Unity Bank introduces special FD scheme with lucrative interest rate; details here

To liven up Dussehra and Diwali, Unity Small Finance Bank Limited (Unity Bank), a modern, digital-first bank, has introduced Shagun 501, a special fixed deposit scheme with attractive interest rates. Retail consumers will receive a reasonable return of 7.90 percent annually for a 501-day fixed deposit, while senior citizens would receive 8.40 percent per year. This holiday promotion is only valid for money deposited by 31 October 2022. The bank has created this unique FD with tempting interest rates to mark the festive season in the country.On 1 October, taking to their official Twitter account, Unity Small Finance Bank Limited (Unity Bank) wrote, “Iss Dussehra Aur Diwali, karo Acche Shagun ki Shurvaat, Unity Bank ke 501 Din FD ke saath. Celebrate this Festive month with Unity Bank’s Limited Period Offer on Fixed Deposits for 501 days and earn up to 7.9 percet per annum. Senior Citizens earn up to 8.4 percent per annum.”The Reserve Bank of India (RBI) has raised the repo rates four times since May of this year. This has improved the interest rates on fixed deposits (FDs). Bankers welcomed the 50 basis point repo rate increase that the RBI announced on Friday, stating that it helps manage the dynamics of GDP and inflation at a time of rising global volatility. Although the increase in the repo rate raises borrowing costs, investors are ecstatic because it also raises deposit interest rates.Recently, the interest rates on callable and non-callable bulk deposits (deposits greater than Rs. 2 crores) were also changed at Unity Bank. Non-callable bulk deposits have an interest rate cap of 7.25 percent per year, whereas callable bulk deposits have an interest rate cap of 7 percent per year.Additionally, following another recent announcement, Unity Bank now provides their customers with flexible banking hours, The lender wrote on its official Twitter, “We understand that many of you find it difficult to visit us during banking hours. We’re now giving you the flexibility of Banking at your convenience. Select branches will now operate up to 8 pm.”A Scheduled Commercial Bank, Unity Small Finance Bank Limited is sponsored by Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd serving as a partner investor.Read all the Latest News, Trending News, Cricket News, Bollywood News,India News and Entertainment News here. Follow us on Facebook, Twitter and Instagram.