Banks have increased their interest rates on fixed deposits (FDs) since May last year. After the Reserve Bank of India (RBI) hiked the repo rate, banks started announcing the increase in the interest rate on term deposits, Live Mint reported. Unity Small Finance Bank is offering senior citizens an attractive rate of 9.5% per annum on FDs with select tenures.
Interest rate on fixed deposits
For regular customers, the bank offers interest rates between 4.5% to 9%. It currently provides senior citizens with an interest rate of 9.5% p.a. on fixed deposits invested for terms of 1001 days, while retail investors get 9% for the same terms.
On deposits maturing in 181- 201 days and 501 days, Unity Small Finance Bank gives 8.75% interest to general citizens and 9.25% to senior citizens. FDs with a tenure of 1001 Days will fetch a return of 9% to general customers and 9.5% to senior citizens as per Unity Small Finance Bank’s website. The rates are active from February 15 this year.
Unity Small Finance Bank Latest FD interest rates for general citizens
181-201 Days- 8.75%
501 Days- 8.75%
1001 Days- 9.00%
Unity Small Finance Bank Latest FD interest rates for senior citizens
181-201 Days- 9.25%
501 Days- 9.25%
1001 Days- 9.50%
Unity Small Finance Bank FD premature withdrawal rules
“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,” read the company’s website.