Senior Citizens can now receive Fixed Deposit interest rates of up to 9% from Unity Small Finance Bank. Unity Small Finance Bank has today raised the interest rates it offers on fixed deposits in order to capitalise on the current environment of high interest rates and the popularity of its recently introduced "Shagun" special fixed deposit interest rates.
Senior citizens can now invest in fixed deposits with Unity Bank at a competitive rate of 9% annually for terms of 181 or 501 days, respectively. Unity Bank is providing 8.50% interest for 181 and 501 days to other regular investors. The Unity Bank has increased the FD interest rate twice in November, giving customers the opportunity to earn a higher return.
Additionally, Unity Bank raised the interest rates it charges on both callable and non-callable bulk deposits (Deposits higher than Rs 2 crores). Up to 8% interest is offered on callable bulk deposits annually. Non-callable bulk deposits, however, offer annual interest rates of up to 8.10%.
Unity Bank Fixed Deposit Rates
|Tenure||General FD Rates% p.a.||Senior Citizen FD Rates% p.a.|
|182 Days – 364 Days||6.75%||7.25%|
|365 Days(1 Year)||7.35%||7.85%|
|1Year 1 day||7.80%||8.30%|
|>1Year 1 day – 500 days||7.35%||7.85%|
High savings account rate
For deposits over Rs 1 lakh, Unity Bank pays 7% annual interest on savings accounts, and 6% annual interest on all other deposits. deposit amounts up to Rs. 1 lakh.
Promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor, Unity Bank is a Scheduled Commercial Bank.
According to a statement from Unity Bank, if a fixed deposit is prematurely withdrawn, the interest rate that would be due would be the corresponding FD rate for the tenor that the deposit has actually run, less 1.00%.
What other banks are offering?
A number of local finance banks are giving fixed deposit customers interest rates of up to 8.5% annually. Following Unity Bank's rate increase, it is anticipated that other rival small finance banks will soon change their FD rates as well. The interest rates on the Senior Citizens Savings Scheme are lower than the FD rates provided by these banks.