New Delhi: Since RBI Governor Shaktikanta Das in February directed the Monetary Policy Committee (MPC) to increase the repo rate by 25 basis points to 6.5 per cent. A total of six increases in the repo rate, or 250 basis points, have been made. The RBI was forced to hike its benchmark rate by 250 basis points to 6.50 per cent over six increments starting May 2022 as inflation crossed the central bank’s tolerance limit of 6 per cent for ten months into 2022.
In response to the rising repo rate (FD), almost all banks have announced a hike in interest rates on fixed deposits. Following suit, the senior citizen interest rates at Unity Small Finance Bank have been revised to 9.50 per cent with a tenure of 1001 days. ,Also read: Aadhaar-PAN card linking deadline ends soon: Do this work before March 31 or face the consequences,
A regular customer will get interest at the rate of 9 per cent for the same tenure. Unity Bank will now pay 4.50 percent interest on FDs that are 7 to 14 days old. Unity Bank also gives 4.75% interest on FDs with maturity of 15 to 45 days. Unity Bank offers interest at the rate of 5.25 per cent on fixed accounts with terms ranging from 46 to 60 days. ,Also read: Bharat Matrimony’s Holi ad sparks controversy, company criticized for hurting religious sentiments, Twitterati demand boycott,
According to the bank, the interest rates for FDs with a tenure of 61 to 90 days will be 5.50 per cent. In Unity Small Finance Bank, fixed deposits (FDs) of 181 to 201 days will generate 8.75 per cent of the revenue.
The bank has increased the interest rate on fixed rate debt (FD) with maturity ranging from 1002 days to 5 years to 7.65 percent. Elderly customers from Unity Bank get 9.25 per cent interest on FDs with maturity of 181-201 days and 501 days, while regular customers get 8.75 per cent interest.
The small finance bank has announced fixed rate loans at 7.50 per cent for senior citizens and 7 per cent for regular customers with a maturity period of five to ten years.