Small Finance Bank Hikes FD Rates Up To 9.5% Following RBI Stance
Unity Small Finance Bank has revised its fixed deposit interest rates, offering up to 9.5% for regular citizens and 10% for senior citizens on specific tenures. This move comes amid the Reserve Bank of India's (RBI) consistent stance on maintaining repo rates.
Key takeaways
- Unity Small Finance Bank offers up to 9.5% interest on FDs for regular customers.
- Senior citizens can earn up to 10% interest on specific FD tenures.
- The revised rates are effective from October 1, 2023.
- Minimum deposit required is ₹5,000, maximum is ₹1 crore.
Unity Small Finance Bank has announced an update to its fixed deposit (FD) interest rates, with the new rates effective from October 1, 2023. The bank is now offering a maximum interest rate of 9.5% per annum for general customers on deposits maturing in 1001 days. Senior citizens will benefit from an additional 0.50% interest rate, potentially earning up to 10% per annum on the same tenure.
Key FD Rates Offered:
- 9.50% p.a.: For general citizens on deposits of 1001 days.
- 10.00% p.a.: For senior citizens on deposits of 1001 days.
- 8.50% p.a.: For general citizens on deposits maturing in 181 to 200 days.
- 9.00% p.a.: For senior citizens on deposits maturing in 181 to 200 days.
- 7.75% p.a.: For general citizens on deposits maturing in 15 months.
- 8.25% p.a.: For senior citizens on deposits maturing in 15 months.
The bank has also introduced attractive rates for other tenures. For deposits maturing in 181 to 200 days, general customers can earn 8.50% per annum, while senior citizens can get 9.00% per annum. For a 15-month tenure, the bank offers 7.75% for regular customers and 8.25% for senior citizens.
These revised rates are in line with the Reserve Bank of India's (RBI) recent monetary policy decisions, where the central bank has maintained the repo rate, leading many banks to adjust their FD offerings. The RBI's focus remains on controlling inflation while supporting economic growth. For depositors, this presents an opportunity to secure higher returns on their savings, especially for longer-term commitments.
Unity Small Finance Bank, established in 2021, is a relatively new player in the banking sector. However, its competitive FD rates aim to attract a wider customer base seeking better yields on their fixed-income investments. The minimum deposit amount for these special rates is ₹5,000, and the maximum deposit amount is ₹1 crore.
This information is for general knowledge and informational purposes only, and does not constitute investment advice.
Frequently asked questions
What is the highest FD interest rate offered by Unity Small Finance Bank?
Unity Small Finance Bank is offering a maximum interest rate of 9.5% per annum for general citizens and 10% per annum for senior citizens on deposits maturing in 1001 days.
When did these new FD rates become effective?
The revised fixed deposit interest rates from Unity Small Finance Bank are effective from October 1, 2023.
What is the minimum and maximum deposit amount for these rates?
The minimum deposit amount required to avail these special rates is ₹5,000, and the maximum deposit amount is ₹1 crore.