FD Hike: There is good news for those who have deposited hard earned money in bank FD. Actually, Unity Small Finance Bank (Unity Bank) has announced to increase the interest rates on FD.
New Delhi. Fixed Deposit (FD) is considered very reliable for investment. Most of the people prefer to invest their savings money in this because it gives guaranteed returns and there is no risk of money sinking. If you also want to get strong returns in a safe way by investing in Fixed Deposit ie (FD), then this news is for you only. Unity Small Finance Bank Limited (Unity Bank) has further increased its interest rates on FDs.
Senior citizens will be given an interest of 9 per cent per annum by the bank on FDs invested for a period of 181 and 501 days while retail investors can earn an interest of 8.50 per cent on investments made for the same period. This is the second time in the month of November that the bank has revised its interest rates.
Unity Bank has also increased its interest rates on callable and non-callable bulk deposits (deposits above Rs 2 crore). Callable Bulk Deposits offer an interest rate of up to 8% per annum while non-callable bulk deposits offer an interest rate of up to 8.10% per annum.
Savings account interest rates also increased
For savings account, Unity Bank offers an interest rate of 7 per cent per annum on deposits above Rs 1 lakh and 6 per cent on deposits up to Rs 1 lakh.
RBI has increased the repo rate for the fourth time in a row
It is noteworthy that in order to stop the rising inflation in the country, RBI has increased the repo rate for the fourth time in a row. Now the repo rate has reached 5.90 percent. In the MPC meeting of RBI on September 30, it has been decided that the repo rate will be increased by 0.50 percent. Now the repo rate has been increased from 5.40 percent to 5.90 percent. Earlier, after 0.40 per cent increase in May, there was an increase of 0.50-0.50 per cent in June and August.
Many banks have increased the rates of fixed deposits
Recently RBL Bank, Axis Bank, DCB Bank have also increased their FD rates. This process of increasing the rates has started after the increase in the repo rates of RBI.
