Several banks have recently increased Fixed Deposit interest rates. As most of the banks provide extra interest of up to 0.5% to senior citizens, it may be a good time for them to start an FD.
Unity Small Finance Bank is now offering 8.30% interest to senior citizens on deposits of 366 days. The bank has introduced Shagun 366, a 1-year, 1-day Fixed deposit offering Retail customers an attractive return of 7.80% per annum whereas senior citizens will earn 8.30% per annum for a 366 days tenure. However, this offer is available only for deposits booked up to 30th November 2022.
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 7.75% interest per annum whereas non-callable bulk deposits offer up to 7.85% interest per annum.
Interestingly, Unity Bank is offering 6% interest on savings account deposits up to Rs 1 lakh. For deposits of Rs 1 lakh to Rs 10 crore, Unity Small Finance Bank further sweetens the deal for savings accountholders with an annual interest of 7%.
Unity Small Finance Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.
Bank of India offers Star Super Triple Seven Fixed Deposit
Bank of India on Tuesday (Wednesday 1) announced the ‘Star Super Triple Seven Fixed Deposit’ scheme’ which offers an interest rate of 7.25% and up to 7.75% for senior citizens on a deposit for 777 days.
“When compared to other investment options such as Public Provident Fund, Senior Citizen Savings Scheme, National Savings Certificate, or RBI Bond, Bank of India’s 777-day FD scheme is the most lucrative and a smart investment option,” Bank of India said in a statement.
In addition to this new offering, the Bank of India has also raised the interest rate on its existing 555-day Fixed Deposit scheme to 6.30%. On other time buckets from 180 days to less than 5 years, the bank has raised the interest by 25 basis points.