Photo Source: Babushahi Bureau
Unity Bank opens 7 new branches in Punjab
Babushahi Bureau
Chandigarh, March 20, 2024 – Unity Small Finance Bank Limited (Unity Bank), a new age, digital-first bank, has established its presence in the land of five rivers – Punjab with the launch of seven new branches.
Unity Bank's foray will leverage the growing business opportunities in the city, provide customers with attractive interest rates on deposits, offer business loans to MSMEs, and more importantly offer the citizens of Punjab an opportunity to Bank with a Smarter, Faster, and more Convenient Bank.
To mark a strong presence, Unity Bank has opened State-of-the-art branches in Sectors 7, 22, and 27 & Mani Majra in Chandigarh, Mall Road in Amritsar, and Model Town and Feroze Gandhi Market in Ludhiana. Going forward branches will also be opened in Ambala and Jalandhar.
Ram Raj Badyal, Former DGM, NABARD inaugurated Unity Bank's branch at Sector 27 in Chandigarh, whereas Shri. Nikhil Aggarwal, CEO, of Ernst Pharmacia, inaugurated the branch at Sector 7 in Chandigarh.Unity Bank offers Fixed Deposits to senior citizens at an attractive rate of 9.50% pa* whereas retail investors will earn 9.00% pa*.
For Savings Accounts, Unity Bank offers an interest of 7.50% pa for deposits greater than Rs. 20 lakhs and up to Rs. 5 crores and 7.25% pa for deposits greater than Rs. 5 lakhs and up to Rs, 20 lakhs. Additionally, lockers are also available at competitive rates at select branches.
"We are excited to bring Unity Bank closer to the people of Punjab, a vibrant and dynamic region with immense potential," said Inderjit Camotra, MD & CEO, of Unity Bank.
"Our digital-first approach seamlessly compliments our growing branch network that enables customers to access a wide range of banking services from the comfort of their homes or on the go.
The state has already built a strong foothold across several industries, including Agro and food processing, tractors, and auto components. Additionally with a large Punjabi diaspora settled abroad, it attracts strong remittances which has added to the economic development in the state. It is also emerging as a hub for entrepreneurship and start-ups, all of which make it a favorable market to build a strong presence. We are confident that our digital-first approach will resonate with the tech-savvy residents of Punjab, enabling them to manage their finances effortlessly and securely.”
Unity Bank is a Scheduled Commercial Bank, promoted by Centrum Financial Services Ltd. It has a deposit base of over Rs 6,000 crores, Total Assets of over Rs 8,000 crores, and a network of 158 Retail Bank Branches across India.