Unity Small Finance Bank increases FD rates to 8.30% for senior citizens
The new plan is a one-year plus one-day fixed deposit scheme which offers 7.8 per cent interest rate for 366 days period. However, this offer is available only for deposits made up to 30 November
Representational image. News18
Unity Small Finance Bank has revised its fixed deposit rates and recently launched a new scheme for retail customers. The small finance bank, founded by Centrum Financial Services and BharatPe, is now offering 8.30 per cent interest to senior citizens on a deposit for a period of 366 days under its Shagun 366 scheme. This offer is available only for deposits made up to 30 November.
The new plan is a one-year plus one-day fixed deposit scheme which offers 7.8 per cent interest rate for 366 days period. However, this offer is available only for deposits made up to 30 November.
Many banks have recently raised Fixed Deposit (FD) interest rates. As most of the banks offer extra interest of up to 0.5 per cent to senior citizens, it may be a good time for them to start a fixed deposit.
Unity Bank has also hiked its interest rates for Callable and Non-Callable Bulk Deposits (deposits of more than Rs 2 crore). Callable Bulk Deposits provide up to 7.75 per cent interest per annum whereas non-callable bulk deposits give up to 7.85 per cent interest per annum. Callable FDs are those which allow premature withdrawal.
The bank is offering 6 per cent interest on savings account deposits up to Rs 1 lakh. For deposits of Rs 1 lakh to Rs 10 crore, the bank has increased yearly interest to 7 per cent.
Meanwhile, Bank of India on Tuesday, announced the “Star Super Triple Seven Fixed Deposit scheme” which provides an interest rate of 7.25 per cent and up to 7.75 per cent for senior citizens on a deposit for 777 days. According to the Bank of India, when compared to other investment options like Senior Citizen Savings Scheme, Public Provident Fund, National Savings Certificate, or RBI Bond, Bank of India’s 777-day FD scheme is the most lucrative and a smart investment option.
In addition to this new offering, it has also increased the interest rate on its existing 555-day Fixed Deposit scheme to 6.30 per cent. On other time buckets from 180 days to less than 5 years, the bank has hiked the interest rate by 25 basis points.
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