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Unity SFB to offer up to 9.5% interest on FDs

February 17, 2023

Unity SFB to offer up to 9.5% interest on FDs
Unity Small Finance Bank (SFB) has joined the rivals in hiking the deposit rates and will offer up to 9.5 percent interest on fixed deposits to senior citizens.

The bank will offer 9.5 percent interest rate for senior citizens for tenure of 1,001 days, while regular depositors will earn 9 percent for the same duration, the bank said in a release on February 16.

For deposits in tenures of 181–201 days and 501 days, the bank will offer interest rate of 8.75 percent to regular depositors.

For savings account holders, Unity Bank is offering an interest of seven percent for deposits higher than ₹1 lakh and 6 percent for deposits up to ₹1 lakh, the bank said.

Rate hikes are effective February 15. The bank has last hiked the deposit rate in November 2022.

Unity Bank is a scheduled commercial bank promoted by Centrum Financial Services Ltd, with Resilient Innovations Pvt Ltd as a joint investor.

Over the last few months, most banks have increased their deposit rates after the Reserve Bank of India (RBI) hiked repo rate to tame higher inflation.

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