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These 2 Banks Are Providing 9% & Above Interest Rates On Select Tenure FDs; Check Rates
Fixed Deposits are an attractive investment option for conservative investors as it offers guaranteed returns. In recent times banks are forwarded the repo rate hike benefits to their customers by raising the interest rates on FDs. Despite the fact that there is no tax benefit on conventional Fixed Deposits, fixed deposits are nonetheless popular due to the variety of investment and return alternatives they offer.
Recently 2 leading Small Finance Banks (SFB), Unity SFB and Suryoday SFB have revised the interest rates on FDs. Both banks now offer 9% and above 9% interest rates on select deposit periods. Here we have compared the revised interest rates of these two banks.
Unity Small Finance Bank
Unity Small Finance Bank has revised the interest rates on fixed deposits with effect from May 2, 2023, according to the bank's official website. Following the modification, the bank offers interest rates on FDs between 4.50% to 9% for a tenure of Rs. 7 days to 10 years.
The bank gives a maximum 9% interest rate to regular customers and senior citizens a maximum interest rate of 9.50% on fixed deposits for 1001 days deposit period.
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, according to the bank's official website.
Fixed Deposit Interest Rates For Retail Investors w.e.f. May 02, 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% | 7.85% |
| 1 Year 1 day | 7.35% | 7.85% |
| > 1Year 1 day - 500 days | 7.35% | 7.85% |
| 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 | 7.65% | 8.15% |
| > 3 Year - 5 Year | 7.65% | 8.15% |
| > 5 Year - 10 Year | 7.00% | 7.50% |
Source -theunitybank.com
Suryoday Small Finance Bank
For deposits maturing between 7 days and 10 years, Suryoday Small Finance Bank offers interest rates ranging from 4% to 8.51% to regular citizens.
Suryoday Small Finance Bank revised the interest rates on fixed deposits (FDs) on May 5, 2023, according to the bank's website. After the revision, the bank now offers interest rates between 4% to 9.10% for regular citizens and 4.50% to 9.50% for senior citizens. The interest rates are applicable on the deposit period of 7 days to 10 years.
The bank is providing an interest rate of 9% and higher for two maturity periods of 999 days and five years. The bank offers a 9% interest rate to the general public and 9.50% to senior citizens for 999 days. On the maturity period of 5 years, the bank offers a maximum interest rate of 9.10% to general customers and 9.60% to senior citizens.
Fixed Deposits Interest Rates (Less Than 2 Crore) w.e.f. May 05, 2023
| Period | General FD Rates | Senior Citizens FD Rates |
|---|---|---|
| 7 days to 14 days | 4.00% | 4.50% |
| 15 days to 45 days | 4.25% | 4.75% |
| 46 days to 90 days | 4.50% | 5.00% |
| 91 days to 6 months | 5.00% | 5.50% |
| Above 6 months to 9 months | 5.50% | 6.00% |
| Above 9 months to less than 1 Year | 6.00% | 6.50% |
| 1 Year | 6.85% | 7.35% |
| Above 1 Year to 2 Year New | 8.50% | 9.00% |
| Above 2 years to 998 days | 7.51% | 8.01% |
| 999 DaysNew | 9.00% | 9.50% |
| 32 Months 27 Days to 3 Years | 7.25% | 7.75% |
| Above 3 Years to less than 5 Years | 6.75% | 7.25% |
| 5 YearsNew | 9.10% | 9.60% |
| Above 5 years to 10 years | 7.25% | 7.75% |
Source - Suryodaybank.com
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