This bank launched special FD offer, elderly are getting 8.4% interest

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Shagun 501 FD scheme is being run for 501 days. In this FD scheme, retail customers will get an interest of 7.90 percent annually. Also, senior citizens will get interest up to 8.4% per annum. This scheme is being run till 31 October.

TV9 Bharatvarsh | Edited By: Ravikant Singh

Updated on: Oct 05, 2022, 7:00 AM IST

Unity Small Finance Bank Limited (Unity Bank) has launched a Special Fixed Deposit Scheme for Senior Citizens. This scheme has been named Shagun 501. Unity Small Finance Bank is a new age bank which works completely digital. A new FD scheme has been started on the occasion of Dussehra and Diwali.

Shagun 501 FD scheme is being run for 501 days.  In this FD scheme, retail customers will get an interest of 7.90 percent annually.  Also, senior citizens will get interest up to 8.4% per annum.  This FD scheme is a festival offer, which customers will be able to take advantage of till October 31, 2022.  After the increase in the repo rate, the FD rate is seeing an increase.  Taking a step in the same direction, Unity Bank has also launched Shagun 501 FD scheme.

Shagun 501 FD scheme is being run for 501 days. In this FD scheme, retail customers will get an interest of 7.90 percent annually. Also, senior citizens will get interest up to 8.4% per annum. This FD scheme is a festival offer, which customers will be able to take advantage of till October 31, 2022. After the increase in the repo rate, the FD rate is seeing an increase. Taking a step in the same direction, Unity Bank has also launched Shagun 501 FD scheme.

Due to the increase in the repo rate, the maximum benefit is available on FDs.  FD rates are increasing continuously.  From May this year till now, the Reserve Bank has increased the repo rate four times.  Due to this FD scheme has emerged as the most attractive scheme.  Recently, the repo rate was increased by 50 basis points, after which this rate has reached 5.90 percent.  There is a possibility that the Reserve Bank may again increase the repo rate by 35 basis points.  In view of retail inflation, the repo rate is being increased.

Due to the increase in the repo rate, the maximum benefit is available on FDs. FD rates are increasing continuously. From May this year till now, the Reserve Bank has increased the repo rate four times. Due to this FD scheme has emerged as the most attractive scheme. Recently, the repo rate was increased by 50 basis points, after which this rate has reached 5.90 percent. There is a possibility that the Reserve Bank may again increase the repo rate by 35 basis points. In view of retail inflation, the repo rate is being increased.

Regarding Shagun 501 FD scheme, Unity Bank has written in a tweet, “This Dussehra and Diwali, do good omen start with Unity Bank’s 501 day FD. In this scheme, common depositors are getting 7.9% interest while senior citizens are being given 8.4% interest. Under the scheme, FD account has to be opened by 31 October. Unity Bank is giving 4% interest on FDs of 7 to 14 days. Even on deposits of 15 to 45 days, only 4% interest is being given.

Unity Bank is 5 percent on FDs of 46 to 60 days and 5.50 percent for senior citizens, 5 percent for retail customers for 61 to 90 days and 5.50 percent for senior citizens, 91 to 180 days is also the same rate.  6.50% for retail customers and 7% for senior citizens on FDs maturing in 181 days to 364 days, 7.35 percent for retail customers on deposits of 365 days and 7.85% for senior citizens, on FDs of less than one year and 500 days 7.35 and 7.85 percent to senior citizens and 7.90 percent on 501-day FD and 8.40 percent interest is being given to senior citizens.

Unity Bank is 5 percent on FDs of 46 to 60 days and 5.50 percent for senior citizens, 5 percent for retail customers for 61 to 90 days and 5.50 percent for senior citizens, 91 to 180 days is also the same rate. 6.50% for retail customers and 7% for senior citizens on FDs maturing in 181 days to 364 days, 7.35 percent for retail customers on deposits of 365 days and 7.85% for senior citizens, on FDs of less than one year and 500 days 7.35 and 7.85 percent to senior citizens and 7.90 percent on 501-day FD and 8.40 percent interest is being given to senior citizens.



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