This Bank Gives Monthly 7% Interest On Savings Account & 9.5% Interest On Fixed Deposits

To begin with let us inform readers that we are merely giving you information and in no way suggesting to invest or not to invest. Bank fixed deposit rates have gone-up significantly and the Reserve Bank of India is slated to once again revise interest rates upwards on April 7, 2023.

Unity Small Finance Bank Fixed Deposits: Interest rates upto 9.5%

A 1001-day deposit fetches an interest rate of 9% for regular deposits and 9.50% for senior citizens. What we like about this particular tenure is that the period is almost 3-years. This means should interest rates fall in the next 1-year fall, investors could not be bothered, given that they have placed money for a slightly longish tenure. The 501-days deposits at Unity Small Finance bank offers an interest rate of 8.75% and 9.25% for regular deposits and senior citizens respectively. However, we would not recommend this time period for investing as the same is too short. The other baskets comes with a lower interest rates.

Savings deposit rates of Unity Small Finance Bank

If you maintain a balance of Rs 1 lakh in the Savings Account at Unity Small Finance Bank, you receive an interest rate of 6%, which is not bad. The interest is paid every month. If you maintain a balance between Rs 1 lakh to more than Rs 10 crores, you get an interest rate of 7%. In the present context the interest rates are better than competition. Most small finance banks have hiked their savings bank account interest rates recently following the increase in the repo rates by the Reserve Bank of India. As fas as safety is concerned we are in no way able to guarantee or comment on the same, though we must state that deposits upto Rs 5 lakhs are insured through the subsidiary of the Reserve Bank of India. In any case, it is better to invest small sums spread across many banks, which is a better proposition, unless it is a government owned bank.