This paper presents a singularity free fast terminal sliding mode control (SFFTSMC) for position and attitude tracking of a quadrotor with unknown dynamics. The contribution of this work is threefold, namely: devising an SFFTSMC strategy using an auxiliary function to eliminate the singularity in the control law, a cost-saving minimum parameter update scheme using a fully connected recurrent neural network (FCRNN) to handle the unknown dynamics of quadrotor and development of an adaptive control law to compensate for the loss of effectiveness of the actuator and saturation effects, considered explicitly, without the requirement of any fault detection and diagnosis (FDD) unit. The proposed approach offers a direct singularity free control action in the presence of unknown dynamics, actuator faults, and saturation. Overall closed-loop stability is guaranteed in finite-time using Lyapunov stability theory and update laws for minimum parameters of FCRNN and fault compensator are derived using the same. Extensive simulations are presented for the trajectory tracking tasks using the proposed method and compared with the existing piece-wise fast terminal sliding mode controller (PFTSMC) and Radial basis function network (RBFN) based fault compensation approach. The proposed method is also validated in the Gazebo simulator via Pixhawk autopilot to demonstrate the feasibility in real-time. <italic xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">Note to Practitioners</i> —This research is motivated by a cost-effective control scheme for quadrotors in cases of unknown/uncertain dynamics, external disturbances, actuator faults, and saturation. Precise quadrotor dynamics are difficult to obtain in real time. Also, there may be parametric uncertainties in quadrotor parameters like mass, inertia, and aerodynamic coefficients. External disturbances like wind gusts are always present in outdoor environments, and it may be the case that quadrotor motors lose their effectiveness due to defective motors or propeller damage while flying. To address these issues, first, it requires a precise control scheme to control the quadrotor while guaranteeing stability to ensure the safety of the quadrotor itself and people in the surrounding environment. Second, the approach should not be computationally heavy, which may sluggish the overall response of the quadrotor. Thus, we propose a control scheme to address these two issues simultaneously using a new fast terminal sliding mode control scheme augmented with FCRNN by updating minimum parameters instead of all the weight parameters of FCRNN. A compensator is introduced to mitigate the effect of unexpected actuator fault and saturation. The proposed approach can be helpful in various quadrotor applications, like pesticide spraying in agriculture, payload transportation, search and rescue, construction, etc., where unknown quadrotor dynamics and unknown payload situations occur.