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Unity SFB Revises Interest Rates On Fixed Deposits, Now Offers Maximum 9.50% To Senior Citizens
After the Reserve Bank of India (RBI) began raising the repo rate to manage rising inflation during the past 1 year, the majority of banks have increased or altered their deposit rates.
Recently, Unity Small Finance Bank (USFB), a leading Small Finance Bank, also revised its interest rates on Fixed Deposits (FDs). According to the USFB, the revised interest rates on FDs are effective from June 14, 2023.
Following the revision in interest rates, the bank now offers 4.50 percent to 9 percent interest rates to non-senior citizens, while for senior citizens, it offers 4.50 percent to 9.50 percent for deposit tenure ranging from 7 days to 10 years. For the deposit tenure of 1,001 days, the bank offers maximum 9 percent to non-senior citizens and 9.50 percent to senior citizens.
Other than 1001 days special FD tenure, the bank offers above 8 percent interest to two FD tenures. On 6 months and above up to 201 days FD tenure, the bank offers 8.75 percent to Non-senior citizens and 9.25 percent to senior citizens. While 501 days special FD tenure, the bank offers the same interest rates as 6 months and above to 201 days FD tenure.
Fixed Deposit Interest Rates w.e.f. June 14th, 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 | 8.25% | 8.75% |
| > 5 Year - 10 Year | 7.00% | 7.50% |
Source - theunitybank.com
According to USFB, "For premature withdrawal of fixed deposit 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."
USFB Savings Accounts
USFB also offers high-interest rate savings account holders. The bank is offering an interest of 7 percent for account balances higher than Rs 1 lakh and 6 percent for account balances up to Rs 1 lakh. The interest rates on savings accounts are effective from January 22, 2023.
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