Save Small! Earn Smart!

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

1% penalty on premature withdrawal will be applicable.

Click “Open Now” to start the onboarding process, you just need a Pan Card, Aadhaar Card & Aadhaar linked Mobile number to open the RD Account digitally. RD Account opening process will be completed in 4 easy steps.
If you don’t have Account with Utkarsh Small Finance Bank, don’t worry! You can set UPI Mandate from any of your Savings Accounts for monthly installments. 

Below are the requirements to open a Digital Recurring Deposit Account:

•    Original name.
•    Must be of minimum 18 years.

•    Aadhaar Card
•    Pan Card
•    Aadhaar Linked Mobile number
•    White Paper
•    Black Pen

The features of USFBL Digital Recurring deposit are:

·   Open RD without Savings Account- 

Start saving without having a savings account! A flexible and hassle-free way to save money regularly by simply setting your deposit amount and frequency with Utkarsh Digital Recurring Deposit.

·   Set Mandate from any bank account

Link your RD account to any bank account and set mandate via UPI autopay and payment happens automatically and seamlessly on the day chosen for payment.

·   Minimum Investment & Flexible Tenure

Start small and save big with Utkarsh e-RD one can start with a minimum monthly instalment of Rs 1000 while the maximum can run into multiples thereof.

·   Maximize your savings with the power of Compounding

One will be benefited from the advantage of compounding with reinvestment of earned interest and watch their savings grow exponentially.

·   Attractive Interest Rate @ 8%

Earn up to 8% interest per annum with safety & stability. Additionally, senior citizens get an extra 0.5% interest per annum.

·   Book your RD instantly

Open a RD in just 4 easy steps and complete your Video-KYC [V-KYC] effortlessly from home and watch your money grow with ease!

·   Set Multiple Financial Goals

For every need there is an Utkarsh Digital Recurring Deposit custom goal where one has option to set multiple goals with no extra cost.

The interest income is taxable at the time of maturity. Bank deducts TDS [Tax Deducted at Source] on the interest earned on RD investments as per prevailing Income Tax Act.
In case PAN & Aadhaar is not linked, TDS will be deducted at 20%.

The minimum and maximum duration to open a Bank RD is 6 months and 120 months, respectively.

The minimum amount required to open a Recurring Deposit Account with USFBL is Rs 1,000 per month for a tenure of up to 10 years.

Customer can login Internet/Mobile Banking application via account number and manage their RD Account and UPI Mandate.

Currently, there is no overdraft facility on Recurring Deposits.

Yes, you can close your Recurring Deposit online via login into USFBL Internet & Mobile Banking.

No, interest will be paid on maturity or on premature closure of the Recurring Deposit

If the customer delays the installment beyond the stipulated due date [grace period of 5 days], penal interest charges for the entire month will be levied.

Example: - RD Instalment Due date: - 1st January 2024 + 5 Days [grace Period]=6th January 2024.

While prematurely closing of deposit, interest on the deposit for the period that it has remained with the Bank would be paid at the rate applicable for the period for which the deposit remained with the Bank and not at the contracted rate. No interest is payable, where premature withdrawal of deposit takes place before completion of the minimum period of 7 Days.

Premature withdrawal of deposit will attract 0% penal interest.

Yes, Premature withdrawals are allowed but Partial withdrawals are not allowed.

You can liquidate your RD through Internet/Mobile Banking or a Branch.

No, the tenure and instalment due date, [auto debit date] of an existing Recurring Deposit cannot be changed once set.

The date of your monthly Recurring Deposit instalment will be same as on the date of your first installment or at the time of booking you can choose the instalment due date as per your convenience.

You can open a Recurring Deposit account for a minimum period of 6 months up to a maximum period of 120 months [10 years].

No, Digital Recurring Deposit can’t be opened in Joint name.

Yes, senior citizen customers get an additional 0.50% p.a. rate of interest over and above the interest payable to regular customers.

Interest rates are subject to change, kindly refer Bank website for latest rates applicable.
https://www.utkarsh.bank/personal/term-deposits/recurring-deposits

No, a Savings Account is not a mandatory requirement to open a Recurring Deposit with USFB. Customer can fund the RD Account via setting the UPI Mandate from any Bank Savings account.

Customers can Modify/Revoke/Pause UPI Mandate from their UPI Application.

You will get a receipt of your RD, however the details of RD would be sent to your registered email id and you can also see the details in the account summary of USFBL Internet & Mobile banking application.