Financial Planning: Capitalising on the current high-interest rate environment, Unity Small Finance Bank Limited, a digitally oriented new-generation bank, has increased the interest rates on 701-day fixed deposits.
Unit Bank’s Fixed Deposit
Unity Bank has raised its fixed deposit interest rates to 9.45% p.a. for senior citizens and 8.95% p.a. for general investors on 701-day deposits, while it maintains the rates of 9.50% p.a. for seniors and 9.00% p.a. for general investors on 1001-day deposits. Furthermore, tenures of 181 – 201 days and 501 days are offered at 9.25% p.a. for senior citizens and 8.75% p.a. for general investors.
Unity Bank provides 7% p.a. interest on savings accounts with deposits exceeding Rs 1 lakh and 6% p.a. for deposits up to Rs 1 lakh. This commercial bank is promoted by Centrum Financial Services Ltd, with joint investment from Resilient Innovations Pvt Ltd.
Fixed Deposit Rate for Retail Investors
The aforementioned card rates are applicable to specific tenors for recurring deposits. In the case of premature withdrawal of fixed deposits and recurring deposits, a premature penalty of 1.00% will be levied on the rate applicable for the duration the deposit was held with the bank, or the contracted rate, whichever is lower.
Savings Deposit Rate for Retail Investors
The saving deposit interest rate has been updated from January 22, 2022, as follows: