Unity Bank Hikes Savings Account Interest Rates Up To 7.75%: Details Inside

With great pleasure, Unity Small Finance Bank Limited (Unity Bank) announces the enhancement of its savings account interest rate slabs. Additional slabs that give 7.50% p.a. on deposit balances over Rs. 20 lakhs and up to Rs. 5 crores have been added. Additionally, it would provide a 7.25% annual percentage rate on deposits above Rs. 5 lakhs and up to Rs. 20 lakhs.

"The additional slabs will provide our valued customers with greater flexibility and benefits as they save for their financial goals," said the bank in a statement.

Unity Bank provides an interest rate of 6.00% per annum for deposits up to Rs 1 lakh and 7.00% per annum for balances above Rs 1 lakh up to Rs 5 lakhs. HNIs who keep their accounts over Rs 5 crores would receive 7.75% annual interest. Every slab has monthly interest paid on it.

Unity Small Finance Bank Savings Account Interest Rates

The bank will pay an interest rate of 6.00% on savings account balances up to Rs. 1 lakh, while Unity Bank will pay an interest rate of 7.00% on balances above Rs. 1 lakh and Rs. 5 lakhs. For savings account balances between Rs. 5 lakhs and Rs. 20 lakhs, Unity Bank offers an interest rate of 7.25%, and for balances above Rs. 20 lakhs and Rs. 5 crores, it offers a return of 7.50%. The bank is now offering an interest rate of 7.75% on savings account balances up to Rs. 5 crores.

The above-revised interest rates are applicable as of January 22, 2024.

Meanwhile, on domestic fixed deposits of less than Rs 2 Cr, 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. Effective on October 9, 2023, the interest rate on fixed deposits has been changed.

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.