Following the RBI rate hikes since May this year, various large and small banks have raised their deposit rates significantly. One such bank is Unity Small Finance Bank, which has launched a new special fixed deposit dubbed ‘Shagun’ and has also increased the fixed deposit interest rate on various tenures.
In the month of November, the bank has hiked interest rate twice. FD interest rate stands revised from November 18, 2022, stated a press release from Unity Small Finance Bank.
Read More: Govt Cuts Export Duty on Steel, Iron Ore; Hikes Import Duty on Some Raw Materials
Unity Small Finance Bank FD rates
For regular consumers, it offers interest rates between 4.5% to 8.50%. It currently provides senior citizens with an interest rate of 9% p.a. on fixed deposits invested for terms of 181 and 501 days, respectively, while retail investors get 8.50% for the same terms.
Premature withdrawal
For premature withdrawal of fixed deposit, interest rate payable would be corresponding FD rate minus 1% for the tenor for which the deposit has actually run.
Savings account:
The bank pays 7% p.a. on deposits greater than Rs 1 lakh and 6% p.a. on deposits less than Rs 1 lakh for Savings Accounts.
FD rates of other banks:
For 999-day FD terms, Suryoday Small Finance Bank is now offering an interest rate of 8.01 percent, while seniors are offered an interest rate of 8.26 percent for the same duration.
Jana Small Finance Bank customers can now earn up to 8.35% on deposits for a period of 1-2 years that range from Rs 15 lakh to Rs 2 crore. For a period of two to three years, senior folks can receive 8.50% on a fixed-rate deposit (FD) for sums over Rs 15 lakh.
