Savings bank deposits up to ₹1 lakh and above ₹1 lakh and up to ₹10 crore fetch 6 per cent interest and 7 per cent interest, respectively. Senior citizens earn 50 basis points (or 0.5 per cent) higher interest over the card rate. Customers who are in need of a relatively smaller quantum of money may avail of this facility as it is priced at a fair rate of interest, per the communication.īanking experts say Unity SFB is trying to build goodwill among erstwhile PMC Bank depositors by offering the aforementioned liquidity options so that they and their families place deposits with it.Īmong all the term deposit (TD) tenors, the Bank is offering the highest interest rate of 7.50 per cent on TDs in the more than 2 years and up to five year maturity bucket. The Overdraft Facility provides an overdraft as per the depositor’s eligibility. This may be best suited for customers who are in need of a large corpus or sizeable amount of funds, Unity SFB said. The Early Encashment option will provide an upfront, lump sum amount against a depositor’s entire future payables at a discounted rate (Present Value). It does not store any personal data.The Bank emphasised that both liquidity options are purely voluntary and customers have the option of continuing with the scheduled payouts as per the Amalgamation Scheme (of PMC Bank with Unity SFB). The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. The cookie is used to store the user consent for the cookies in the category "Performance". This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other. The cookies is used to store the user consent for the cookies in the category "Necessary". The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional". The cookie is used to store the user consent for the cookies in the category "Analytics". These cookies ensure basic functionalities and security features of the website, anonymously. Necessary cookies are absolutely essential for the website to function properly. The rating release may be used by you in full or in part without changing the meaning or context thereof but with due credit to Agusto & Co. This Rating Release is transmitted to you for the sole purpose of dissemination through your newspaper / magazine / agency. However, we note positively, various initiatives introduced by the management team to reposition Unity Bank as the preferred retail bank, in a highly competitive industry by 2023. Offsetting the positive factors are the Bank’s negative capital base, concentration in the loan book, low staff productivity and the fragile macroeconomic environment. In addition, the Asset Management Corporation of Nigeria (AMCON), the government-owned toxic asset management company, is the Bank’s largest shareholder. The Central Bank of Nigeria (CBN) waived the Bank’s compliance with regulatory provision for cash reserve requirement, capital adequacy ratio, loan-to-deposit ratio and also extended borrowing at a subsidised interest rate to Unity Bank. The rating assigned to Unity Bank Plc (‘Unity Bank’ or the ‘Bank’) is underpinned by satisfactory liquidity position, a nil impaired credit position, brand strength in the Northern region of Nigeria and regulatory support. assigns a “Bb-” rating to Unity Bank Plc The rating expires on 30 June 2020.
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