Unity Bank Hikes Interest Rates On Savings Accounts Up To 7.75%: Details Inside

The digital-first, new-age bank Unity Small Finance Bank Limited (Unity Bank) has hiked the interest rate slabs on its savings accounts. A new slab paying a 7.75% annual percentage rate on deposits over Rs 5 crores has been added. HNIs and institutional clients will benefit from the new slab. Unity Bank pays 6.00% p.a. interest on deposits up to Rs. 1 lakh and 7.00% p.a. interest on balances between Rs. 1 lakh and Rs. 5 crores.

Unity Bank Savings Account Interest Rates

The bank is paying 6% interest on savings account balances up to Rs. 1 lakh, and 7.00% interest on balances between Rs. 1 lakh and Rs. 5 crores at Unity Small Finance Bank. A 7.75% interest rate is now available from Unity Bank on savings account balances above Rs. 5 crores.

The savings account interest rates are revised from November 30, 2023 and are paid on a monthly basis.

Unity Bank still offers fixed deposit accounts with interest rates of 9.00% p.a. for general investors and 9.50% p.a. for senior citizens for a term of 1001 days. As a scheduled commercial bank, Unity Bank is backed by Resilient Innovations Pvt Ltd, a joint investor with Centrum Financial Services Ltd.

The Board of Unity Bank is made up of highly qualified individuals from the sector. It provides services in the following areas: digital banking, inclusive banking, business banking, branch banking, and treasury services.