FDs interest rate: Indians Banks are closely monitoring the Reserve Bank of India’s (RBI) interest rate hike to 6.5% in February 2023. Following a recent interest rate increase, two top Small Finance Banks (SFBs), Utkarsh Small Finance Bank and Unity Small Finance Bank, are now offering interest rates of more than 9% on chosen FD tenures. (FDs interest rate) Details are given here:

FDs interest rate: Utkarsh Small Finance Bank:

Utkarsh Small Finance Bank (SFB) has recently increased the interest rate on fixed deposits (FD) of less than Rs 2 Crore. According to the Bank’s official website, the increased rates will go into effect on February 27, 2023. The new tariffs apply to both the general public and older people.

The bank now offers interest rates ranging from 4.00% to 8.25% to the general public, and rates ranging from 4.75% to 9% to senior citizens. With the aforementioned interest rates, the deposit period spans from 7 days to 10 years. Deposits at Utkarsh Small Finance Bank that mature in 700 days will now earn a maximum interest rate of 8.25% for the general public and 9.00% for senior citizens.

Unity Small Finance Bank:

Unity Small Finance Bank (Unity SFB) has likewise followed the rate hike trend in the aftermath of the Repo Rate hike.  The bank has increased the interest rate on fixed deposits under Rs 2 crore for the general public and senior citizens.  The new rates will take effect on February 15, 2023, according to the Bank’s official website.

The bank now offers interest rates ranging from 4.50% to 9% for the general public and 4.50% to 9,50% for senior citizens, according to the recent increase.  The FD time for the aforesaid interest rates ranges from 7 days to 10 years for amounts less than Rs 2 crore.

During a maturity period of 181-201 days, the bank gives the highest rate of 8.75% to the general public and 9.25% to senior citizens. During the exceptional FD duration of 501 days, the bank offers 8.75% to the general public and 9.25% to senior persons. The bank provides the highest interest rates on exceptional tenures of 1001 days, 9% to the general public and 9.50% to senior citizens.