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Private Bank Offers Up to 9.50% Interest On FDs To Senior Citizens, 7% Interest On Savings Account
Unity Small Finance Bank (Unity SFB) is a leading SFB bank in India. The bank has recently revised interest rates on Fixed Deposits (FDs). According to the bank's official website, it revised the FD rates on June 02, 2023.
Fixed Deposit Rates
Unity SFB offers FD Rates ranging between 4.50% to 9% to General Public, while for Senior Citizens, the rates range between 4.50% to 9.50%. The rates are applicable on the maturity period starting 7 days to 10 years, according to the bank.
The bank offers 3 Special FD tenures of 1 year, 501 days, and 1001 days. It offers the highest FD rates on More than 6 months to 201 days, 501 days and 1001 days tenure. Under more than 6 Months to 201 days and 501 days FD tenure, the bank offers 8.75% interest to General Public and 9.25% interest to Senior Citizens, respectively. While under 1001 days FD the bank offers the highest interest rate of 9% to General Public and 9.50% to Senior Citizens.
Fixed Deposit Rates: Retail Investors (Below Rs 2 Cr.) Effective From 02 June 2023
| Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
|---|---|---|
| 7 - 14 Days | 4.50% | 4.50% |
| 15 - 45 Days | 4.75% | 4.75% |
| 46 - 60 Days | 5.25% | 5.75% |
| 61 - 90 Days | 5.50% | 6.00% |
| 91 - 164 Days | 5.75% | 6.25% |
| 165 Days - 6 Months | 5.75% | 6.25% |
| > 6 Months - 201 Days | 8.75% | 9.25% |
| 202 - 364 Days | 6.75% | 7.25% |
| 1 Year | 7.35% | 7.25% |
| 1 Year 1 day | 7.35% | 7.25% |
| > 1Year 1 day - 500 days | 7.35% | 7.25% |
| 501 Days | 8.75% | 9.25% |
| 502 Days - 18 Months | 7.35% | 7.85% |
| > 18 Months - 1000 Days | 7.40% | 7.90% |
| 1001 Days | 9.00% | 9.50% |
| 1002 Days - 3 Year | 8.10% | 8.60% |
| > 3 Year - 5 Year | 7.65% | 8.15% |
| > 5 Year - 10 Year | 7.00% | 7.50% |
Note - For premature withdrawal of fixed deposits and recurring deposits, a premature penalty of 1.00% shall be charged to the rate applicable for the period the deposit has remained with the bank, or the contracted rate, whichever is lower.
Savings Account Interest Rates
Unity SFB is among the few banks in India that offer up to 7% interest on Savings Accounts on balances of more than Rs. 1 lakh to 10 Crore. It offers a minimum 6% interest on a daily balance of up to Rs. 1 lakh, which is high when compared to the public sector and various private sector banks on Savings Accounts.
Savings Deposits Rate: Retail Investors w.e.f. January 22, 2022
- 6% Interest - Daily Balance up to Rs. 1 lakh
- 7% Interest - Daily Balance More Than Rs. 1 lakh To Rs 5 lakh
- 7% Interest - Daily Balance More Than Rs. 5 lahks To Rs 50 lakh
- 7% Interest - Daily Balance More Than Rs. 50 lakh To Rs 10 Cr
- 7% Interest - Daily Balance More Than Rs. 10 Cr.
Source - theunitybank.com
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