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Senior Citizens Fixed Deposit Interest Rates in Unity Small Finance Bank

Updated 19 Dec 2023

Unity Small Finance Bank is committed to serving its customers, always striving to offer value and cater to specific needs. Recognising the financial needs of senior citizens, Unity Small Finance Bank ensures they benefit from advantageous FD schemes. Here's a closer look at how senior citizens enjoy better interest rates with this bank.

Features of Unity Small Finance Bank Senior Citizen FD

  • Enhanced Interest Rates: Senior citizens generally enjoy a bonus interest rate over and above the regular FD rates. This precise rate depends on the bank's prevailing rates.
  • Qualification: Only individuals aged 60 and above can open a senior citizen FD account.
  • Duration: Depositors have the flexibility to select from a wide range of FD durations, typically between 7 days to 10 years.
  • Early Withdrawal: Though penalties might be levied, senior citizens usually have more lenient terms when it comes to premature FD closures.
  • Borrowing Options: Like their younger counterparts, senior citizens can also avail loans against their FDs.
  • Beneficiary Assignment: Unity Small Finance Bank permits beneficiaries to receive FD funds after the demise of the account holder.
  • Tax Deduction at Source (TDS) Implications: Interest income from FDs is taxable as per Indian laws. However, by furnishing Form 15H, eligible senior citizens can circumvent TDS deductions.
  • Automatic Renewal: Banks, possibly including Unity Small Finance Bank, might offer an automatic renewal system, ensuring the FD's continuation after maturity unless specified otherwise.
  • Deposit Limits: The deposit amount permissible for a senior citizen FD can vary. While there is often a set minimum, a maximum limit might not always be imposed.
  • Unique Offerings: The bank might roll out special offers or features specifically designed for senior citizens from time to time.

Unity Small Finance Bank FD Interest Rate for Senior Citizens

TenureSenior Citizens (% p.a.)
7 days to 14 days4.50
15 days to 45 days4.75
46 days to 60 days5.75
61 days to 90 days6.00
91 days to 164 days6.25
165 days to 6 months6.25
Above 6 months to 201 days9.25
202 days to 364 days7.25
1 year7.85
1 year 1 day7.85
Above 1 year 1 day to 500 days7.85
501 days9.25
502 days to 18 months7.85
Above 18 months to 1000 days7.90
1001 days9.50
1002 days to 3 years8.15
Above 3 years to 5 years8.15
Above 5 years to 10 years7.50


  • Unity Small Finance Bank extends its 'Senior Citizen FD' to individuals aged 60 and above.
  • The bank provides an enhanced interest rate for senior citizens, typically higher than the regular FD rates.
  • This special scheme is not applicable to NRIs.

Documents Required to Open a Unity Small Finance Bank Fixed Deposit for Senior Citizens

Identity Proof

  • Aadhaar card
  • Voter ID
  • Ration card
  • Passport
  • PAN card
  • Driving Licence


Address Proof

  • Bank Statement
  • Cancelled Cheque
  • Utility Bills


Is there a special scheme for senior citizens?

Yes, Unity Small Finance Bank offers the 'Senior Citizen Care' FD, which gives additional benefits compared to the regular FD.

Can I break my Senior Citizen FD prematurely?

Yes, but this might attract a penalty. For specifics, it's advisable to consult the bank.

Is TDS applicable on the interest earned from Senior Citizen FD?

TDS becomes applicable if the total interest earned exceeds the limit stipulated by the Income Tax department in a fiscal year.


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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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