FD Rates: Big news for common people. Unity Small Finance Bank has updated its fixed deposit interest rates, effective from July 15th. The bank’s special 501-day FD is offering the highest interest rates, with general customers earning 8% annual interest and senior citizens earning 8.50%. This marks the bank’s most competitive interest rate on retail FDs less than Rs 3 crore.
Specific interest rates offered by Unity Small Finance Bank
1. 501-day FD offers 8.5% interest, with 8% for general customers and 8.50% for senior citizens.
2. For one-year FDs, general customers will earn 7.50% interest, and senior citizens 8% interest.
3. FDs with maturities longer than 501 days up to 5 years will yield 6.75% interest for general customers and 7.25% for senior citizens.
4. Short-term FDs ranging from 7 to 45 days will earn 4% interest.
5. FDs maturing in 46 to 60 days will offer 4.75% interest for general customers and 5.25% for senior citizens.
6. FDs maturing in 61 days to 164 days will earn 5% interest, with senior citizens getting 5.50%.
7. For FDs ranging from 165 days to 6 months, general customers will receive 5.50% interest and senior citizens 6%.
8. FDs from 6 months to 364 days will provide 6.25% interest for general customers and 6.75% for senior citizens.
9. Beyond 12 months, general customers will earn 6.50% interest, and senior citizens 7% interest on FDs up to 500 days.
10. FDs exceeding 5 years up to 10 years will yield 6% interest for general customers and 6.50% for senior citizens.
Unity Small Finance Bank maintains its savings account interest rates at 4.50% for balances up to Rs 1 lakh, 6% for amounts between Rs 1 lakh and Rs 10 lakh, and 7% for balances over Rs 10 lakh. Customers should note that in case of premature withdrawal of funds from FDs or RDs, a 1% penalty will be applied. The bank stated that the new interest rates will apply to retail FDs of less than Rs 3 crore. Furthermore, if customers prematurely withdraw an FD or recurring deposit (RD), a penalty of 1 percent will be applied to the interest rate applicable for the term of the deposit.