Fixed Deposits (FDs) with terms between 181 and 201 days will earn 8.75 per cent of income from Unity Small Finance Bank.
Unity Small Finance Bank has revised its interest rates for senior citizens to 9.50% with a tenure period of 1001 days. For a similar tenure, a general customer will receive a rate of 9%. On FDs that are 7 to 14 days old, Unity Bank will now pay 4.50% interest. In addition, Unity Bank is paying 4.75% interest on FDs with terms between 15 and 45 days. On fixed accounts with maturities ranging from 46 to 60 days, Unity Bank pays 5.25 percent interest. The bank has stated that it will pay 5.50 percent interest on FDs with terms between 61 and 90 days.
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Fixed Deposits (FDs) with terms between 181 and 201 days will earn 8.75 percent of income from Unity Small Finance Bank. The bank raised the rate of interest on the fixed-rate debt (FDs) to 7.65 percent for maturities varying from 1002 days to 5 years. On FDs with terms of 181-201 days and 501 days, Unity Bank is offering elderly citizens 9.25 percent interest and regular customers 8.75 percent interest. For fixed-rate loans with terms of five to ten years, this small finance bank has declared interest rates of 7.50 percent for senior citizens and 7 percent for general customers.
Since the Monetary Policy Committee (MPC) increased the repo rate by 25 basis points to 6.5 percent in February at the direction of RBI Governor Shaktikanta Das. The repo rate has increased by a total of six times or 250 basis points. In response to the increase in the repo rate, almost all of the banks have announced increases in the interest rates on fixed deposits (FDs). Since inflation had gone above the central bank’s tolerance level of 6 percent for ten months in 2022, the RBI was forced to raise its benchmark rate by 250 basis points to 6.50 percent over six increases beginning in May 2022.
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The highest FD rate in the country, however, is currently being offered by two small finance banks. Utkarsh Small Finance Bank (SFB) is currently offering a maximum interest rate of 8.25% for the general public and 9.00% for elderly people on deposits with a 700-day tenor. Unity Small Finance Bank offers a maximum interest rate of 9.00% for the general public and 9.50% for senior citizens on a tenor of 1001 Days, which is particularly competitive.
