Several banks have recently increased Fixed Deposit interest rates. As most of the banks provide extra interest of up to 0.5% to senior citizens, it may be a good time for them to start an FD.
Unity Small Finance Bank is now offering 8.30% interest to senior citizens on deposits of 366 days. The bank has introduced Shagun 366, a 1-year, 1-day Fixed deposit offering Retail customers an attractive return of 7.80% per annum whereas senior citizens will earn 8.30% per annum for a 366 days tenure. However, this offer is available only for deposits booked up to 30th November 2022.
Unity Bank has also increased its interest rates on Callable and Non-Callable Bulk Deposits (Deposits higher than Rs 2 crores). Callable bulk deposits offer up to 7.75% interest per annum whereas non-callable bulk deposits offer up to 7.85% interest per annum.
Interestingly, Unity Bank is offering 6% interest on savings account deposits up to Rs 1 lakh. For deposits of Rs 1 lakh to Rs 10 crore, Unity Small Finance Bank further sweetens the deal for savings accountholders with an annual interest of 7%.
Unity Small Finance Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.
Bank of India hikes FD rate
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Bank of India on Tuesday (Wednesday 1) announced the ‘Star Super Triple Seven Fixed Deposit’ scheme’ which offers an interest rate of 7.25% and up to 7.75% for senior citizens on a deposit for 777 days.
“When compared to other investment options such as Public Provident Fund, Senior Citizen Savings Scheme, National Savings Certificate, or RBI Bond, Bank of India’s 777-day FD scheme is the most lucrative and a smart investment option,” Bank of India said in a statement.
In addition to this new offering, the Bank of India has also raised the interest rate on its existing 555-day Fixed Deposit scheme to 6.30%. On other time buckets from 180 days to less than 5 years, the bank has raised the interest by 25 basis points.
