Discover AU Bank’s Savings Account with Interest Rates of up to 7.25%. Why should you consider AU Bank for your Savings Account needs? With a widespread network of branches in India and abroad, AU Bank offers a diverse range of financial products, including the AU Bank Savings Account. This savings account comes with a host of benefits and services. Notably, it doesn’t require a minimum balance, and it provides you with an ATM/Debit card, net banking, and mobile banking facilities.
At AU Small Finance Bank, our Savings Account products are designed with a philosophy rooted in relevance. Each variant in our Savings Account lineup aligns with our philosophy and aims to serve distinct and vital aspects of various demographics. Whether you’re just starting your savings journey or enjoying retirement, whether you’re a salaried professional or an expatriate, whether you’re a student or an ambitious woman pursuing your dreams, at AU Bank, we are committed to enhancing your banking experience and genuinely adding value to your financial journey!
इस पोस्ट में क्या है ?
Unique Features of AU Bank Savings Account
AU Bank’s Savings Account Features:
- Competitive Interest Rates: AU Bank provides attractive interest rates, going up to 7.25%*, helping you maximize your savings.
- Monthly Interest Payout: Enjoy the benefits of your savings with AU Bank’s monthly interest payout, ensuring you reap the rewards of your savings every month.
- Gradual Banking Advancement: As your banking relationship with us evolves, we offer you a complimentary auto upgrade to the next tier of well-deserved banking privileges and service benefits.
AU Bank Savings Account Interest Rates
The following are the interest rates applicable to Domestic Savings Accounts for balances, effective as of December 12, 2022.
|💰 Savings Account Incremental Amount slab**||📈 Rate of Interest Applicable (per annum)|
|Balances less than INR 1 Lac||3.50%|
|Balances from INR 1 Lac to less than INR 10 Lacs||5.00%|
|Balances from INR 10 Lacs to less than INR 25 Lacs||6.00%|
|Balances from INR 25 Lacs to less than INR 1 Crore||7.00%|
|Balances from INR 1 Crore to less than INR 2 Crores||7.25%|
|Balances from INR 2 Crore to less than INR 5 Crores||7.25%|
|Balances from INR 5 Crore to less than INR 10 Crores||7.25%|
- Savings Account interest is calculated on a daily basis and disbursed at monthly intervals, specifically at the end of each month.
- The mentioned interest rates are applicable to the incremental balances within the specified amount slabs. To illustrate, if the total balance is INR 5 Crores, the following interest rates will apply:
- For balances from INR 1 to INR 99,999: 3.50%
- For incremental balances from INR 1 Lac to INR 9,99,999: 5.00%
- For incremental balances from INR 10 Lacs to INR 24,99,999: 6.00%
- For incremental balances from INR 25 Lacs to INR 1 Crore: 7.00%
- For incremental balances from INR 1 Crore to INR 2 Crores: 7.25%
- For incremental balances from INR 2 Crore to INR 5 Crores: 7.25%
*If you require information about interest rates for amounts exceeding Rs. 10 Crores, please reach out to your branch or designated Relationship Manager.
- Begin Your Application: Click on the link provided to apply for an AU Bank Savings Account online.
- Simple Online Process: The online account opening process with AU Bank is straightforward and user-friendly.
- Eligibility for Indian Residents: Any Indian resident can open an AU Bank savings account online by visiting the AU Bank website. Under the “Personal Banking” section, navigate to “Deposit Schemes,” where you’ll find the option to open a savings bank account.
- Review Benefits and Rules: Before proceeding, it’s essential to carefully review the benefits, rules, and regulations associated with the account.
- Complete Online Application: Fill in all the required details in the online application form as per the instructions.
- TCRN Generation: Upon successful submission, a Temporary Customer Reference Number (TCRN) will be generated and sent to your registered mobile number.
- Visit the Nearest Branch: Within 30 days, visit the nearest AU Bank branch with the necessary original documents. Your account will be activated during this visit.
Types AU Bank Saving Account
Advantages of an AU Bank Savings Account
AU Bank offers a diverse array of financial products, and among them is the AU Bank Savings Account, available through its extensive network of branches in India and overseas. This savings account boasts a multitude of benefits and user-friendly services. Notably, it stands out for not mandating a minimum balance and for providing access to ATM/Debit cards, net banking, and mobile banking facilities, making it a convenient choice for customers.
Here are the features of AU Bank Savings Account:
- Transfer your account to any AU Bank Branch without altering your account number.
- Receive a complimentary passbook for your account.
- Enjoy transfer transactions without incurring inter-core charges.
- Access multicity cheques.
- Secure safe deposit lockers.
- Utilize Internet Banking, Mobile Banking, and Kiosk Banking.
- Nomination facility is available.
- Opt for affordable Personal Accident Insurance.
- Choose from various ATM/Debit Card options, including Gold Card and International ATM/Debit Card.
- Link your account to a Multi Option Deposit (MOD) Account for added flexibility.
Documentation Needed for an AU Bank Savings Account
- Account Opening Form (AOF)
- Proof of identity and address (Acceptable documents include Aadhar card, NREGA card, PAN card, Passport, Voter’s ID, or Driving Licence)
- Two recent passport-size color photographs
- In the case of minors below the age of 10, the ID proof of the person who will operate the account is necessary. If the minor can independently operate the account, the standard procedure will apply.
AU Bank Savings Account FAQ
Opening a joint account is similar to having an individual savings account, with the key difference that two individuals can operate the account together. Anyone above the age of 18 is eligible to open a joint account. Minors can also open joint accounts, with one of their parents serving as the other account signatory.
Interest rates for savings accounts typically range from 5% to 7.00% per annum. AU Bank usually offers a 7.00% interest rate on its deposits, while banks such as Yes Bank, RBL Bank, and Kotak Bank offer 6%.
Interest earned on your Savings Account balance is credited to your account on a semi-annual basis. However, the interest may be calculated either on a monthly basis or based on the average daily balance.