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How to Open Unity Small Finance Bank Fixed Deposit Account

Updated 05 Sep 2023

Fixed deposits are popular due to their safety and predictable returns. Unity Small Finance Bank, a rapidly growing institution in India, offers attractive fixed deposit schemes. Suppose you're considering parking your money in a fixed deposit with Unity Small Finance Bank.

 

In that case, this article will guide you through the process, eligibility criteria, required documents, and frequently asked questions about the topic.

How to open an FD account in Unity Small Finance Bank

  • Visit your nearest Unity Small Finance Bank branch.
  • Ask the bank executive for an FD account opening form and fill in all the necessary details like name, residence address, contact number, PAN, nominee name, etc.
  • Choose the tenure of the deposit.
  • Attach a cheque worth the deposit amount or cash. However, you can also transfer the amount through internet banking.
  • Submit the duly filled FD account opening form and all the necessary documents.
  • The executive will provide you with an acknowledgement slip after verification. You have now successfully opened an FD account with Unity Small Finance Bank.

Eligibility Criteria

  • Indian residents
  • Sole proprietorship firms
  • Hindu Undivided Families (HUFs)
  • Trusts
  • Limited companies

Documents Required

Identity proof

  • Passport
  • Voter ID card
  • Driving licence
  • Aadhaar card (any one of them) along with two passport-sized photographs.

Proof of Residence

  • Passport
  • Aadhaar card
  • Voter ID card, etc.

Date of birth proof

  • Birth certificate
  • Voter ID card
  • PAN card
  • Aadhaar card, etc.

FAQs

Are there better investment options compared to fixed deposits?

FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.

To whom does Unity Small Finance Bank offer additional interest rates?

Additional interest rates of around 0.5% p.a. are offered on senior citizens' fixed deposits.

What penalty charges are applicable for a fixed deposit account on premature withdrawals?

The penalty charges applicable for a premature withdrawal of an FD is 1% of the rate of interest for the period you hold the FD with the bank or the contracted rate, whichever is lower among the two.

Is the ₹5 lakhs DICGC insurance cover applicable on Unity Small Finance Bank FD?

Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Unity Small Finance Bank FD.

When is the right time to invest in an FD?

The right time to invest in a fixed deposit depends on the investor's financial goals, risk appetite, and prevailing interest rates. Generally, it is advisable to invest in fixed deposits when the interest rates are high and are expected to remain stable for the investment period.

How to break FD in Unity Small Finance Bank?

Visit the nearest Unity Small Finance Bank branch.
Tell the bank executive you want to withdraw your FD.
The bank executive will then ask you to fill up a form.
Fill up the details like FD account number, saving account number, etc. and submit the relevant documents.
After deducting the applicable penalty, the bank will transfer your FD amount to your savings account.

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Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.

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