Fixed Deposit or FD is a good interest rate investment option. Utkarsh Bank offers a Fixed Deposit Account with a high interest rate. Fixed Deposit can open for the duration of a minimum of 7 days and a maximum of ten years. Fixed Deposit gives you a high-interest rate on your deposit amount. The Deposit minimum amount is depending upon the bank.
Benefits of Utkarsh Bank Fixed Deposit
- You get a higher interest rate on your fixed Deposit while comparing with saving accounts.
- Multiple fixed deposits can open.
- Utkarsh Bank also gives a loan on your fixed Deposit so that, you don’t need to break your Deposit for your need.
- You can get an Rs.1.5 lakh exemption under Section 80 C of the Income Tax Act, 1961.
- If you are a senior citizen, then you will get a high-interest rate on your Fixed Deposit account.
Fixed Deposit Eligibility
- Fixed Deposits can open the name of Individual, Joint, Society, Company, Partnership, etc.
- The applicant must have a savings account in the bank.
Income Tax Facts on Utkarsh Bank Fixed Deposit Interest
If you are looking for income tax fact on Fixed Deposit interest, then you can check below:
- If Fixed Deposit interest is less then Rs. 40, 000/-, then the Utkarsh Bank will deduct TDS on interest.
- Interest earned on Fixed Deposit is taxable. It will treat as Income from Other Sources.
- If you don’t want to pay any TDS on Fixed Deposit, then you have to submit Form 15G and Form 15H in Utkarsh Bank.
Utkarsh Bank Tax Benefit Fixed Deposit
- Interest Rate is 6.5% for 5 years term deposits.
- The amount can not withdraw before five years.
- The deposit account can not transfer to another bank.
Utkarsh Bank Fixed Deposit Interest Rate
|Sr. No.||TENURES||General Customers||Senior Citizens|
|1||7 Days to 15 Days||4.75%||5.25%|
|2||16 Days to 28 days|
|3||29 Days to 45 Days|
|4||46 Days to 90 Days||5.50%||6.00%|
|5||91 Days to 120 Days||6.75%||7.25%|
|6||121 Days to 180 days|
|7||181 Days to 210 Days||7.00%||7.50%|
|8||211 Days to 270 Days|
|9||271 Days to less than 1 Year||7.25%||7.75%|
|10||1 Year to 455 Days||8.20%||8.70%|
|11||456 Days to less than 2 Years||8.50%||9.00%|
|12||2 Years to 776 Days||8.00%||8.50%|
|14||778 Days to less than 3 Years||8.00%||8.50%|
|15||153 Years to less than 5 Years||8.00%||8.50%|
|17||More than 5 Years to 10 Years||7.75%||8.25%|