After this change in interest rates, the bank is offering up to 9% interest to its senior citizen customers for a fixed time period. The increased new interest rates are applicable from 21 November.
Depositing money in Fixed Deposit (FD) still remains the first choice of most people to get guaranteed returns after a fixed period. Banks also keep changing their FD rates from time to time. But after the continuous increase in the repo rate by the RBI after May, there was a competition among the banks to increase the FD rates. In this sequence, Unity Small Finance Bank has increased its FD rates for the second time in November. After this change in interest rates, the bank is offering up to 9% interest to its senior citizen customers for a fixed time period. The increased new interest rates are applicable from 21 November.
9% interest on FD of this time period
Unity Small Finance Bank is giving 4.5% to 8.50% interest to its general customers on FDs of less than Rs 2 crore. At the same time, after the latest increase in interest rates, the bank is giving 8.50% interest to its general customers and the highest 9% interest to its senior citizen customers on FDs of 181 days to 501 days.
On the other hand, the bank has also increased the interest rates on callable and non-callable bulk deposits above Rs 2 crore. After this increase, this small finance bank is paying 8% interest on callable deposits and 8.10% on non-callable deposits.
RBI has increased the repo rate for the fourth time in a row To stop rising inflation, the Reserve Bank of India (RBI) has increased the repo rate for the fourth time in a row after May. After this increase, the repo rate has increased to 5.90%.On September 30, the RBI had decided to increase the repo rate by 0.50% for the fourth time in the monetary policy meeting.
After this increase in the repo rate, it increased from 5.40% to 5.90%.Ever since the RBI has increased the repo rate, apart from the big banks of the country, many financial banks have also increased their FD rates continuously.
