Unity Small Finance Bank Fixed deposite: In a recent move designed to cheer its customers this festive season, Unity Small Finance Bank (Unity Bank) has made a noteworthy hike in its Fixed Deposit (FD) interest rates. The revised rates, effective from 9th October 2023, apply to FDs of amounts less than 2 crores.
For an FD duration of 701 days, the bank has decided to offer an increased rate. Following this amendment, senior citizens stand to earn an annual interest of 9.45%, while regular customers will receive an interest of 8.95%.
Furthermore, the bank has also made favorable alterations for senior citizens opting for a 1001-day FD term, promising them an annual interest rate of 9.50%. Regular customers, for the same term, will be offered an interest rate of 9%. Additionally, for FD terms of 181-201 days and 501 days, senior citizens will be provided an interest of 9.25%, while regular customers can expect 8.75%.
Unity Small Finance Bank’s broad spectrum of FD terms, ranging from 7 days to a whopping 10 years, now offers regular customers an interest rate between 4.5% to 9% annually. In contrast, senior citizens falling under a special category can avail of rates ranging from 4.5% to 9.5%.
In related banking news, the state-run Bank of Baroda (BoB) has also uplifted its customer spirits by raising FD interest rates. They have introduced an increment of up to 50 basis points in their rates, which has been effective from 9th October 2023, and applies to FDs with amounts less than 2 crores. In a contrasting move, Yes Bank has decided to decrease its interest rates for FDs below 2 crores. Other banks, such as IndusInd Bank and Punjab & Sind Bank, have also made modifications in their FD interest rates.
The financial sector seems to be in a flux with various banks revising their offerings, potentially in a bid to attract more customers during the festive period.