New Delhi: As RBI Governor Shaktikanta Das instructed the Monetary Policy Committee (MPC) to raise the repo rate by 25 basis points to 6.5 percent in February. The repo rate was hiked by a total of six or 250 basis points. The RBI was forced to raise its benchmark rate by 250 basis points to 6.50 percent from May 2022 as inflation exceeded the central bank’s tolerance limit of 6 percent in the ten months to 2022.
Almost all banks have announced an increase in fixed deposit interest rates in reaction to the rise in the repo rate (FD). Accordingly, senior citizen interest rates at Unity Small Finance Bank have been revised to 9.50 percent with a maturity of 1,001 days. (Also Read: Aadhaar-PAN Card Linking Deadline Soon: Do It By March 31 Or Face The Consequences)
A regular customer will receive a 9 percent rate during the same period. Unity Bank now offers 4.50 percent interest on FDs valid for 7 to 14 days. Unity Bank also offers 4.75 percent interest on FDs with a maturity of 15 to 45 days. Unity Bank offers 46 to 60-day interest at a rate of 5.25 percent on registered accounts. (Also Read: Bharat Matrimony’s Holi Ad Sparks Row, Company Faces Flack For Hurting Religious Sentiments, Twitterati Call For Boycott)
According to the bank, the interest rate for FDs with maturity between 61 and 90 days is 5.50 percent. Unity Small Finance Bank has 181 to 201 days fixed deposits (FD) at 8.75 percent of income.
The bank has increased the interest rate on fixed rate (FD) loans with maturities of 1002 days to 5 years to 7.65 percent. Senior customers get 9.25 percent interest on FDs with maturity of 181-201 days and 501 days from Unity Bank, while regular customers get 8.75 percent interest.
This small finance bank has set interest rates of 7.50 percent for senior citizens and 7 percent for fixed rate loans for five to ten years for regular customers.
