Latest News on Utkarsh Small Finance Bank
Senior citizens can earn up to 8% interest rate on 5-year fixed deposits; compare the top FD rates offered by public, private, and small finance banks
For senior citizens seeking stable and fixed income, there are still attractive fixed deposit (FD) options available, despite many leading banks and small finance banks slashing their FD interest rates. Currently, a few banks offer FD rates of up to 8% on their five-year senior citizen FDs. The interest rates vary among public and private sector banks, as well as small finance banks, for FDs of the same duration.
Small finance banks offer the highest five-year FD interest rates for senior citizens, with Suryoday Small Finance Bank providing an 8% interest rate, followed by Jana Small Finance Bank at 7.77%, and Ujjivan Small Finance Bank at 7.7%. Other small finance banks, such as Utkarsh Small Finance Bank, Equitas Small Finance Bank, and AU Small Finance Bank, offer interest rates ranging from 7.5% to 7.25%.
Among private sector banks, IDFC Bank, Yes Bank, and SBM Bank India offer a 7.5% interest rate each on their five-year fixed deposits for senior citizens. Other private sector banks, such as DCB Bank, Axis Bank, and RBL Bank, offer interest rates ranging from 7.25% to 7.1%.
Public sector banks also offer competitive interest rates, with State Bank of India providing a 7.05% FD interest rate on its five-year senior citizen FD. Bank of Baroda offers a 6.9% rate, while Bank of India and Canara Bank offer a 6.75% rate each on their five-year FDs for senior citizens.
Overall, senior citizens have a range of options to choose from, with interest rates varying from 8% to 5.5% depending on the bank and the duration of the FD. It is essential for senior citizens to compare the interest rates and terms offered by different banks to make an informed decision that suits their financial needs. By choosing the right FD option, senior citizens can ensure a stable and fixed income, which can help them manage their expenses and maintain their standard of living.
Small finance banks set sights on poaching top talent from bigger rivals to fuel growth
India’s small finance banks (SFBs) are expanding their horizons and preparing for a transition to universal banking. To achieve this, they are aggressively hiring senior executives from larger banks and non-bank financiers to strengthen their leadership and scale their businesses. Several prominent SFBs, including AU Small Finance Bank, Ujjivan Small Finance Bank, Suryoday Small Finance Bank, and Utkarsh Small Finance Bank, are looking to onboard senior executives, including key business officers, vice-presidents, and executive vice-presidents.
The move highlights the growth of the SFB sector, which has demonstrated significantly higher hiring momentum compared to the broader banking sector. In 2025, SFBs added 26,736 employees, a 18% increase in their workforce, while public sector banks added 1,626 people and private sector banks reduced their staff strength by 7,257. SFBs are attracting talent by offering “bump ups” in compensation and significant role elevation.
The Reserve Bank of India (RBI) has set out guidelines for SFBs to transition to universal banks, including a minimum net worth of ₹1,000 crore, a satisfactory track record of at least five years, and a net profit in the last two financial years. AU Small Finance Bank has already received a conditional nod from the RBI, while others, like Ujjivan, are still awaiting regulatory approval.
SFBs are not just scouting talent for senior roles but are also looking at junior ones, with a 30% increase in hiring in junior levels. They are recruiting sales executives typically from other banks and non-banking financial companies (NBFCs). The aggressive hiring by SFBs reflects their ambition to expand and become universal banks, which would require branch expansion and more people at various levels.
The SFB sector has made significant progress since its inception in 2014, with a compounded annual growth rate of 28% in deposits and 25% in advances between FY22 and FY25. However, they still face challenges, such as low-cost deposits, with their current and savings account (Casa) deposits at 26.2% of overall deposits, lower compared to universal banks. Nevertheless, SFBs are poised for a more complex phase of growth, and their ability to attract and retain talent will be critical to their success.
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