Unity Small Finance Bank Fixed Deposit FAQs

Unity Small Finance Bank Fixed Deposit FAQs

1. Are deposits of Unity Small Finance Bank insured by RBI? ▼
Yes, Unity Small Finance Bank (USFB) deposits are insured by DICGC (Deposit Insurance and Credit Guarantee Corporation) up to ₹5 lakh per depositor.
2. Do I need to have an account with Unity Small Finance Bank to book an FD? ▼
No, you do not need to have an account with Unity SFB to book an FD.
3. What is the minimum and maximum deposit amount? ▼
The minimum deposit amount is ₹1,000 and the maximum deposit amount is ₹2 Crore.
4. What is the minimum and maximum tenure? ▼
The minimum tenure is 7 days and the maximum tenure is 10 years.
5. Are there special benefits for women investors? ▼
No, there are no special interest rate benefits for women investors at Unity SFB.
6. How many nominees are allowed? ▼
Up to three nominees can be appointed per account. However, the online journey is currently restricted to 1 nominee per FD.
7. Are monthly interest payments available? ▼
Yes, Unity SFB offers monthly, quarterly, or on maturity interest payout options.
8. Is auto-renewal allowed? ▼
Yes, auto-renewal is allowed.
9. What are the available payment modes? ▼
The available payment modes are UPI and Net Banking.
10. How will I receive my Fixed Deposit Receipt (FDR)? ▼
An E-FDR will be sent to your registered email address after completing the transaction. If you do not receive it or lose access to it, reach out to Unity Small Finance Bank customer service or visit your nearest branch to report the issue.
11. Can I make payment from any bank account? ▼
No, Payment must be made from the same bank account added as the withdrawal bank account during the FD booking journey.
12. Is premature withdrawal allowed? ▼
Yes, Unity SFB allows premature withdrawals for fixed deposits. A penalty of 1% of the lower of the applicable rate or contracted rate applies.
13. What is the penalty for premature withdrawal? ▼
A penalty of 1% or the contracted rate, whichever is lower, is applicable on premature closure.
14. What should I do if I lose my FD receipt? ▼
Reach out to Unity SFB's customer service or visit the nearest branch as soon as possible to report the loss.
15. How long must I wait before making a premature withdrawal? ▼
There is no lock in period. Premature withdrawal can be initiated at any time.
16. How can I get the FD statement for tax filing? ▼
Unity SFB helps you get your TDS/P&L statement from the platform. For assistance, please mail [email protected].
17. Can a loan be taken against the FD? ▼
No, Loans against FDs are not available for Unity SFB.
18. Does Unity Small Finance Bank offer extra benefits for Senior Citizens? ▼
Yes, Senior citizens receive an additional interest rate benefit of 0.50% p.a.
19. What is the compounding frequency? ▼
Interest is compounded on a quarterly basis.
20. Can I withdraw interest without breaking the FD? ▼
No, Interest cannot be withdrawn without breaking the FD.

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