The small finance bank now offers interest rates ranging from 4.5% to 9% annually for its private customers and up to 9.5% annually for seniors. According to the Unity Small Finance Bank website, these rates are effective from May 1 for terms ranging from 7 days to 10 years.
Fixed deposit investors are currently enjoying favorable conditions, as banks continue to provide attractive offers across all terms. Recently, Unity Small Finance Bank revised its interest rates for fixed deposits for amounts under 2 million rupees.
The small finance bank now provides interest rates between 4.5% and 9% annually for private customers and up to 9.5% annually for seniors. According to the Unity Small Finance Bank website, these rates are effective from May 1 for terms ranging from 7 days to 10 years.
Shortest term and FD rate
For both regular FD customers and seniors, Unity Small Finance Bank offers a fixed interest rate of 4% for the shortest FD term, which ranges from 7 to 14 days. Unity Small Finance Bank offers the longest fixed deposit terms, ranging from 5 to 10 years, with an interest rate of 7.5% for regular customers and 8% for seniors.
Highest FD rate of Unity Finance Bank
The small finance bank offers its highest interest rate for fixed deposits with a term of 1,001 days, providing regular investors with an interest rate of 9% and seniors with an interest rate of 9.5%.
Among other terms, the bank offers seniors an interest rate of 8.95% for a term of 701 days.
Premature withdrawal
If the FD is withdrawn prematurely, a penalty of 1% will be applied to the applicable interest rate for the deposit term or the negotiated interest rate, whichever is lower.
Unity Small Finance Bank is recognized by the RBI. Depositors are entitled to deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The DICGC, a subsidiary of the RBI, guarantees cumulative deposits of up to 5 lakh rupees per depositor. The DICGC covers fixed deposits, savings accounts, current deposits, and recurring deposits in each registered bank in the event of bankruptcy or merger/integration of a registered bank.
