These banks again raised interest rates on fixed deposits– The Reserve Bank of India (RBI) had announced a 25 basis point increase in the repo rate at its meeting in February. Consequently, the repo rate is now 6.50%. The repo rate has reached its highest level since August 2018. The repo rate has been increased six times by 250 basis points since the last increase, namely 2.50 percent.
Seniors now have the opportunity to earn 9.50% interest on FDs with Unity Small Finance Bank. This interest is offered by the bank at 1001 days FD.
On this FD, ordinary people get together 9 percent interest. This gives the customers a good chance of earning. The interest rate on FD for seniors is 9.50%. Currently, there are not many safe savings options available that offer such high interest rates.
Unity Small Finance Bank gives the highest interest rate
Seniors can now earn 9.50% interest on fixed deposits from Unity Small Finance Bank. Unity Small Finance Bank offers seniors a 9.5% interest rate on 1001-day FDs.
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However, 9 percent interest is offered to retail investors. It offers the highest interest rate on FD among small financial banks.
In the period of 181-201 days and in the period of 501 days, the bank receives an interest rate of 8.75 percent. The interest rate that Unity Bank offers to general customers ranges from 4.5% to 9%.
Early withdrawal of FD reduces interest by 1%. FDs worth less than Rs 2 crore are eligible for these rates. These rates also allow you to fight inflation.
RBI raised the repo rate
A 25 basis point increase in the repo rate was announced by the Reserve Bank of India (RBI) at its monetary policy meeting in February. The repo rate has reached its highest level since August 2018.
Repo rates have been increased six times by 250 basis points by the RBI, which then stood at 2.50 percent. In response to the RBI’s increase in repo rates, many banks have raised their interest rates on loans and FDIs.