What is Unity Small Finance Bank FD?
Unity Small Finance Bank Tax Saver FD offers a secure investment option with interest rates up to 6.75% p.a. for general and 7.25% p.a. for senior depositors. It requires a 5-year lock-in period with no premature withdrawal or loan facility, ensuring disciplined long-term savings.
Unity Small Finance Bank FD has the highest interest rate in the industry for both general and senior citizens. All deposits are protected by DICGC insurance up to ₹5 Lakh, and the process is fully digital.
Key Highlights
| Minimum FD Limit |
Rs 1,000 |
| Maximum FD Limit |
2 Crores |
| Range of FD Tenures |
Between 7 days and 10 years |
| Premature Withdrawal |
A penalty of 1% on the FD rate |
| Special FD Rate of Interest for Senior Citizens |
0.66% higher |
| Overdraft Facility |
Allowed |
| Auto-Renewal of FD |
Permitted |
| FD Interest Payout Options |
Monthly, Quarterly, or at the End of the Tenure |
Unity Small Finance Bank FD Rates: Updates
Unity Small Finance Bank offers a fixed deposit interest rate of 7.50% p.a. for general citizens and 8.00% p.a. for senior citizens, both for a 12-month tenure.
Types of Unity Small Finance Bank FDs
Unity Small Finance Bank offers the following types of Fixed Deposits:
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Standard Fixed Deposit
A standard fixed deposit is a lump-sum investment in which you deposit money for a set period, ranging from 7 days to 10 years. The interest rate is fixed for the entire tenure, providing stable and predictable returns. This FD is a reliable choice for those with a surplus amount who are seeking steady, low-risk returns.
- Tenure - 7 days to 10 years
- Flexible Tenures: Options ranging from short-term to long-term.
- Overdraft Facility: Available
-
Tax Saving Fixed Deposit
This fixed deposit offers dual benefits: it allows you to earn interest on your savings while also providing tax deductions. The principal amount deposited, up to ₹1.5 lakh per financial year, is eligible for a deduction under Section 80C of the Income Tax Act.
- Tax Savings: You can save on your taxes by claiming a deduction
- Assured Returns: Fixed returns on your investment for the five-year lock-in
- Amount Deposit - Up to 1.5 per annum
-
Regular Income Fixed Deposit
This type of FD is designed for investors who need a consistent income stream. Instead of receiving a lump sum at maturity, you get periodic interest payouts, either monthly or quarterly, directly credited to your account. This is particularly useful for retirees or anyone looking for a supplementary income source.
- Customizable Payouts: You can choose from your choice
- Tenure - 7 days to 10 years
- Senior Citizens - An Additional 0.5% higher than usual
- Overdraft Facility - Yes, available
-
Senior Citizen Fixed Deposit
Unity Small Finance Bank offers special fixed deposits for individuals aged 60 and above. These FDs provide an additional interest rate of 0.50% p.a. on top of the regular rates, helping senior citizens maximize their earnings and secure their post-retirement years.
- Higher Interest Rates: Senior citizens get a significant additional interest rate
- Financial Security: Enhanced returns provide a stronger financial cushion
- DICGC Insurance: up to ₹5 lakh by the DICGC
Features of Unity Small Finance Bank Fixed Deposits
The bank offers safe and risk-free investment options with assured returns and no market volatility on the maturity amount.
- Minimum and Maximum Investment Unity Small Finance Bank offers a low entry point for investors, with a minimum investment of just ₹1,000. There is no upper limit on the maximum investment amount, providing the flexibility to invest as much as you wish.
- Scheme Tenure The bank offers a wide range of tenures for its fixed deposits, from a short-term period of just 7 days to a long-term period of 10 years. This flexibility allows you to align your investment with your specific financial goals, whether short- or long-term.
- Senior Citizen Benefits: To provide financial security for senior citizens (aged 60 and above), Unity Small Finance Bank offers an additional 0.66% p.a. interest rate on fixed deposits.
- Interest Payouts: You can choose how you receive your interest. Unity Small Finance Bank offers multiple payout options, where you can receive interest monthly or quarterly, or opt for a cumulative deposit, where the interest is paid in a lump sum at maturity.
- Overdraft Facility: In case of a financial emergency, you can avail of an overdraft facility against your fixed deposit. This allows you to borrow a portion of your FD amount without prematurely breaking the deposit, enabling you to access funds quickly while your investment continues to earn interest.
How to Open a Unity Small Finance Bank
A Unity Small Finance Bank fixed deposit is a secure and flexible investment choice for individuals looking to grow their savings with competitive interest rates. You can make a one-time deposit for a fixed tenure and earn guaranteed returns.
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Online FD Account Opening
As a digital-first bank, Unity Small Finance Bank offers a seamless online process for opening an FD account. This is the quickest and most convenient method, especially for existing customers.
- Log in to Digital Banking: Log in to your Unity Small Finance Bank internet banking account or mobile app.
- Navigate to Fixed Deposit: Go to the "Deposits" or "Fixed Deposit" section and select the option to "Open FD."
- Enter Details: Choose your account, enter the principal amount, and select the tenure and interest payout.
- Confirm and Submit: Review details,
- Accept Terms and Conditions: Accept the terms and conditions. And Submit
- Receive FD Receipt: A Term Deposit Receipt will be generated and sent to your email address.
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Offline FD Account Opening
For those who prefer a traditional, in-person process, you can open a fixed deposit by visiting a Unity Small Finance Bank branch.
- Visit a Branch: Go to your nearest Unity Small Finance Bank branch with the necessary KYC documents.
- Fill out the Form: Request a Fixed Deposit application form and fill in your details.
- Submit Documents: Attach copies of your KYC documents and submit the completed form to a bank executive.
- Fund the Deposit: Deposit the FD amount by cheque, Demand Draft, or transfer from your existing account.
- Get the FD Receipt: After verification, the bank will issue a physical Fixed Deposit Receipt as confirmation of your investment.
In Brief
Unity Small Finance Bank offers high fixed deposit rates up to 7.50% for general citizens and 8.00% for senior citizens. The minimum deposit amount starts at Rs. 1000 and goes up to 2 crores, with an overdraft and auto-renewal facility, and a Unity credit card against FD facilities. FD rates are subject to change and depend on various factors. Returns from FD interest rates can provide a more stable investment option than those from traditional savings accounts. You should always consider your financial goals and risk appetite before investing in FDs.
Interest Earned
Maturity Amount
