New Delhi: Since the 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. A total of six increases, or 250 basis points, have been made to the repo rate. The RBI was compelled to boost its benchmark rate by 250 basis points to 6.50 percent over six increments starting in May 2022 since inflation had exceeded the central bank’s tolerance ceiling of 6 percent for ten months in 2022.
Nearly all banks have announced hikes in interest rates on fixed deposits in reaction to the rising repo rate (FDs). Following suit, senior citizen interest rates at Unity Small Finance Bank have been revised to 9.50 percent with a duration of 1001 days. (Also Read: Aadhaar-PAN Card Linking Deadline Ends Soon: Do It Before March 31 Or Face These Consequences)
A regular customer will get a rate of 9 percent for the same period of time. Unity Bank will now offer 4.50 percent interest on FDs that are 7 to 14 days old. Unity Bank also offers 4.75 percent interest on FDs with maturities of 15 to 45 days. Unity Bank offers interest on fixed accounts with terms ranging from 46 to 60 days at a rate of 5.25 percent. (Also Read: Bharat Matrimony’s Holi Ad Sparks Row, Company Faces Flak For Hurting Religious Sentiments, Twitterati Calls For Boycott)
According to the bank, interest rates for FDs with periods between 61 and 90 days will be 5.50 percent. At Unity Small Finance Bank, fixed deposits (FDs) with terms of 181 to 201 days would generate 8.75 percent of revenue.
The bank increased the interest rate on fixed-rate debt (FDs) with maturities ranging from 1002 days to 5 years to 7.65 percent. Elderly customers receive 9.25 percent interest on FDs with maturities of 181-201 days and 501 days from Unity Bank, while regular customers receive 8.75 percent interest.
This tiny finance bank has stated interest rates of 7.50 percent for older citizens and 7 percent for regular customers for fixed-rate loans with maturities of five to ten years.