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
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15% discount
1 reward point on every 100 spends on debit card
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Free
Cash withdrawal on Utkarsh Bank ATMs
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Facility to auto transfer funds to Minor's Account
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Unlimited Free ATM transactions across own bank ATMs within India
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Classic Rupay Debit Card with Unlimited Free ATM access at own 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
Interest Rate on Domestic Savings *:
| Balance in | Rate of Interest w.e.f. May 01, 2025 |
|---|---|
| Balance Upto 1 Lakh | 3.50% p.a. |
| Incremental balance above 1 Lakh upto 5 Lakhs | 5.25% p.a. |
| Incremental balance above 5 Lakhs upto 10 Lakhs | 6.50% p.a. |
| Incremental balance above 10 Lakhs upto 50 Lakhs | 7.25% p.a. |
| Incremental balance above 50 Lakhs upto 100 Crore | 7.50% p.a. |
| Incremental balance above 100 Crore | 7.75% 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 1000/- [Min 50/-] |
| Cash Deposit Transactions Free limits/month [Folio] | Unlimited |
| Charges Beyond Free Limit | Not Applicable |
| 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 | 1 - 1000 - 2.50 1000 - 25000 - 5.00 25000 - 500000 - 15.00 |
| 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 | Not Applicable |
| Account Related Charges | |
| Account Closure | Upto 14 days – Nil Above 14 days up to 12 months - 500/- Above 12 month- Nil. |
With effect from April 1, 2015: In event of default in maintenance of Average Quarterly Balance [AQB] as agreed to between the Bank and the customer, Bank shall notify the customer by SMS/Email/ Letter, that in the event of the Average Quarterly Balance [AQB] not being restored in the account within a month from the date of notice, penal charges will be applicable.
In case the AQB is not restored within a reasonable period, which shall not be less than one month from the date of notice of shortfall, penal charges will be recovered in the subsequent month.
The Non Maintenance Charges will be based on the shortfall observed in the AQB and as specified in the SOC.
Due to security concerns, we request the customer to take full responsibility to update their coordinates and communication channels such as a valid e-mail ID, mobile number and address with the Bank at all times, failing which, customer may not receive the notification[s].
Penal charges will not be levied in In-Operative / Dormant Accounts.
For Debit Card Variants & Charges, kindly refer to the Card Section
For complete details on Fees and Charges effective from 1stApril 2025, please click here
Apply to Gen-Nex Savings Account
Loan calculator
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Interest Rate 8.00% |
Interest Earned 3,50,452 |
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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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