Senior citizens FD: Banks offer 0.50 percent more interest to senior citizens (senior citizens FD scheme) than the general public. For them, this scheme will give even higher returns than before.
Non-banking financial company Unity Small Finance Bank has changed the interest rates on its fixed deposit (FD) scheme. According to this new rate applicable from October 9, 2023, up to 9.50 percent interest is being offered to senior citizens (senior citizens FD scheme) for amounts less than Rs 2 crore.
According to the news, the bank has increased the interest rates offered on fixed deposits (FD) kept for 701 days. It is now offering an attractive rate of 9.45% per annum to senior citizens for this period. Common people are being offered 8.95% annual interest rate on this period.
The new rates are something like this
Now on deposits with maturity period ranging from 7 days to 10 years, the bank is offering interest rates between 4.50% to 9% for general citizens and 4.50% to 9.5% for senior citizens (Unity Small Finance Bank fd. interest rates) is offering. Similarly, Unity Bank is offering an interest rate of 9.50% per annum to senior citizens for 1001 days.
Whereas it is offering 9.00% per annum to general citizens. Additionally, for tenures of 181 – 201 days and 501 days, Unity Bank is offering interest rates of 9.25% per annum to senior citizens and 8.75% per annum to general investors.
Penalty on premature withdrawal
According to the official website of Unity Small Finance Bank, a charge has to be paid on premature withdrawal of fixed deposits and recurring deposits. Premature penalty of 1.00% is charged on the applicable rate or the contracted rate, whichever is lower, for the period the deposit remains with the Bank. Recently many banks have revised the interest rates on FD.
