Fixed deposits are among the most considered investment options in India. The investment avenue offers fixed returns despite being influenced by market conditions. Now, this time investors have a reason to cheer.
What Is Reason For Investors Rejoice?
The reason is Unity Small Finance Bank has revised its interest rates on fixed deposits below Rs 2 crore.
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Unity Small Finance Bank Interest Rate On Fixed Deposit
The bank is offering interest rates ranging from 4.5 per cent to 9 per cent per annum for general customers, and up to 9.5 per cent for senior citizens.
Unity Small Finance Bank FD Rates 2024: Execution Date
The bank offers the above-mentioned rate from May 1, 2024.
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Unity Small Finance Bank FD Rates 2024: Lowest Interest Rate
For the shortest FD tenure of 7 to 14 days, the bank provides a fixed rate of 4 per cent for both regular customers and senior citizens.
Unity Small Finance Bank FD Rates: Highest Interest Rate
The highest interest rates are offered for a tenure of 1001 days, where regular customers can earn 9 per cent and senior citizens can earn 9.5 per cent.
Unity Small Finance Bank FD Rates 2024: Interest Rate On Long-Term
For long-term investments ranging from 5 to 10 years, the bank offers 7.5 per cent interest for regular customers and 8 per cent for senior citizens.
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Unity Small Finance Bank FD Rates 2024: Notable Rates
Other notable rates include an 8.95 per cent interest rate for senior citizens on a 701-day tenure.
Unity Small Finance Bank FD Rates 2024: What To Do When You Want To Premature Withdrawal?
However, if you need to withdraw your fixed deposit prematurely, there is a 1 per cent penalty on the applicable rate for the deposit’s duration or the negotiated rate, whichever is lower.
Depositors Of Unity Small Finance Bank
Unity Small Finance Bank is a scheduled bank recognized by the RBI, and deposits are insured by the Depositor Insurance and Credit Guarantee Corporation (DICGC).
Cumulative Deposits
This insurance covers cumulative deposits up to Rs 5 lakh per depositor in case of bank failure or merger.
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Times Now Digital suggests its readers/audience to consult their financial advisors before making any money-related decisions.)
