If you are a senior citizen and want to invest in fixed deposits for decent returns, Unity Small Finance Bank Limited (Unity Bank) has a great deal for you. Unity Small Finance Bank offers fixed deposit rates of up to 9% to seniors. This deal on a special FD is offered by the bank.
After the Reserve Bank of India raised its repo rate, all government and private banks in India increased their fixed deposits and loans.
Unit Small Finance Bank is providing FDs with terms of 181 days and 501 days at a rate of 9% interest to senior citizens. During this time, retail investors will also receive interest on Fixed Deposits up to 8.50 percent.
Know the amount of interest that will be paid on each maturity:
This bank increased the interest rate on fixed deposits twice in November. As a result, it has the potential to be an excellent investment opportunity. This bank is offering interest rates of up to 4.50% on FDs that will mature in 7 to 14 days. Rates of 4.75 percent apply to FDs with terms ranging from 15 to 45 days.
FDs with terms ranging from 46 to 60 days earn interest at a rate of 5.25 percent, while those with terms ranging from 61 to 90 days can earn up to 5.50 percent. Additionally, interest rates of up to 5.75 percent could be earned on FDs with terms ranging from 91 to 180 days.
For 181 days, interest on FDs:
The 181-day special FD would earn up to 8.50 percent in interest. However, the bank is charging interest on FDs with maturities ranging from 182 to 364 days at a rate of 6.75 percent.
What are the rates for bulk deposits that can be called and those that can’t?
Unity Bank offers competitive interest rates on both callable and non-callable bulk deposits (over Rs. 2 crore) and fixed deposits. Up to 8% interest is offered on callable bulk deposits; The highest annual interest rate on bulk deposits that are not callable is 8.10 percent.
