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Unity Small Finance Bank Limited (Unity Bank) has launched Shagun 366, a 1 year, 1 day fixed deposit, promising retail customers an alluring return of 7.80% p.a., while senior citizens will earn 8.30% p.a. for a 366-day tenure. This comes shortly after the humongous popularity of the recently launched “Shagun” special Fixed Deposit. This deal is only valid for deposits made before November 30, 2022. Additionally, Unity Bank raised the interest rates it pays on both callable and non-callable bulk deposits (Deposits higher than ₹2 crores). Deposits in callable bulk can earn up to 7.75% interest per year. While non-callable bulk deposits can earn up to 7.85% annualised interest.
Unity Small Finance Bank (SFB) FD Rates
On deposits maturing in 7-14 Days, the bank will offer an interest rate of 4.50% and on those maturing in 15-45 Days, the bank is now offering an interest rate of 4.75%. Deposits maturing in 46-60 Days will now offer an interest rate of 5.25% and those maturing in 61-90 Days will now fetch an interest rate of 5.50%. Unity Small Finance Bank will now offer an interest rate of 5.75% on deposits maturing in 91-180 Days and the bank will now offer an interest rate of 6.75% on those maturing in 365 Days (1 Year) will now fetch an interest rate of 7.35%.
On deposits maturing in 1 year – 1 day, the bank is providing an interest rate of 7.80% and on those maturing in 1 year 1 day to 18 months, Unity Small Finance Bank will now offer an interest rate of 7.35%. Deposits maturing in 18 months to 2 years will now fetch an interest rate of 7.40% and those maturing in 2 years to 5 years will now offer an interest rate of 7.65%. The bank will now offer an interest rate of 7.00% on FDs maturing in 5 years to 10 years. These rates are effective as of 1st November 2022.
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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,” said the bank in a statement.
On the other hand, the Bank of India has also introduced a special fixed deposit programme for retail investors that offers the possibility to earn returns that outperform inflation. The “Star Super Triple Seven Fixed Deposit” scheme, which BOI announced today, is a special offer that allows depositors to earn an interest rate of 7.25% on a deposit for 777 days, and up to 7.75% for elderly persons.
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