There are two key reasons of locking your savings at the current interest rate. One, the interest rates have reached the peak as a result of the RBI’s monetary policy. Second, these rates may see a decline towards the end of this calendar year.
Unity Small Finance Bank has hiked the interest rates of Fixed Deposit (FD) schemes. Senior citizens can now avail upto 9 per cent interest rate on FDs invested for tenures of 181 days and 501 days respectively. The general interest rate on FDs not for the same tenures is 8.50 per cent.