Question: Unity SFB Saving account Interest rates = 6%. How?

[Pradumya]

I was attracted to Unity SFB interest rates from this thread - https://www.technofino.in/community/threads/savings-account-interest-rates.19403/

Recently RBL bank devalued its interest rate to below 4%. But Unity SFB is offering 6% interest rate below 1L deposit.

Where it's own competitor SFBs are giving below 4% interest, HOW IS UNITY BANK ABLE TO GIVE SO HIGH INTEREST?

That's not all, Unity SFB is profitable, showing good growth %

Even below image depicts the same


How on earth that this bank is offering highest interest rate, showing growth in numbers and profitable. Along with NPAs under control??

I opened my account in Unity recently, by seeing and attracted to the interest rate, but now I am scared to deposit even 1L to the account.. Itna interest dene k chakkar me farziwada na ho raha ho backend me 🤔

 

[Vishal N]

This bank, UNITY Small Finance Bank, does not have UPI, App or net banking.

Any money you deposit is equivalent to an FD since you have to go to branch or ATM to withdraw.

So they can offer 6%😂

 

[iampqq]

This bank, UNITY Small Finance Bank, does not have UPI, App or net banking.

Any money you deposit is equivalent to an FD since you have to go to branch or ATM to withdraw.

So they can offer 6%😂

 

[Pradumya]

This bank, UNITY Small Finance Bank, does not have UPI, App or net banking.

Any money you deposit is equivalent to an FD since you have to go to branch or ATM to withdraw.

So they can offer 6%😂

It does have mobile app now.
Which can be used for IMPS NEFT txns.

 

[bhaveshS]

It does have mobile app now.
Which can be used for IMPS NEFT txns.

it's not working

 

[Samarth343]

I have opened a Unity Bank account to keep my emergency funds (Always less than Rs. 5L). It is just a 2~3 year old company.. Having just been allowed by RBI to takeover PMC, I don't think it is risky as of now since RBI must have done all of due diligence to not let the newly licensed SFB just fail in a couple of years. About the profits shown by the bank, I think they are mostly just book entries ( or amount received from PMC bad debts by auctioning off the properties etc). Unity SFB is supposed to repay the depositers over a period of next 20 years, so maybe revenue is being recognised now and they payment to be done is deferred in their books. In the Unity SFB website - regulatory disclosures - investors - credit ratings, there is a recent (02nd August, 2024) credit rating update you can go through..

 

[desiviru]

Recently threw 4.5Lx2 for 181 days to Unity for offline FD and savings acc. with 5K balance. Their app is good for nothing but you can check balance. Technology wise they are far far behind. Ab dubey bank ko sahara de ke rename jo kiya hai. But offline branch is there and work fast but not for people who are lazy enough not to visit branches. While I am out I keep and eye on whether local Branch is there or not? Who knows when they will put locks on it on working day? 🤣 My 181 days complete on Nov 25th for btoh FDs. After opening transferred my account/FDs to bigger branch somewhere else which has lesser chances of closing down. Near maturity will tfr back my acc. and FDs to nearest branch if existed there. But if bank again went down which isn't expected soon, I will lose 4.05L. Pata nahi yeh Nov kyu nahi aa raha (imagine Border movie scene where Jackie Shroff waits for morning and say why is this the longest night)?

 

[Pradumya]

it's not working

It would be rolling out in phases. Check continuously on WhatsApp. They send message to download the app.

Their app is good for nothing but you can check balance

Since unity only has saving account, FD, debit card and cheque book services which all can be easily accessed via app. I transferred money via IMPS and NEFT. Both worked.
The UI can be improved but still kaam ho jata hai

 

[Vishal N]

It does have mobile app now.
Which can be used for IMPS NEFT txns.

Not working since more than a month.

Truly digital bank without any digital facilities. You literally can't move any money from the account online.

 

[bhaveshS]

It would be rolling out in phases. Check continuously on WhatsApp. They send message to download the app.


Since unity only has saving account, FD, debit card and cheque book services which all can be easily accessed via app. I transferred money via IMPS and NEFT. Both worked.
The UI can be improved but still kaam ho jata hai

I'm with unity small finance bank about 10 months i able to use there mobile application but after this update they clearly messed up with old customer also who already registered with them

 

[iampqq]

Not working since more than a month.

Truly digital bank without any digital facilities. You literally can't move any money from the account online.

When i visited branch they cleared said that online service is not working,transfers and withdrawal can be done through brand only .
So its depends on person whether he wants to maintain account or not.

 

[yobro]

I was attracted to Unity SFB interest rates from this thread - https://www.technofino.in/community/threads/savings-account-interest-rates.19403/

Recently RBL bank devalued its interest rate to below 4%. But Unity SFB is offering 6% interest rate below 1L deposit.

Where it's own competitor SFBs are giving below 4% interest, HOW IS UNITY BANK ABLE TO GIVE SO HIGH INTEREST?

That's not all, Unity SFB is profitable, showing good growth %
View attachment 56929
Even below image depicts the same
View attachment 56930

How on earth that this bank is offering highest interest rate, showing growth in numbers and profitable. Along with NPAs under control??

I opened my account in Unity recently, by seeing and attracted to the interest rate, but now I am scared to deposit even 1L to the account.. Itna interest dene k chakkar me farziwada na ho raha ho backend me 🤔

Rule is simple -
If ur deposit rate is high ur lending rate should also be high.

Unity bank mainly focuses on personal loan that with a beginning rate of 16% which can go upto 30%.
Rate can even go further.

Other fees like processing is also quite high.