The bank is offering up to 9.5% interest on FDs to senior citizens, subject to enhanced rates

The bank has increased the interest rate offered on fixed deposits (FD) held for 701 days.  India TV Money
Image: File The bank has increased the interest rate offered on fixed deposits (FD) held for 701 days.

Non-banking finance company Unity Small Finance Bank has revised the interest rates on its Fixed Deposit (FD) scheme. As per this new rate effective from October 9, 2023, senior citizens (Senior Citizen FD Scheme) are being offered up to 9.50% interest on balances below Rs 2 crore. According to the news, the bank has increased the interest rate on fixed deposits (FDs) held for 701 days. It is now offering an attractive rate of 9.45% per annum for senior citizens for the term. The general public is being offered an interest rate of 8.95 percent per annum on this term.

The new rates are as follows.

Now on deposits with a maturity period of 7 days to 10 years, the bank is offering interest rates between 4.50% to 9% for general citizens and 4.50% to 9.5% for senior citizens (Unity Small Finance Bank fd. interest rate) is offering. . Similarly, Unity Bank is offering an interest rate of 9.50% per annum for 1001 days to senior citizens. While it is offering 9.00% per annum to general citizens. Additionally, for 181 – 201 days and 501 days, Unity Bank is offering an interest rate of 9.25% per annum for senior citizens and 8.75% per annum for general investors.

Penalty for premature withdrawal

According to the official website of Unity Small Finance Bank, charges are payable on early withdrawal of fixed deposits and recurring deposits. A pre-payment penalty of 1.00% of the applicable rate or contracted rate, whichever is lower, is charged for the period the amount remains with the bank. Recently many banks have revised the interest rates on FDs.

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