SFBs like AU, Jana and Equitas hiked their interest rates too. The trend is likely to continue, as banks strive to bridge the gap between credit and deposit growth. Similarly, a clutch of other banks, including the State Bank of India (SBI), HDFC Bank, and Kotak Mahindra Bank have raised their FD interest rates. In addition, all data is automatically encrypted. Your unique ID and password are required before any information about your account can be obtained, and your complete account number never appears on your screen. On February 6, Bandhan Bank raised the deposit rate by up to 50 basis points, which takes the effective rate for senior citizens to 8.5 percent. Unity Bank’s online banking platform is completely private and confidential. Over the last few months, most banks have increased their deposit rates by 1-2 percent. For senior citizens, the bank now offers up to 7.6 percent per annum for deposit amounts of up to Rs 2 crore. On February 9, Kotak Mahindra Bank increased the rate on fixed deposits across tenures by up to 25 basis points. Over the last few months, most banks have increased their deposit rates after the Reserve Bank of India (RBI) hiked repo rate to tame higher inflation. Unity Bank is a scheduled commercial bank promoted by Centrum Financial Services Ltd, with Resilient Innovations Pvt Ltd as a joint investor. The bank has last hiked the deposit rate in November 2022. The bank will offer 9.5 percent interest rate for senior citizens for tenure of 1,001 days, while regular depositors will earn 9 percent for the same duration, the bank said in a release on February 16.įor deposits in tenures of 181–201 days and 501 days, the bank will offer interest rate of 8.75 percent to regular depositors.įor savings account holders, Unity Bank is offering an interest of seven percent for deposits higher than Rs 1 lakh and 6 percent for deposits up to Rs 1 lakh, the bank said. Unity Small Finance Bank (SFB) has joined the rivals in hiking the deposit rates and will offer up to 9.5 percent interest on fixed deposits to senior citizens.
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