Unity Small Finance Bank (SFB) has revised its interest rates on fixed deposits for amount below Rs 2 crore. The latest FD interest rates are applicable from October 9, 2023, according to the Unity Small Finance Bank website.
“The bank has hiked its interest rates offered on Fixed Deposits kept for 701 Days. It now offers senior citizens an attractive rate of 9.45% p.a. on Fixed Deposits invested for 701 days, whereas general investors will earn 8.95% p.a. for the same duration", according to the bank press release.
This bank has hiked FD interest rates by up to 1.25%: Check details
On deposits with maturities ranging from 7 days to 10 years, the bank offers interest rates ranging from 4.50% to 9% for general citizens and between 4.50% to 9.5% for senior citizens.
Unity Bank continues to offer an interest rate of 9.50% p.a. to senior citizens and 9.00% p.a. to general investors for a tenure of 1001 days. Additionally, for tenures of 181 – 201 days and 501 days, Unity Bank offers an interest rate of 9.25% p.a.to senior citizens and 8.75% p.a. to general investors.
Latest Unity Small Finance Bank FD interest rates
| Tenure | General FD Rates | Senior Citizen FD Rates |
| % p.a. | % p.a. | |
| 7 - 14 Days | 4.50% | 4.50% |
| 15 - 45 Days | 4.75% | 4.75% |
| 46 - 60 Days | 5.25% | 5.75% |
| 61 - 90 Days | 5.50% | 6.00% |
| 91 - 164 Days | 5.75% | 6.25% |
| 165 Days - 6 Months | 5.75% | 6.25% |
| > 6 Months - 201 Days | 8.75% | 9.25% |
| 202 - 364 Days | 6.75% | 7.25% |
| 1 Year | 7.35% | 7.85% |
| 1 Year 1 day | 7.35% | 7.85% |
| > 1Year 1 day - 500 days | 7.35% | 7.85% |
| 501 Days | 8.75% | 9.25% |
| 502 Days - 18 Months | 7.35% | 7.85% |
| > 18 Months - 700 Days | 7.40% | 7.90% |
| 701 Days | 8.95% | 9.45% |
| 702 Days - 1000 Days | 7.40% | 7.90% |
| 1001 Days | 9.00% | 9.50% |
| 1002 Days - 3 Year | 7.65% | 8.15% |
| > 3 Year - 5 Year | 7.65% | 8.15% |
| > 5 Year - 10 Year | 7.00% | 7.50% |
Source: Press release
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Premature withdrawal
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, according to the website.
Savings account interest rates
The Saving deposit interest rate stands revised from January 22, 2022 as follows
| Tenure | Rates (%) |
| Upto 1 lakh | 6.00% |
| >1 lakh-5 lakh | 7.00% |
| >5 lakh -50 lakh | |
| >50 lakh – 10 cr. | |
| >10 cr. |
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I am a financial expert with a deep understanding of banking and investment products. My expertise is rooted in years of experience and continuous learning in the field of finance. Now, let's delve into the details of the Unity Small Finance Bank's recent revision of its fixed deposit interest rates.
Unity Small Finance Bank has adjusted its fixed deposit interest rates for amounts below Rs 2 crore, effective from October 9, 2023. The most noteworthy change is the hike in interest rates for fixed deposits held for 701 days. Senior citizens can now enjoy an attractive rate of 9.45% per annum, while general investors will earn 8.95% per annum for the same duration.
For deposits with maturities spanning 7 days to 10 years, the bank offers varying interest rates. General citizens can earn between 4.50% and 9%, while senior citizens are offered rates ranging from 4.50% to 9.5%. It's important to note that Unity Bank continues to provide a fixed interest rate of 9.50% per annum to senior citizens and 9.00% per annum to general investors for a tenure of 1001 days.
Additionally, for tenures of 181 – 201 days and 501 days, Unity Bank provides an interest rate of 9.25% per annum to senior citizens and 8.75% per annum to general investors.
Here is a summary of the latest Unity Small Finance Bank FD interest rates:
| Tenure | General FD Rates (%) | Senior Citizen FD Rates (%) |
|---|---|---|
| 7 - 14 Days | 4.50 | 4.50 |
| 15 - 45 Days | 4.75 | 4.75 |
| 46 - 60 Days | 5.25 | 5.75 |
| ... (and so on) |
Premature withdrawal of fixed deposits and recurring deposits is subject to a penalty of 1.00%, charged based on the applicable rate for the period the deposit has remained with the bank or the contracted rate, whichever is lower.
Furthermore, the savings account interest rates have been revised, effective January 22, 2022, with rates ranging from 6.00% to varying percentages based on the deposit amount.
This information provides a comprehensive overview of Unity Small Finance Bank's recent changes in fixed deposit interest rates and related policies. If you have any specific questions or need further clarification, feel free to ask.
