FD interest rate: In FY23, bank fixed deposit (FD) interest rates have risen from around 5.5 per cent to average 7 per cent. Thanks to high interest rate regime that Reserve Bank of India (RBI) Governor Shaktikanta Das had to adopt to contain inflation. However, in this high interest rate regime, some banks are giving return on deposits that are higher than Public Provident Fund (PPF) interest rate of 7.10 per cent per annum. Unity Small Finance Bank is one such bank, which is giving FD interest rate up to 9 per cent for general depositors. For senior citizen bank FD account holders, there is an additional 50 bps interest rate given that means a senior citizen fixed deposit account holder at this bank is getting up to 9.50 per cent return annually.
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