Unity Small Finance Bank is one of India's fastest-growing small finance banks. It was established with the mission and vision of promoting financial inclusion to the rural unbanked, and underserved regions across all parts of the nation. It aims to serve consumers and small businesses by ensuring ease of banking and best-in-class technology.
|Tenure||For General Citizens (p.a.)||For Senior Citizens (p.a)|
|7 - 14 Days||4.5%||4.5%|
|15 - 45 Days||4.75%||4.75%|
|46 - 60 Days||5.25%||5.75%|
|61 - 90 Days||5.5%||6%|
|91 - 164 Days||5.75%||6.25%|
|165 Days - 6 Months||5.75%||6.25%|
|> 6 Months - 201 Days||8.75%||9.25%|
|202 - 364 Days||6.75%||7.25%|
|1 Year 1 day||7.35%||7.85%|
|Note: All interest rates are updated as of 1st Aug 2023|
Regular Fixed Deposit
Listed below is the list of those that are eligible to open a fixed deposit account with Unity Small Finance Bank:
The following are the documents required for opening a fixed deposit with Unity Small Finance Bank:
Listed below are the steps to open a fixed deposit account with Unity Small Finance Bank:
Step 1: Visit your nearest Unity Small Finance Bank branch.
Step 2: Ask the bank executive for an FD account opening form and fill up all the necessary details like name, address of residence, contact number, PAN, nominee name, etc.
Step 3: Choose the tenure of the deposit.
Step 4: Attach a cheque worth the deposit amount or cash. However, you can also transfer the amount through internet banking.
Step 5: Submit the duly filled FD account opening form and all the necessary documents.
Step 6: The executive will provide you with an acknowledgement slip after verification. You have now successfully opened an FD account with Unity Small Finance Bank.
Here are the essential points regarding the premature withdrawal of FDs from Unity Small Finance Bank:
Tax Deducted at Source (TDS)
FDs provide a guaranteed return on investment and are relatively low-risk compared to other investment instruments.
Additional interest rates of around 0.5% p.a. are offered on senior citizens' fixed deposits.
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.
Yes. ₹5 lakhs DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover applies to Unity Small Finance Bank 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.
Here are the steps to break your fixed deposit:
Step 1: Visit the nearest Unity Small Finance Bank branch.
Step 2: Tell the bank executive you want to withdraw your FD.
Step 3: The bank executive will then ask you to fill up a form.
Step 4: Fill up the details like FD account number, saving account number, etc. and submit the relevant documents.
Step 5: The bank will transfer your FD amount to your savings account after deducting the applicable penalty.
Disclaimer: The calculator and the results of the same are based on information inputted by you and extracted from third party sources. The information on this page is for illustrative purposes only and does not amount to any investment advice or recommendation. Wint Wealth has no commercial interest or gain in or from the actions resulting from the information displayed on this page. The information displayed on this page does not constitute an invitation to invest in any product nor is it a promise of performance. Interest rates are not updated in real time and you are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions.