Additional slab offers 7.75% p.a. on savings accounts for deposits greater than Rs5 crores
FinTech BizNews Service
Mumbai, December 6, 2023: Unity Small Finance Bank (Unity Bank www.theunitybank.com), a new age, digital first bank, has enhanced its savings account interest rates slabs. It has added an additional slab offering 7.75% p.a. on deposits greater than Rs 5 crores. The additional slab will benefit HNIs and institutional clients.
For Deposits up to Rs 1 lakh, Unity Bank offers an interest rate of 6.00% p.a., whereas on balances between Rs 1 lakh – Rs 5 crores, it offers 7.00% p.a. Interest is paid monthly.
The savings account interest rates stands revised from November 30, 2023 as follows:
Savings Account Balance | Interest Rate p.a. (%) |
Upto Rs. 1 lakh | 6.00% |
Rs. 1 lakh to Rs. 5 crores | 7.00% |
Greater than Rs. 5 crores | 7.75% |
On Fixed Deposits, Unity Bank continues to offer an interest rate of 9.50% p.a. to senior citizens and 9.00% p.a. to general investors for a tenure of 1001 days.
Unity Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.
Details across all tenures and amounts are given below:
A. FIXED DEPOSIT RATE: Retail Investors
The deposit interest rate stands revised from 09th Oct, 2023 as follows:
Tenure | General FD Rates % p.a. | Senior Citizen FD Rates % p.a. |
7 - 14 Days | 4.50% | 4.50% |
15 - 45 Days | 4.75% | 4.75% |
46 - 60 Days | 5.25% | 5.75% |
61 - 90 Days | 5.50% | 6.00% |
91 - 164 Days | 5.75% | 6.25% |
165 Days - 6 Months | 5.75% | 6.25% |
> 6 Months - 201 Days | 8.75% | 9.25% |
202 - 364 Days | 6.75% | 7.25% |
1 Year | 7.35% | 7.85% |
1 Year 1 day | 7.35% | 7.85% |
> 1Year 1 day - 500 days | 7.35% | 7.85% |
501 Days | 8.75% | 9.25% |
502 Days - 18 Months | 7.35% | 7.85% |
> 18 Months - 700 Days | 7.40% | 7.90% |
701 Days | 8.95% | 9.45% |
702 Days - 1000 Days | 7.40% | 7.90% |
1001 Days | 9.00% | 9.50% |
1002 Days - 3 Year | 7.65% | 8.15% |
> 3 Year - 5 Year | 7.65% | 8.15% |
> 5 Year - 10 Year | 7.00% | 7.50% |
Interest rates are subject to change without prior notice. The above card rates are applicable for recurring deposits (Specific Tenors). For premature withdrawal of fixed deposit and recurring deposits, a premature penalty of 1.00% shall be charged to the rate applicable for the period the deposit has remained with the bank, or the contracted rate, whichever is lower.
About Unity Small Finance Bank
Unity Small Finance Bank Limited is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd. (Subsidiary of BSE & NSE listed – Centrum Capital Ltd.) with Resilient Innovations Pvt Ltd as a joint investor. It strives to be a Digital First Bank with a business model of collaboration and open architecture, uniting all its stakeholders to deliver a seamless digital banking experience. Driven by its mission to have the highest standards of Corporate Governance, Unity Bank has in place a strong Board comprising of industry veterans. It offers services across Branch Banking, Business Banking, Inclusive Banking, Digital Banking and Treasury Services.
