Banking in India is changing fast. People are moving towards digital-first banks that offer higher returns and quick services. One such name making news is Unity Small Finance Bank (Unity SFB).
In this blog post, we will cover everything—About Unity Small Finance Bank, Unity Small Finance Bank Review, Unity Small Finance Bank App, FD Rates, Branches, Credit Card facilities, and customer feedback.
By the end, you will know if Unity SFB is the right choice for you or ESAF small finance bank is better or you
Table of Contents
About Unity Small Finance Bank
Unity Small Finance Bank was established in 2021.
It was formed after the partnership between Centrum Financial Services Limited and BharatPe.
The Reserve Bank of India (RBI) gave approval to operate as a Small Finance Bank.
The bank’s aim is simple:
- Bring inclusive banking to rural, semi-urban, and underserved communities.
- Offer digital-first services through its mobile app and website.
- Provide higher FD interest rates than traditional big banks.
Unity’s tagline reflects its mission to serve both individuals and small businesses with trust and technology.
Unity Small Finance Bank Review
When you look at customer experiences and services, Unity SFB feels like a mixed bag.
Strengths
- Attractive FD and RD rates (among the highest in the market).
- RBI-regulated, deposits insured up to ₹5 lakh under DICGC.
- Paperless account opening through Video KYC.
- Growing digital presence with app-based banking.
Weaknesses
- Many users complain about the Unity Small Finance Bank App being slow and unstable.
- VKYC failures and login problems are common.
- Branch network is still limited compared to SBI, HDFC, or ICICI.
- Customer support is often criticized for being unresponsive.
👉 Overall, Unity SFB is great for fixed deposits but needs improvement in digital banking reliability and customer service.
Unity Small Finance Bank App
The Unity Small Finance Bank App is available on both Android and iOS.
Features Offered
- Instant account opening with Video KYC
- Fixed Deposit (FD) and Recurring Deposit (RD) creation
- Fund transfers via NEFT, RTGS, IMPS, and UPI
- Bill payments and cheque book requests
- Biometric or PIN login for secure access
- Transaction history and account statement download
Real User Feedback
- Some customers like the UI design and say the app is easy to navigate.
- However, many others complain about crashes, login errors, and server issues.
- Onboarding (VKYC) sometimes fails even after multiple attempts.
- iOS users rated the app better than Android, but both platforms show trust issues.
The app has potential, but Unity must focus on stability and reliability.
Unity Small Finance Bank FD Rates
One of the main attractions of Unity SFB is its Fixed Deposit (FD) rates.
Current FD Rates (Approximate for 2025)
- Regular customers: 4% – 9% (depending on tenure)
- Senior citizens: 4.5% – 9.5%
- Special schemes often give higher short-term FD returns compared to large banks.
Why Customers Like Unity FDs
- Much higher than FD rates in SBI, HDFC, or ICICI.
- Deposits are insured up to ₹5 lakh by DICGC.
- Flexible options for both short-term and long-term investors.
Risks to Consider
- Unity is still a new bank with limited track record.
- Some customers report difficulty in booking FDs through the app.
- Always keep FD amounts within the ₹5 lakh insurance limit for safety.
For investors looking for high returns on deposits, Unity SFB is a strong option.
Unity Small Finance Bank Branches
Unity SFB is a young bank, so its branch network is still developing.
- Headquartered in Mumbai, Maharashtra.
- Branches are spread across major cities and select semi-urban areas.
- Most services are encouraged through the Unity Small Finance Bank App and digital channels.
Compared to traditional banks, the number of branches and ATMs is limited.
So if you prefer branch banking, this might be inconvenient.
Unity is clearly focusing more on being a digital-first bank rather than building thousands of physical branches.
Unity Small Finance Bank Credit Card
Currently, Unity SFB is not offering credit cards like SBI, HDFC, or ICICI.
However, they provide:
- Debit Cards linked to savings accounts.
- UPI-enabled services for cashless transactions.
Future partnerships may bring Unity Small Finance Bank Credit Card options, especially since Unity is backed by BharatPe, a fintech player.
If you’re specifically looking for credit card benefits, Unity is not yet the right choice. But for FDs and savings, it is attractive.
Pros and Cons of Unity Small Finance Bank
Pros
- RBI-regulated, safe deposits up to ₹5 lakh
- One of the highest FD rates in India
- Simple and user-friendly banking approach
- Video KYC for quick onboarding
- Digital-first model with app and online services
Cons
- App reliability issues (login errors, crashes)
- Limited branch and ATM network
- No credit card offerings yet
- Customer support needs major improvement
- Still a new bank (trust-building stage)
Who Should Consider Unity Small Finance Bank?
- Good for:
- People seeking high FD returns
- Tech-savvy users comfortable with digital banking
- Investors looking to diversify deposits across banks
- Not ideal for:
- Customers who need wide branch presence
- Those expecting credit cards and premium banking
- Users who get frustrated by unstable mobile apps
FAQs on Unity Small Finance Bank
1. Is Unity Small Finance Bank safe?
Yes. It is RBI-regulated, and deposits up to ₹5 lakh are insured under DICGC.
2. What are Unity Small Finance Bank FD rates?
FD rates range from 4% to 9% for regular customers and up to 9.5% for senior citizens.
3. How to open an account in Unity SFB?
You can open an account via the Unity app using Video KYC, or by visiting a Unity Small Finance Bank branch.
4. Does Unity SFB provide credit cards?
No, currently there are no Unity Small Finance Bank Credit Cards. Only debit card and UPI services are available.
5. Where are Unity Small Finance Bank branches?
The bank has limited branches, mainly in major cities and select towns. It is still expanding slowly.
Conclusion
The story of Unity Small Finance Bank is one of promise and challenges.
- It offers the highest FD rates in the market.
- It is backed by strong fintech and finance names.
- It is regulated and insured, giving depositors confidence.
But at the same time:
- The Unity Small Finance Bank App needs serious upgrades.
- The branch network is still small.
- Customer service quality must improve.
If you want better FD returns and can tolerate app glitches, Unity SFB is worth trying (within ₹5 lakh insured limit).
If you want smooth mobile banking and branch access, you may prefer bigger private or public banks.