Unity Small Finance Bank offers 9% interest to senior citizens on fixed deposits for these tenures; check

Unity Small Finance Bank has hiked its fixed deposit (FD) rates across several tenures. The revised rates came into effect from today, 21 November. The bank has raised the rate on term deposits for the second time this month. Various banks have been hiking their interest rates on fixed deposits since May after the Reserve Bank of India (RBI) began increasing the repo rate. The last increase in repo rate by the RBI was seen in September. Some of the banks that have hiked their FD rates are Axis Bank, Kotak Mahindra Bank, State Bank of India (SBI), and IDFC First Bank.

Know the rates

Unity Small Finance Bank now offers an interest rate of 9 percent per annum (p.a.) to senior citizens on FDs with a maturity period of 181 and 501 days. Retail investors will receive 8.5 percent interest for the same period. Unity Small Finance Bank also hiked its interest rates on callable and non-callable bulk deposits.

The callable bulk deposits offer interest of up to 8 percent per annum, while non-callable bulk deposits provide 8.1 percent interest p.a. In case of savings accounts, the bank gives an interest rate of 7 percent for deposits greater than Rs 1 lakh. It also offers 6 percent interest for deposits of up to Rs 1 lakh.

“For premature withdrawal of fixed deposit, interest rate payable would be corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run,” according to Unity Small Finance Bank’s website.

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Other banks offering attractive interest rate on deposits

Ujjivan Small Finance Bank:

This bank is offering an interest rate of 8.75 percent to the senior citizens on deposits with a maturity period of 560 days. It provides 8.5 percent interest of deposits maturing in 990 days.

Jana Small Finance Bank:

This bank is giving 8.5 percent interest to senior citizens on deposits with a maturity period of two to three years. It offers 8.45 percent interest on deposits maturing in one to two years, and 8.3 percent on deposits maturing in three years to less than five years.

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