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On the occasion of Diwali, Unity Small Finance Bank is offering inflation-beating rates on fixed deposits to the general category and senior citizens. The offer is available till October month end. That being said, less than 8 days are left to avail of these attractive interest rates on FDs. The elderly can earn up to 8.4% per annum, while the general category is getting up to 7.9% per annum. Currently, India’s inflation is around 7.41% in September month.
Unity SFB launched ‘Shagun 501’ deposit scheme from October 1 to October 31st this year. The tenure is for 501 days. There is also insurance up to ₹5 lakh available on the FDs by DICGC till the offer period.
Under the scheme, the SFB is offering 7.9% per annum to general customers, while the interest rate is 8.4% per annum to senior citizens.
Just a day before the Diwali festival kicked off on October 22, Unity SFB revised its fixed deposit rates.
General category:
With effect from October 21, 2022, Unity SFB is offering a 7.65% rate on tenures over 2 years to 5 years, while the rate is 7.35% on tenures from 1 year to 500 days and further on 502 days to 18 months. The 501 days tenure has an interest rate of 7.90% under the above-mentioned scheme.
The bank offers 7.40% on over 18 months to 2 years tenure, and 7% on over 5 years to 10 years. An interest rate of 6.75% is applicable on 181 days to 364 days tenures.
On shorter tenures from 7 days to 180 days, the SFB is offering between 4.5% to 5.75%.
Senior citizens:
To elderlies, the SFB is offering an 8.15% rate for over 2 years to 5 years tenures, while the rate is around 7.50% for over 5 years to 10 years tenures.
An interest rate of 7.85% is offered for 1 year to 500 days and further from 502 days to 18 months. The 501 days tenure has a rate of 8.40% on the new deposit scheme that is available till October 31. Meanwhile, an interest rate of 7.90% is offered on over 18 months to 2 years tenure.
The SFB is giving a 7.25% rate on 181 days to 364 days tenures. On tenures starting from 7 days to 180 days, the rates range from 4.50% to 6.25%.
According to the Unity SFB notification, for premature withdrawal of a fixed deposit, the interest rate payable would be corresponding FD rate minus 1% for the tenor for which the deposit has actually run.
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