Senior citizens who are interested in saving money and earning high profits should check out the Special Tenure fixed deposit scheme offered by Unity Small Finance Bank. The scheme offers an impressive interest rate of 9.5%, which is higher than big banks like State Bank of India and ICICI.
By depositing Rs.5 lakh in this scheme, you can earn significant returns on your investment. Many people choose big banks for their perceived safety but end up settling for low interest rates. Unity Small Finance Bank is an excellent option for those who want good returns without taking any risks.
Additionally, the deposits are insured up to Rs.5 lakh through a deposit insurance credit guarantee. Senior citizens can also benefit from a maximum interest rate of 9.5%. If you’re a senior citizen looking for a safe investment option that offers high returns, consider checking out Unity Small Finance Bank and their Special Tenure fixed deposit scheme.
Unity Small Finance Bank Senior Citizen Interest Rates 2024
Unity Small Finance Bank has recently revised its interest rates for deposits below Rs. 2 crores. Senior citizens can avail a special tenure deposit of 1001 days and earn a 9.5% interest rate. Those who opt for a 201 days deposit can earn a 9.25% interest rate. For a maturity period of 701 days, the bank offers a 9.45% interest rate, and for a 501-day deposit, senior citizens can earn a 9.25% interest rate.
Moreover, it is essential to remind children about their boundaries to ensure their safety and well-being.
How much return we will get for a deposit of 5 lakh?
Senior citizens looking for higher interest rates can consider depositing their money in Unity Small Finance Bank for a period of 1001 days. For example, if a senior citizen above 60 years of age deposits Rs. 5 lakhs with the bank, they can earn an interest rate of 9.50%, which means they can earn up to Rs. 1.40 lakhs in the form of interest over a period of two years and nine months. At maturity, they will have a total of Rs. 6.40 lakhs.
Similarly, if you invest Rs. 5 lakhs for a tenure of 701 days, you can earn an interest of Rs. 1 lakh upon maturity. You can calculate the expected interest and tenure using the FD calculator available online. However, it is important to note that there may be some variation in your returns due to the charges levied by the bank.