Unity Bank Fixed Deposit Interest rate: Senior Citizens can now get up to a 9% interest rate on Fixed Deposits with Unity Small Finance Bank. Taking advantage of the high-interest rate regime and the success of its recently launched ‘Shagun’, special Fixed Deposit interest rates, Unity Small Finance Bank today has further increased its interest rates offered on Fixed Deposits.
Unity Bank is now offering senior citizens an attractive rate of 9% per annum on Fixed Deposits invested for tenures of 181 and 501 days respectively. For other retail investors, Unity Bank is offering 8.50% interest for 181 and 501 days. This is the second time the Unity Bank has revised its FD interest rate in November, enabling customers to earn a higher rate of return.
Unity Bank has also increased its interest rates on Callable and Non-Callable Bulk Deposits (Deposits higher than Rs 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.
Also Read: Higher than Senior Citizen Savings Scheme (SCSS) interest rate offered on these bank FDs
Unity Bank Fixed Deposit Rates
| Tenure | General FD Rates% p.a. | Senior Citizen FD Rates% p.a. |
| 7-14 Days | 4.50% | 4.50% |
| 15-45 Days | 4.75% | 4.75% |
| 46-60 Days | 5.25% | 5.75% |
| 61-90 Days | 5.50% | 6.00% |
| 91-180 Days | 5.75% | 6.25% |
| 181 Days | 8.50% | 9.00% |
| 182 Days – 364 Days | 6.75% | 7.25% |
| 365 Days(1 Year) | 7.35% | 7.85% |
| 1Year 1 day | 7.80% | 8.30% |
| >1Year 1 day – 500 days | 7.35% | 7.85% |
High savings account rate
For Savings Accounts, Unity Bank offers an interest of 7% per annum for deposits greater than Rs 1 lakh and 6% per annum. for deposits up to Rs 1 lakh.
Unity Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.
Premature Withdrawal
Unity bank said in a statement that For premature withdrawal of a fixed deposit, the interest rate payable would be the corresponding FD rate minus 1.00% for the tenor for which the deposit has actually run.
What other banks are offering?
Several small finance banks are offering up to 8.5% annual interest on Fixed Deposits. Following the rate hike by Unity Bank, it is expected that other competing small finance banks will also revise their FD rates soon. The FD rates offered by these banks are higher than the interest offered on the Senior Citizens Savings Scheme (SCSS).