Small finance banks hike FD rates, big advantage for senior citizens

Unity Small Finance Bank and Suryoday Small Finance Bank have  increased their Fixed Deposit (FD) rates for both general and senior citizen depositors. This move comes as a direct response to the changing repo rates set by the Reserve Bank of India (RBI). As of now, the period for FDs in these banks can range from 7 days to 10 years, and the interest rates are determined based on the amount deposited and the duration of the deposit.

Unity Small Finance Bank has raised its FD rates to an attractive 9.5 percent per annum, while Suryoday Small Finance Bank is offering a competitive 9.4% interest rate for FD deposits. These rates differ for general citizens and senior citizens, providing added incentives for elderly depositors. The revised FD rates have been effective since June 14 for Unity SFB and July 5 for Suryoday SFB.