A small finance bank in India is a specialised bank regulated by the Reserve Bank of India. Its main objective is to serve underserved and unserved sections of the economy, including small and marginal farmers, micro and small enterprises, as well as unorganised sector entities. Unity Small Finance Bank provides a range of banking products and services to individuals who have limited access or are not served by traditional banks. These include savings accounts, fixed deposits, loans, and payment solutions. Discover everything one needs to know about the Unity Small Finance Bank FD rates, advantages, application process, and much more.
About Unity Small Finance Bank
Unity Small Finance Bank, a collaborative venture between Centrum Financial Services and BharatPe, swiftly launched its operations after obtaining approval from the Reserve Bank of India on October 12, 2021. Within just one month, on November 1, 2021, the bank commenced its services at its inaugural branch located in Kalina, Mumbai. By harnessing cutting edge technology and leveraging the expertise of Centrum and BharatPe, Unity Small Finance Bank aims to create innovative banking products catering to a diverse customer base, including small businesses.
Unity Small Bank FD Rates
The Unity FD rates for the general public and senior citizens are shown in the table below:
Tenure | General Citizens (p.a.) | Senior Citizens (p.a.) |
7 – 14 Days | 4.5% | 4.5% |
15 – 45 Days | 4.75% | 4.75% |
46 – 60 Days | 5.25% | 5.75% |
61 – 90 Days | 5.5% | 6% |
91 – 164 Days | 5.75% | 6.25% |
165 Days – 6 Months | 5.75% | 6.25% |
6 Months – 201 Days | 8.75% | 9.25% |
202 – 364 Days | 6.75% | 7.25% |
1 Year | 7.35% | 7.85% |
1 Year 1 day | 7.35% | 7.85% |
1 Year 1 day – 500 days | 7.35% | 7.85% |
501 Days | 8.75% | 9.25% |
502 Days – 18 Months | 7.35% | 7.85% |
18 Months – 1000 Days | 7.4% | 7.9% |
1001 Days | 9% | 9.5% |
1002 Days – 3 Year | 7.65% | 8.15% |
3 Year – 5 Year | 8.25% | 8.75% |
5 Year – 10 Year | 7% | 7.5% |
Different FD Schemes that Unity Small Finance Bank Provides
Unity Small Finance Bank offers fixed deposit schemes that are designed to meet the needs of individuals of all financial circumstances.
- Regular Fixed Deposit
- Tax Saver Fixed Deposit
- Senior Citizen FD
- Cumulative FD
- Non-Cumulative FD
- Flexi Fixed Deposit
- NRE Fixed Deposit
Eligibility for Unity Small Finance Bank Fixed Deposit Accounts
Unity Small Finance Bank offers fixed deposit accounts to a specific set of eligible individuals and entities. The following categories are eligible to open a FD account with Unity Small Finance Bank:
- Indian Residents: Any individual residing in India is eligible to open a FD account with the bank.
- Sole Proprietorship Firms: Sole proprietorship businesses can also avail of the fixed deposit facility offered by Unity Small Finance Bank.
- Hindu Undivided Families (HUFs): Hindu Undivided Families are eligible to open fixed deposit accounts with the bank, providing them with a secure investment option.
- Trusts: Trusts, whether public or private, can utilise Unity Small Finance Bank’s fixed deposit services for managing their funds.
- Limited Companies: Limited companies can benefit from the bank’s fixed deposit schemes as part of their treasury management strategy.
Required Documents for Unity Small Finance Bank Fixed Deposit Accounts
To start a fixed deposit account with Unity Small Finance Bank, applicants are required to provide specific documents such as proof of identity, residence, and date of birth. The necessary documents include the following:
- Identity Proof: Applicants must submit any one of the following documents as proof of identity, and two passport-sized photographs:
- Passport
- Driving licence
- Voter ID card
- Aadhaar card
- Proof of Residence: As proof of residence, applicants can provide any of the following documents:
- Aadhaar card
- Passport
- Voter ID card
- Any other valid document that confirms their residential address.
- Date of Birth Proof: To verify their date of birth, applicants can submit one of the following documents:
- Birth certificate
- PAN card
- Voter ID card
- Aadhaar card
- Any other official document that contains their date of birth information.
Process of Applying for FD at Unity Small Finance Bank
Looking to start a Fixed Deposit with Unity Small Finance Bank? Here’s a straightforward guide to help with the process:
- Head over to the Unity Small Finance Bank branch nearest to you.
- Request an FD account opening form from one of the bank’s representatives. Complete the form with all required information, including one’s name, residential address, PAN (Permanent Account Number), contact number, and nominee details.
- Decide on the duration of the deposit (tenure).
- Fund the FD account by either providing a cheque equivalent to the deposit amount or using internet banking to transfer the funds.
- Submit the completed FD account opening form along with all the relevant supporting documents.
- After verification, the applicant will receive an acknowledgment slip from the bank executive confirming the successful opening of their FD account with Unity Small Finance Bank.
Benefits of Applying for FD at Unity Small Finance Bank
Investing in a fixed deposit offered by Unity Small Finance Bank provides numerous advantages that make it an appealing choice for individuals seeking stable and secure financial growth. Let’s dive deeper into the key benefits:
- Flexible Investment Period: Unity Small Finance Bank offers a wide range of investment periods, catering to various needs. Investors can choose from as short as 7 days or commit for up to 10 years. This flexibility allows individuals to align their fixed deposits with their financial goals and liquidity requirements.
- DICGC Insurance Coverage: Unity Small Finance Bank offers a comforting feature for investors comprehensive insurance coverage provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
- Low Minimum Investment: Unity Small Finance Bank offers individuals the opportunity to start fixed deposits with just ₹1,000. This minimal investment requirement makes it accessible to a wider range of savers, including those with modest savings.
- Senior Citizen Benefits: Unity Small Finance Bank acknowledges the importance of providing special treatment to senior citizens. In recognition of their contributions and needs, they offer additional Unity FD rates for senior citizen of 0.5% per annum on fixed deposits for this demographic.
- Nomination Facility: Unity Small Finance Bank goes the extra mile to ensure a hassle-free experience for investors by offering a nomination facility. Depositors have the option to nominate beneficiaries for their fixed deposit investments, adding an extra layer of security.
Conclusion
Unity Small Finance Bank offers a wide range of competitive fixed deposit schemes that cater to diverse investors. These FDs provide flexibility in investment periods and have low minimum investment requirements. Moreover, they come with comprehensive DICGC insurance coverage and special benefits for senior citizens. Individuals seeking stable and secure financial growth will find Unity Small Finance Bank’s FDs appealing. The fixed deposit schemes offered by the bank present a remarkable opportunity, showcasing their customer oriented approach and dedication to innovation.
Unity Small Finance Bank FD Rates FAQ’s:-
The ₹5 lakh insurance protection provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC) is applicable to fixed deposits held with Unity Small Finance Bank.
Unity Small Finance Bank provides a bonus interest rate of approximately 0.5% per annum, specifically for senior citizens who invest in fixed deposits.
Unity Small Finance Bank provides flexibility in deposit amounts for fixed deposits. Customers can initiate a fixed deposit with a minimum of Rs. 1,000/-. There is no maximum limit for fixed deposits.
Customers can access an overdraft facility with their Unity Small Finance Bank fixed deposits. This feature allows them to access funds without the need to withdraw their fixed deposit prematurely.
When considering the tenure for a fixed deposit account, it’s important to note that the minimum duration is seven days. In contrast, the maximum tenure extends to a period of up to 10 years.