The newly-formed Unity Small Finance Bank has asked retail depositors of the erstwhile PMC Bank to park with it the claim funds to receive a 7 percent interest rate, reports Business Line.
The PMC depositors will receive up to Rs 5 lakh (including interest accrued up to March-end 2021) by March-end 2022 into their savings bank accounts with Unity SFB.
Balances over Rs 5 lakh will be received by the depositors in phases running up to January 2032.
It is worth mentioning that as per the government-approved scheme, the PMC Bank has been amalgamated with Unity SFB.