Overview:
Fixed Deposits (FDs) continue to be a favored investment choice for those seeking secure and guaranteed returns. Unity Small Finance Bank offers competitive FD interest rates with various tenure options to cater to different investment needs. This blog provides an overview of Unity Small Finance Bank FD interest rates for 2024, along with their features, advantages, disadvantages, and types.
Introduction To Unity Small Finance Bank FD Rates:
Investing in Fixed Deposits (FDs) with Unity Small Finance Bank ensures safety and consistent returns on your savings. This guide will walk you through the FD interest rates for 2024, helping you understand the benefits and features of Unity Small Finance Bank’s FD schemes.
Unity Small Finance Bank FD Interest Rates 2024
| Tenure | Interest Rate (General) | Interest Rate (Senior Citizens) |
|----------------------|------------------------|---------------------------------|
| 7days to 14days | 3.50% | 4.00% |
| 15days to 30days | 3.75% | 4.25% |
| 31days to 45days | 4.00% | 4.50% |
| 46days to 90days | 4.50% | 5.00% |
| 91days to 6months | 5.00% | 5.50% |
| 6months 1day to 1year | 5.50% | 6.00% |
| 1year to 2years | 6.00% | 6.50% |
| 2years to 3years | 6.25% | 6.75% |
| 3years to 5years | 6.50% | 7.00% |
| 5years and above | 6.75% | 7.25% |
*Note: Interest rates are subject to change. Please refer to Unity Small Finance Bank’s official website or branch for the latest rates.*
Bulk Term Deposit Rates:
| Tenure | >= Rs 2 crs to < Rs 5 crs | Rs 5 crs to < Rs 10 crs | Rs 10 crs and above |
|--------------------|--------------------------|-------------------------|---------------------|
| 7 - 14Days | 6.25% | 6.25% | 6.25%
| 15 - 45Days | 6.75% | 6.75% | 6.75%
| 46 - 60Days | 6.75% | 6.75% | 6.75%
| 61 - 90Days | 6.75% | 6.75% | 6.75%
| 91 - 164Days | 7.35% | 7.35% | 7.35%
| 165 Days- 6Months | 7.50% | 7.50% | 7.50%
| > 6 Months - 201Days | 7.50% | 7.50% | 7.50%
| 202 - 364Days | 7.50% | 7.50% | 7.50%
| 1Year | 7.50% | 7.50% | 7.50%
| 1Year 1Day | 8.00% | 8.00% | 8.00%
| > 1Year 1Day - 500 | 8.00% | 8.00% | 8.00%
| 501Days | 8.00% | 8.00% | 8.00%
| 502Days - 18Months | 8.00% | 8.00% | 8.00%
| > 18Months - 700Day | 7.50% | 7.50% | 7.50%
| 701Days | 7.50% | 7.50% | 7.50%
| 702Days - 1000Days | 7.50% | 7.50% | 7.50%
| 1001Days | 8.00% | 8.00% | 8.00%
| 1002Days - 3Years | 8.00% | 8.00% | 8.00%
| > 3Years - 5Years | 7.55% | 7.55% | 7.55%
| > 5Years - 10Years | 7.00% | 7.00% | 7.00%
*Note: The interest rates are subject to change at the discretion of the bank.*
Advantages of Unity Small Finance Bank FDs:
1. Assured Returns: FDs provide guaranteed returns, making them a safe investment option.
2. Flexible Tenures: Available tenures range from 7 days to over 5 years.
3. Higher Rates for Senior Citizens: Senior citizens receive higher interest rates.
4. Loan Facility: Loans up to 90% of the FD amount can be availed.
5. Tax Benefits: Certain FDs offer tax benefits under Section 80C.
Disadvantages of Unity Small Finance Bank FDs:
1. Limited Liquidity: Premature withdrawals may incur penalties and reduced interest rates.
2. Fixed Returns: Returns are fixed and may not keep pace with inflation.
3. Taxable Interest: Interest earned is fully taxable.
Features of Unity Small Finance Bank FDs:
Here are the features of Unity Small Finance Bank fixed deposit schemes:
- Minimum Deposit: Varies depending on the tenure and type of FD.
- Nomination Facility: Available to secure the interest of your beneficiaries.
- Auto-Renewal Option: Automatic renewal upon maturity if opted for.
- Premature Withdrawal: Allowed but with applicable penalties.
- Low deposit threshold starting from Rs. 10,000.
- Ideal for addressing immediate financial needs during cash shortages.
- Offers competitive interest rates for the general populace.
- Senior citizens enjoy an additional 0.5% interest on their deposits.
- Flexibility to withdraw funds from your FD account at any time.
- Overdraft facility available for added financial flexibility.
- Auto-renewal option provided for seamless continuation of investments.
- Minimum tenure as short as 7 days.
- Streamlined documentation process for hassle-free account opening.
Types of Unity Small Finance Bank FDs:
1. Regular Fixed Deposit: Standard FD with flexible tenure options and assured returns.
2. Tax Saving FD: Provides tax benefits under Section 80C with a 5-year lock-in period.
3. Reinvestment Plan: Quarterly compounded interest that is reinvested along with the principal.
4. Senior Citizen FD: Special rates for senior citizens.
Conclusion:
Unity Small Finance Bank FD schemes are ideal for conservative investors looking for a secure investment option with guaranteed returns. While they offer numerous benefits, it’s essential to consider the potential drawbacks such as lower liquidity and taxable interest. Diversifying your investment portfolio can help balance risks and returns.
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FAQs On Unity Small Finance Bank FD Rates:
1. What is the minimum amount required to open an FD with Unity Small Finance Bank?
The minimum deposit amount varies depending on the tenure and type of FD. Check with the bank for specific details.
2. Can I withdraw my FD before maturity?
Yes, premature withdrawal is allowed but may incur penalties and reduced interest rates.
3. Are Unity Small Finance Bank FDs taxable?
Yes, the interest earned on FDs is fully taxable.
4. Do senior citizens get any extra benefits?
Yes, senior citizens typically receive higher interest rates on their FDs.
5. What is the maximum tenure for an FD with Unity Small Finance Bank?
The maximum tenure for an FD is over 5 years.
