT Outward | Free |
| IMPS Payments | Upto 1 lakh - 5/- Above 1 lakh upto 2 lakhs - 10/- Above 2 lakh upto 3 lakhs - 15/- Above 3 lakh upto 5 lakhs - 20/- |
| Doorstep Banking Services | |
| Cash Pickup Charges [within city limits with a radius of 5 km from base branch] | Not Available |
| Cheque Pickup Charges [within city limits with a radius of 5 km from base branch] | Not Available |
| Other Charges | |
| Quarterly Physical Statements | Free |
| Email Statements | Free |
| SMS Alerts |
25 paisa per SMS Subject to maximum amount of ₹ 25 per quarter or actual amount whichever is lower. |
| Stop Payment Instructions | 100/- per cheque |
| Signature, Address and Photo attestation | 100/- per instance |
| Balance Certificate | 100/- per instance |
| Account Related Charges | |
| Account Closure | Upto 14 days – Nil Above 14 days up to 12 months - 500/- Above 12 month- Nil. |
For Debit Card Variants & Charges, kindly refer to the Card Section
For complete details on Fees and Charges effective from 01st May 2023, please click here
Apply to Gen-Nex Savings Account
Loan calculator
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Interest Rate 8.00% |
Interest Earned 3,50,452 |
|
Maturity Value 13,50,452 |
Maturity Date 20 Apr 2023 |
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(Indicative interest rates for calculation only. click here for latest rates.) |
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