If you also want to get strong returns by investing in Fixed Deposits in a safe way, then this news is for you only. In fact, on the occasion of Dussehra and Diwali, Unity Small Finance Bank Limited (Unity Bank) has brought a special scheme of FD for the investors. Bank launches special Dussehra and Diwali FD scheme: details.
The name of this scheme launched after the increase in the repo rate by RBI is ‘Shagun 501’. The maturity period in this special FD scheme will be 501 days. Under the scheme, the bank will give 7.90 percent interest to retail customers and 8.40 percent to senior citizens. Customers will be able to invest in it till 31 October 2022.
Since May this year, the Reserve Bank of India (RBI) has increased the repo rate 4 times, which has made FD interest rates more attractive than before. Bankers on Friday (September 30, 2022) welcomed the RBI’s hike in the repo rate. Unity Bank tweeted and said, “This Dussehra and Diwali, start of good omen with 501 day FD of Unity Bank.
Celebrate the occasion with Unity Bank’s Limited Period Offer on Fixed Deposits for 501 days and earn up to 7.9% p.a. Senior citizens earn up to 8.4% per annum.” Recently, the RBI increased the repo rate by 0.5 per cent to 5.9 per cent in the bi-monthly monetary policy review. This is its 3 year high.
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The RBI has taken this step to control retail inflation and to deal with pressure arising from aggressive rate hike of central banks of various countries. Earlier, after 0.40 percent increase in May 2022, an increase of 0.50-0.50 percent was done in June and August 2022. Overall, since May till now, RBI has increased the repo rate by 1.90 percent.
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