Bank launches special FD scheme that offers 8.4% to senior citizens

Unity Small Finance Bank Limited (Unity Bank), a brand new age, virtual first bank, has released Shagun 501, a unique Fixed Deposit tenure to enliven Dussehra and Diwali. For a 501 days constant deposit, retail clients will earn an appealing go back of 7.90% p.a., while senior residents earn 8.40 % p.a. This festive provide is to be had simplest for deposits booked as much as thirty first October, 2022.

Since May this year, the Reserve Bank of India (RBI) has hiked the repo costs four times. which in flip has made constant deposits (FDs) hobby costs extra appealing. Bankers welcomed the 50 bps hike withinside the repo charge with the aid of using RBI on Friday, announcing the circulate facilitates manipulate the boom and inflation dynamics as one of these gradualistic method is welcome amid growing international uncertainty.

The hike in repo charge makes lending costs luxurious however brings cheers to the traders because the hobby costs on deposits are raised. To rejoice the festivities, Unity Small Finance Bank Limited (Unity Bank) has give you unique FD with beneficial hobby costs. “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 upto 7.9% p.a. Senior Citizens earn as much as 8.four% p.a,” Unity Bank tweeted.

Unity Bank has additionally revised its hobby costs on Callable and Non-Callable Bulk Deposits (Deposits better than ₹2 crores). Callable bulk deposits provide as much as 7% hobby p.a. while non-callable bulk deposits provide as much as 7.25% hobby p.a. Unity Small Finance Bank Limited is a Scheduled Commercial Bank, promoted with the aid of using Centrum Financial Services Ltd with Resilient Innovations Pvt Ltd as a joint investor.