Investment Tips: The interest rate increase on savings accounts for additional slabs with higher interest rates has been announced by Unity Small Finance Bank. According to a Unity Small Finance Bank press release, “It has added additional slabs offering 7.50% p.a. on deposit balances greater than Rs. 20 lakhs and up to Rs. 5 crores. Also, it will offer 7.25% p.a. on deposits greater than Rs 5 Lakhs and up to Rs 20 lakhs.”
Monthly Interest Payout for Each Slab
For deposits up to Rs 1 lakh, Unity Bank offers an interest rate of 6.00% per year; for balances beyond Rs 1 lakh up to Rs 5 lakhs, the interest rate is 7.00% per year. HNIs will receive 7.75% yearly interest on accounts held for more than Rs 5 crores. Every slab has interest paid on it each month.
For deposits up to Rs 1 lakh, Unity Bank offers an interest rate of 6.00% per year; for balances beyond Rs 1 lakh up to Rs 5 lakhs, the interest rate is 7.00% per year. HNIs will receive 7.75% yearly interest on accounts held for more than Rs 5 crores. Every slab has interest paid on it each month.
| Savings Account Balance | Interest rate p.a. (%) |
|---|---|
| Up to Rs. 1 lakh | 6.00 |
| Rs. 1 lakh to Rs. 5 lakhs | 7.00 |
| Rs. 5 lakhs to Rs. 20 lakhs | 7.25 |
| Rs 20 lakhs to Rs. 5 crores | 7.50 |
| Rs. 5 crores | 7.75 |
Diverse Term Options
For terms ranging from seven days to ten years, Unity Small Finance Bank offers interest rates to common citizens between 4.50% and 9%. Unity Bank still offers fixed deposit accounts with interest rates of 9.00% p.a. for general investors and 9.50% p.a. for senior citizens for a term of 1001 days.
| Tenure | General FD Rates | Senior Citizen FD Rates |
|---|---|---|
| 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% |
Transparent Withdrawal Policy
The website states that “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, for the premature withdrawal of fixed deposit and recurring deposits.”
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