These 2 Private Banks Offers More Than 9% Rate Of Interest On Sr. Citizens FD, Check Details

Post the Repo Rate hike by the Reserve Bank of India (RBI) to 6.5% in February 2023, banks across India are following the interest rate hike. In a recent Interest Rate hike, two leading Small Finance Banks (SFBs) namely Utkarsh Small Finance Bank and Unity Small Finance Bank are offering more than 9% interest rates on select FD tenure.

Utkarsh Small Finance Bank (SFB)

Utkarsh SFB has recently hiked the interest rates on fixed deposits (FD) of less than Rs 2 Crore. The revised rates are effective from February 27, 2023, according to the Bank's official website. The revised rates are applicable to the general public and senior citizens.

The bank currently offers interest rates ranging from 4.00% and 8.25%, for the general public, while for senior citizens, the interest rates range from 4.75% to 9%. The deposit period ranges from 7 days to 10 years for the above-mentioned interest rates. A maximum interest rate of 8.25% for the general public and 9.00% for senior people will now apply to deposits at Utkarsh Small Finance Bank that mature in 700 days.

Interest Rates on Domestic Fixed Deposits below Rs 2 Cr - With Premature Withdrawal Facility

Tenure	General FD Rates % p.a.	Sr. Citizens FD Rates % p.a.
7 Days to 45 Days	4.00%	4.75%
46 Days to 90 Days	4.75%	5.50%
91 Days to 180 Days	5.50%	6.25%
181 Days to 364 Days	6.50%	7.25%
365 Days to 699 Days	7.75%	8.50%
700 Days	8.25%	9.00%
701 Days upto 5 Years	7.50%	8.25%
Above 5 Years to 10 Years	7.00%	7.75%

Source - www.utkarsh.bank

Unity Small Finance Bank

Unity SFB has also followed the rate hike trend post-Repo Rate hike. The bank has hiked the interest rates on FD below Rs 2 Cr. for the General Public and Senior Citizens. According to the Bank's official website, the new rates are effective from February 15, 2023.

According to the recent hike, the bank offers interest rates ranging from 4.50% to 9% for the general public and 4.50% to 9,50% for senior citizens. The FD period for the above interest rates starts from 7 days to 10 years on the amount below Rs 2 Cr.

The bank offers the highest 8.75% to the general public and 9.25% to senior citizens for a maturity period of 181-201 days. The bank offers 8.75% to the general public and 9.25% to senior citizens for the special FD tenure of 501 days. The bank offers the highest interest rates on 1001 days special tenure, 9% to the general public and 9.50% to senior citizens.

Fixed Deposit Rates for Retail Investors on Deposit below Rs 2 Cr

Tenure	General FD Rates % p.a.	Sr. Citizens FD Rates % p.a.
7-14 Days	4.50%	4.50%
15-45 Days	4.75%	4.75%
46-60 Days	5.25%	5.75%
61-90 Days	5.50%	6.00%
91-164 Days	5.75%	6.25%
165-180 Days	5.75%	6.25%
181-201 Days	8.75%	9.25%
202-364 Days	6.75%	7.25%
365 Days	7.35%	7.85%
1Year 1 day	7.35%	7.85%
>1Year 1 day - 500 days	7.35%	7.85%
501 Days	8.75%	9.25%
502 Days - 18 M	7.35%	7.85%
>18 M -1000 Days	7.40%	7.90%
1001 Days	9.00%	9.50%
1002 Days -3 Year	7.65%	8.15%
>3 Year - 5 Year	7.65%	8.15%
>5 Year - 10 Year	7.00%	7.50%

Source -www.theunitybank.com