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Unity Small Finance Bank Limited (Unity Bank) has raised the interest rates on fixed deposits it offers. As of November 18, 2022, the new interest rates are in effect. Senior citizens can now invest in Fixed Deposits for 181 or 501 days at an excellent rate of 9% per year, compared to 8.50% for retail investors for the same time periods. Customers can now earn a higher rate of returns beating inflation thanks to the Bank’s second interest rate adjustment in November. Additionally, Unity Bank raised the interest rates it provides on both callable and non-callable bulk deposits (Deposits higher than ₹2 crores). Non-callable bulk deposits have a maximum interest rate of 8.10% per year, whereas callable bulk deposits have a cap of 8% per year.
Unity Small Finance Bank (SFB) FD Rates
The bank will give an interest rate of 4.50% on deposits that mature in 7-14 days, and Unity SFB is offering an interest rate of 4.75% on deposits that mature in 15-45 days. On FDs maturing in 46 to 60 days, Unity SFB is giving an interest rate of 5.25%, and on those maturing in 61 to 90 days, it is offering an interest rate of 5.50%. Deposits that mature in 91 to 180 days will now pay 5.75% interest, while those that mature in 181 days will now earn 8.50% interest. The bank will give an interest rate of 6.75% on FDs maturing in 182 days to 364 days, and an interest rate of 7.35% on those maturing in 365 days (1 Year).
Unity Small Finance Bank is now offering an interest rate of 7.80% on FDs maturing in 1 year 1 day and an interest rate of 7.35% on those maturing in more than 1 year 1 day – 500 days. Deposits maturing in 501 Days will now fetch an interest rate of 8.50% and those maturing in 502 Days – 18 months shall now pay an interest rate of 7.35%. On FDs maturing in 18 Months to 2 Years, the bank is offering an interest rate of 7.40% and on those maturing in 2 Years to 5 years, Unity SFB is now offering an interest rate of 7.65%. Unity Small Finance Bank is now offering an interest rate of 7.00% on FDs maturing in 5 to 10 years.
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“For premature withdrawal of fixed deposit, interest rate payable would be corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run,” the bank has said in a press release.
Unity Bank provides 7% annual interest on savings accounts for deposits over ₹1 lakh and 6% annual interest on deposits below ₹1 lakh.
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