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Business News/ Money / Personal Finance/  This bank offers 9% interest on fixed deposits (FDs) to senior citizens
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This bank offers 9% interest on fixed deposits (FDs) to senior citizens

9% interest on fixed deposits (FDs) for senior citizens: According to the bank's website, the deposit interest rate stands revised from 21st November

9% interest on fixed deposits (FDs) for senior citizens: The deposit insurance cover from DICGC insures cumulative deposits up to ₹5 lakh made by each depositor.Premium
9% interest on fixed deposits (FDs) for senior citizens: The deposit insurance cover from DICGC insures cumulative deposits up to 5 lakh made by each depositor.

Banks have been raising interest rates on fixed deposits (FDs) since May 2022. After the Reserve Bank of India (RBI) hikes the repo rate, banks start announcing the increase in interest rate on term deposits. Unity Bank is now offering senior citizens an attractive rate of 9% per annum on FDs with select tenures. This is the second time the Unity Bank has revised its FD interest rate in November. According to the bank's website, the deposit interest rate stands revised from 21st November.

Unity Small Finance Bank Latest FD interest rates

For regular consumers, it offers interest rates between 4.5% to 8.50%. It currently provides senior citizens with an interest rate of 9% p.a. on fixed deposits invested for terms of 181 and 501 days, respectively, while retail investors get 8.50% for the same terms.

According to the information available on the bank's website, for premature withdrawal of fixed deposit, interest rate payable would be corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run.

Unity Bank has also increased its interest rates on callable and non-callable bulk deposits (Deposits higher than 2 crores). Callable bulk deposits offer up to 8% interest per annum. whereas non-callable bulk deposits offer up to 8.10% interest per annum.

Unity Small Finance Bank has been recognised as a scheduled bank by the RBI, which makes its depositors eligible for deposit insurance provided by the Depositor Insurance and Credit Guarantee Corporation (DICGC). The deposit insurance cover from DICGC insures cumulative deposits up to 5 lakh made by each depositor, including his fixed deposits, savings, current, and recurring deposits, in each scheduled bank in case of the failure or merger/amalgamation of a scheduled bank.

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Published: 20 Nov 2022, 01:05 PM IST
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