FD rate revised: This bank offers up to 9.5% FD interest rate to senior citizens. 9% to others

The Unity Small Finance Bank (SFB) offers up to 9.50% interest rate on Fixed Deposits to senior citizens and up to 9% to other citizens. The SFB bank recently revised its interest rates on fixed deposits of less than Rs 2 crore. According to the Unity Small Finance Bank, the new interest rate are applicable from June 14, 2023.

Unity Small Finance Bank was founded by Centrum Financial Services and BharatPe. It aspires to be India’s first truly digital bank.

Unity Small Finance Bank interest rate

The bank offers interest rates ranging from 4.50% to 9% on deposits with maturities ranging from 7 days to 10 years. According to the bank, the senior persons can get interest rate up to 9.50% and the others can receive up to 9% on a deposit with a duration of 1001 days.

On deposits with maturities between 91 and 6 months, the bank will provide interest rates ranging from 5.75%. On the other hand, deposits maturing between 6 months and 201 days will earn 8.75%.

According to Unity Small Finance Bank (SFB), a 6.75% interest rate is given on deposits maturing in 202-364 days and a 7.35% interest rate on deposits maturing in 1 year to 500 days.

The bank will pay an annual interest rate of 8.75% on deposits with a tenor of 501 days. Meanwhile, deposits with a tenor of 502 days to 18 months will get interest at an annual rate of 7.35%.

Fixed deposits that mature in 18 months to 1000 days receive interest at a rate of 7.40%. The FDs  maturing in 1001 days earn interest at a rate of 9%. The bank offers a 7.65% interest rate on deposits maturing in 1002 days to 3 years, 8.25% on 3 year to 5year and Unity SFB offers a 7.00% interest rate on deposits maturing in 5 years to 10 years.

Senior citizen FD rates

The SFB offers 0.50% higher interest rate to senior citizen customers in comparison to general public. The interest rate ranges from 4.5% to 9.50% for tenure between 7 days to 10 years.

Premature withdrawal

In case of premature withdrawal of fixed deposit and recurring deposits, depositors will be penalised with a premature penalty of 1.00% to the rate applicable for the period the deposit has remained with the bank, or the contracted rate, whichever is lower.

(Source: The economic Times)

Also Read: Sensex, Nifty Hit All Time High; Banking, Financial Stocks Gain