Thursday, June 13, 2024

This bank offers 9% to senior citizens on FDs

Unity Small Finance Bank increased fixed deposit rates on various terms effective November 18. This is the second rate hike by the bank on its FD products in the month of November.

The digital-first bank now offers senior citizens an attractive rate of 9% p.a. on Fixed Deposits invested for tenures of 181 and 501 days respectively, whereas retail investors will earn 8.50% for the same duration.

Unity Bank has also increased its interest rates on Callable and Non-Callable Bulk Deposits (Deposits higher than Rs 2 crores).

Callable bulk deposits offer up to 8% interest p.a. whereas non-callable bulk deposits offer up to 8.10% interest p.a. 

For Savings Accounts, Unity Bank offers an interest of 7% p.a. for deposits greater than Rs 1 lakh and 6% p.a. for deposits upto Rs 1 lakh.

For premature withdrawal of FD, interest rate payable would be corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run.

The bank earlier introduced ‘Shagun 366’, a 1 year, 1 day Fixed deposit, offering retail customers an attractive return of 7.80% p.a., whereas senior citizens will earn 8.30 % p.a. for a 366 days tenure. It is available only for deposits booked up to 30th November, 2022.

For compression, Suryoday Small Finance Bank offers an interest rate of 8.01 percent on 999-day duration tenor, while seniors are offered an interest rate of 8.26 percent for the same duration.

Jana Small Finance Bank offers up to 8.35% on a FD of a duration of 1-2 years, on deposits of Rs 15 lakh to Rs 2 crore. For a period of two to three years, seniors can receive 8.50% on deopsits for sums over Rs 15 lakh.

Unity Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.

Unity Small Finance Bank Limited has commenced operations as a small finance bank with effect from November 1, 2021. The Reserve Bank has issued a licence to the bank under Section 22 (1) of the Banking Regulation Act, 1949 to carry on the business of small finance bank in India.

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