Unity Small Finance Bank is one of the prominent small finance banks in India incorporated in August 2021. It offers relatively high interest rates on fixed deposits, up to 7.50% for its regular customers and 8.00% for senior citizens, helping them earn a significantly higher interest income.

Eligible depositors can choose tenures between 7 days to 10 years to avail the applicable interest rate. For more details, explore Unity Small Finance Bank FD rates for regular and senior citizens here.

Key Highlights:

Unity Small Finance Fixed Deposit Rates for General and Senior Citizens

Unity Small Finance Bank offers its customers variable interest rates for different tenures. As a result, you can choose any FD tenure based on your financial goal and convenience. The interest on fixed deposits is compounded quarterly to help account holders grow their corpus. Indian citizens above 18 years and other entities are eligible to book an FD with Unity Small Finance Bank. 

For regular citizens, the Unity Bank FD rates range between 4.0% and 7.25%. For all the senior citizens fixed deposit rates Unity Bank are between 4.0% and 8.00%. The highest interest rates are offered on one year fixed deposit. You can start an FD with Unity Small Finance Bank with as little as ₹1,000.

Term Wise Unity Small Finance Bank Fixed Deposit Rates

You can group the Unity Small Finance Bank fixed deposit in the following manner:

• Short Term FD: You can get interest ranging from 4.00% to 7.50% as a regular citizen and up to 8.00% p.a. interest as a senior citizen. The FD tenure will remain between 7 days and 1 year.
• Medium Term FD: For FD between 1 year above and 3 years, the interest rate will be between 6.50% and 6.75% for regular citizens and additional 0.50% for senior citizens for the same tenure.
• Long Term FD: For those booking an FD for more than 3 years and up to 10 years, the interest rates lie between 6.00% and 6.75% (additional 0.50% for senior citizens).

Benefits of Unity Small Finance Bank Fixed Deposit Rates

Let us understand the different features, as well as the advantages applicable to your Unity Small Finance Bank fixed deposit account.

1. Unity Small Finance Bank’s fixed deposit is a safe, low-risk investment option. You get an assured return on your deposit, irrespective of the volatile condition of the market.
2. You can start your fixed deposit scheme with a minimum investment of ₹1,000. The bank gives you the flexibility to deposit the amount of your choice. 
3. Unity Small Finance Bank FD rates are attractive and start from 4.00% and go up to 7.50% for general citizens.
4. Avail overdraft facility against your fixed deposit account with Unity Small Finance Bank. It is a beneficial feature in case you require immediate financial support. 
5. You can choose from different options, such as monthly or quarterly interest payouts or can directly receive it after the end of the maturity period.
6. Unity Small Finance Bank FD rates for senior citizens are higher, and they get an additional interest of 0.50% on the general rates. 

The fixed deposit scheme allows you to invest your money for a fixed tenure and get an attractive interest rate. The interest rates may change without any prior notice, but if you already booked your FD, the changed interest rate will not affect your investment.

Unity SFB employees get 1% additional interest on the rate applicable for the FD account. Apart from that, senior citizens also get additional benefits while booking an FD. Unity Small Finance Bank FD rates for senior citizens are 0.50% more than the general rate, subject to a minimum tenure of 1000 days.

Eligibility to Avail Unity Small Finance Bank Fixed Deposit Rates

Unity Small Finance Bank requires you to follow the eligibility criteria stated below to open and operate a fixed deposit account.

Type of Applicant: Indian residents, Sole proprietorship forms, HUFs (Hindu Undivided Families), Limited companies, and Trust accounts.

Age of Applicant: Has to be 18 years of age.

Documents Required to Avail Unity Small Finance Bank Fixed Deposit Rates

Check the following list to know all the documents necessary for you to produce when opening a Unity Small Finance Bank fixed deposit account.

1. PAN card
2. Duly filled FD application form
3. Proof of identity - Aadhaar card, driving licence, etc. 
4. Proof of age - Ration card, voter ID card, school passing certificate, etc. 
5. Proof of address - Aadhar card, electricity bill, Voter ID card or any other valid document.
6. Passport-sized photograph of the depositor
7. Bank account details – account number, IFSC code, and branch name.

Premature Withdrawal of Unity Small Finance Bank Fixed Deposit

Unity Small Finance Bank gives you the opportunity to prematurely withdraw your fixed deposit. However, you will be subjected to a penalty of 1.00% on the applied interest rate for the deposit amount remaining in the bank or contracted rate, whichever is lower.

Tax on Unity Small Finance Bank Fixed Deposit Interest

For those who book Unity Small Finance Bank fixed deposits have to pay tax on interest gained. If the total interest amount exceeds Rs. 50000 (for general citizens) and Rs. 100000 (for senior citizens), the applicable TDS is 10% if the PAN details are updated with the bank. This TDS rate goes up to 20% if your PAN details are not updated with the bank.

To avoid TDS deduction, senior citizens need to submit Form 15H (Form 15G for general citizens).

How to Book Unity Small Finance Bank FD?

Booking a Unity Small Finance Bank fixed deposit account is only possible using the offline method. Let us take a look at the simple steps to follow to open your FD.

• Visit the nearest branch of Unity Small Finance Bank.
• Ask the executive of the bank to give you an application form to open the FD account. Fill the form with all required details, such as personal information, contact number, nominee details and others.
• Select the deposit tenure for which you want to continue this FD.
• Attach the cheque for the deposit, or you can also pay using cash. Moreover, bank transfer is also applicable here.
• Submit your properly filled FD form with the required documents stated by the bank executive.
• After successful verification of the documents and form, the personnel will provide you with an acknowledgement slip. This denotes the successful completion of the account opening process.

Unity Small Finance Bank Overdraft Against Fixed Deposits

Unity Small Finance Bank offers the overdraft facility against your fixed deposit if you are in need of urgent cash. The facility is available against callable deposits. You can contact the bank representatives for details. Generally, the overdraft facility is given for up to 90% of the deposit amount.

Unity Small Finance Bank FD Calculator

Easily calculate Unity Small Finance Bank Fixed Deposit Rates to estimate the maturity amount based on your deposit amount, tenure, and applicable interest rate. Use the FD calculator to make informed investment decisions and maximize your savings with secure and competitive returns.

Suppose you invest ₹1,00,000 in a Unity Small Finance Bank fixed deposit with quarterly compounding for a tenure of 5 years at an interest rate of 6.75% per annum. 

This online tool will compute the FD maturity amount using the compound interest formula:

A = P (1 + r/n)^(n×t)

Where:

• P = Principal amount (₹1,00,000)
• r = Annual interest rate (6.75% or 0.0675)
• n = Compounding frequency per year (4 for quarterly)
• t = Tenure in years (5)

That means, A = 1,00,000 × (1 + 0.0675/4)^(4×5) = 1,39,749 

Interest Earned = A - P = 1,39,749 - 1,00,000 = 39,749

A Comparison of Unity Bank FD Interest Rates with Top Indian Banks 

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