Home / Money / Personal Finance /  Bank launches special FD scheme that offers 8.4% to senior citizens

Unity Small Finance Bank Limited (Unity Bank), a new age, digital first bank, has launched Shagun 501, a special Fixed Deposit tenure to brighten up Dussehra and Diwali. For a 501 days fixed deposit, retail customers will earn an attractive return of 7.90% p.a., whereas senior citizens earn 8.40 % p.a. This festive offer is available only for deposits booked up to 31st October, 2022.

Since May this year, the Reserve Bank of India (RBI) has hiked the repo rates 4 times. which in turn has made fixed deposits (FDs) interest rates more attractive. Bankers welcomed the 50 bps hike in the repo rate by RBI on Friday, saying the move helps manage the growth and inflation dynamics as such a gradualistic approach is welcome amid rising global uncertainty.

The hike in repo rate makes lending rates expensive but brings cheers to the investors as the interest rates on deposits are raised. To celebrate the festivities, Unity Small Finance Bank Limited (Unity Bank) has come up with special FD with lucrative interest rates.

“Iss Dussehra Aur Diwali, karo Acche Shagun ki Shurvaat, Unity Bank ke 501 Din FD ke saath. Celebrate this Festive month with Unity Bank’s Limited Period Offer on Fixed Deposits for 501 days and earn upto 7.9% p.a. Senior Citizens earn up to 8.4% p.a," Unity Bank tweeted.

 

Unity Bank has also revised its interest rates on Callable and Non-Callable Bulk Deposits (Deposits higher than 2 crores). Callable bulk deposits offer up to 7% interest p.a. whereas non-callable bulk deposits offer up to 7.25% interest p.a.

Unity Small Finance Bank Limited is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.

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