Recently, 2 small finance banks have increased the interest rates on FDs. Unity Small Finance Bank is giving up to 9 percent interest on FDs to its customers and Suryoday Small Finance Bank up to 9.1 percent.

Interest rates of Suryoday Small Finance Bank

Suryoday Small Finance Bank will now provide interest rate between 4 percent to 9.1 percent on fixed deposits maturing in 7 days to 10 years to general customers. Senior citizens will get an interest rate of 4.5 per cent to 9.6 per cent on the amount maturing in 7 days to 10 years.

The highest interest rate of 9.1 per cent is offered for a tenure of 5 years. These rates are effective from July 5, 2023. According to Suryoday Small Finance Bank officials, the best part is that regular customers can now get 9.10 per cent interest rate on 5-year deposits, while senior citizens can get 9.60 per cent interest rate.

Interest rates of Unity Small Finance Bank

Unity Small Finance Bank is offering interest rates ranging from 4.5 percent to 9 percent to general customers. General customers are offered the highest interest rate of 9% for a period of 1001 days. The bank is offering 9.5 percent interest rate on FD of 1001 days to senior citizens. Senior citizens are being offered an interest rate of 4.5 per cent to 9.5 per cent on FDs maturing in 7 days to 10 years. These rates are effective from June 14, 2023.

The post FD Hike: These 2 banks have increased interest on FD, now you will get 9.1% bumper return on Fixed Deposit first appeared on Rightsofemployees.com.

Fixed Deposit (FD) is considered very reliable for investment. Most of the people prefer to invest their savings money in this because it gives guaranteed returns and there is no risk of money sinking. If you also want to get strong returns in a safe way by investing in Fixed Deposit ie (FD), then this news is for you only. Unity Small Finance Bank Limited (Unity Bank) has further increased its interest rates on FDs.

Senior citizens will be given an interest of 9 per cent per annum by the bank on FDs invested for a period of 181 and 501 days while retail investors can earn an interest of 8.50 per cent on investments made for the same period. This is the second time in the month of November that the bank has revised its interest rates.

Unity Bank has also increased its interest rates on callable and non-callable bulk deposits (deposits above Rs 2 crore). Callable Bulk Deposits offer an interest rate of up to 8% per annum while non-callable bulk deposits offer an interest rate of up to 8.10% per annum.

Savings account interest rates also increased For savings account, Unity Bank offers an interest rate of 7 per cent per annum on deposits above Rs 1 lakh and 6 per cent on deposits up to Rs 1 lakh.

RBI has increased the repo rate for the fourth time in a row It is noteworthy that in order to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.

Many banks have increased the rates of fixed deposits, recently RBL Bank, Axis Bank, DCB Bank have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates of RBI.

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