AU Small Finance Bank FD Rates

AU Small Finance Bank FD Rates

AU Small Finance Bank FD Rates

AU Bank is a digital-first small finance bank,revolutionising the  Indianbanking experience. It was founded in the year 1996 as an NBFC named Au Financier. However, in 2017 it was renamed AU Bank and converted into a small finance bank.

With its innovative products and services, AU Bank makes it easier for people from all walks of life to manage their money, save for the future, and grow their businesses offers a wide range of products and services, including savings account,loans, micro finance, digital banking and fixed deposits.

In this blog we will go in detail about AU Bank FD rates and different schemes offered. So if you want to learn more about it, Stay tuned!

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Current FD Rates of AU Small Finance Bank

In the table given below, Term wise AU Small Finance Bank FD Rates are mentioned as of August, 2023:

Tenure           Regular Citizens     Senior Citizens
7 days to 14 days     4.25% p.a.     4.75% p.a.  
15 days to 29 days  4.50% p.a.     5.00% p.a.  
30 days to 90 days 5.00% p.a.        5.50% p.a.
91 days to 180 days 5.50% p.a.     6.00% p.a.  
181 days to 364 days          6.00% p.a.   6.50% p.a.  
1 year        7.00% p.a 7.50% p.a.
2 years     7.50% p.a. 8.00% p.a.  
3 years                 7.80% p.a. 8.30% p.a.  
5 years                 8.00% p.a. 8.50% p.a.  
10 years                 8.25% p.a. 8.75% p.a.    

Disclaimer: Please note that these rates are subject to change without prior notice. You should always check with the bank for the latest rates before you invest.

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Types of AU Small Loan Schemes

AU Small Finance Bank offers a variety of small loan schemes to meet the needs of different borrowers.

These schemes offer competitive interest rates and flexible repayment terms, making them a good option for borrowers who are looking for affordable loans.

Here are the different types of fixed deposit schemes offered by AU Small Finance Bank:

  • Regular Fixed Deposits
  • 5-Year Tax Saving Fixed Deposit
  • Sweep-In Fixed Deposits

Regular Fixed Deposits:

Regular Fixed Deposit is apopular mode of long term investment in India. Security aspect along with the interest earned on Regular FDs made it  a go to option for majority of people.

Let’s look into the features and eligibility of Regular FDs offered by AU Bank:

Feature Details
Eligibility Any Indian citizen
Tenure 7 days to 10 years
Interest rate Varies depending on the tenure of the FD.
Minimum investment Rs. 1000
Tax benefits Tax exemption up to Rs. 1.5 lakhs per year.
Penalties for premature withdrawal Yes.

Note: The penalty amount is calculated as a percentage of the amount withdrawn and the number of days remaining before the maturity date.

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5 Year Tax Saving Fixed Deposit

5-Year Tax Saving Fixed Deposit:

  • Tax saving FDs are a type of FD that offer tax benefits under Section 80C of the Income Tax Act.
  • The interest earned on tax saving FDs is exempt from income tax up to a maximum of Rs. 1.5 lakhs per year.

Let’s look into the features and eligibility criterias of  5-year tax saving fixed deposit:

Feature Details
Eligibility Any Indian Citizen
Tenure 5 years
Interest rate 7.80% p.a. for general customers and 8.30% p.a. for senior citizens.
Minimum investment Rs. 1000
Tax benefits Interest earned is exempt from tax up to a maximum of Rs. 1.5 lakhs per year.
Penalties for premature withdrawal Yes.

Note: Penalty for premature withdrawal can be calculated as a percentage of the amount withdrawn and the number of days remaining before the maturity date.

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Sweep-In Fixed Deposits:

Sweep-in FDs are a type of FD that automatically transfers any excess balance in your savings account to a fixed deposit account. This helps you earn higher interest on your money, while still keeping it accessible in your savings account.

Some of the features of the same are:

Feature Details
Eligibility Any Indian Citizen
Tenure 7 days to 10 years
Interest rate Varies depending on the tenure of the FD.
Minimum investment Rs. 1000
Tax benefits Interest earned is taxable.
Penalties for premature withdrawal No penalties for premature withdrawal.

The interest rate for a Sweep-In Fixed Deposit is fixed and is guaranteed by the bank. The interest rate varies depending on the tenure of the FD.

For example:

  • The interest rate for a 1-year Sweep-In Fixed Deposit is 6.00% p.a.,
  • The interest rate for a 10-year Sweep-In Fixed Deposit is 7.80% p.a.

Feature and Benefit of AU Bank FD

Feature and Benefit of AU Bank FDs

AU Bank FD rates are beneficial for individuals who wish to have a higher interest rate. FD rates at AU bank are known to have the highest interest rates among several top banks in India.

Apart from their FD rates, there are several features that surely make AU as one of the go to option:

  • Higher interest rates: AU Bank offers higher interest rates on its FDs than many other banks. This means that you can earn more returns on your investment.
  • Safe and secure investment: AU Bank FDs are a safe and secure investment with guaranteed returns. Your money is protected by the Deposit Insurance and Credit Guarantee Corporation (DICGC) up to Rs. 5 lakhs.
  • Fixed interest rate: You earn a fixed interest rate on your AU Bank FD, regardless of market fluctuations.
  • Minimum investment: The minimum investment amount for an AU Bank FD is as low as Rs. 1000. This makes it an accessible investment option for everyone.
  • Easy to open: You can open an AU Bank FD account online or at any AU Bank branch. The process is simple and quick.
  • Convenient banking: You can manage your AU Bank FD account online or through the AU Bank mobile app. This makes it easy to track your investments and make withdrawals.
  • 24×7 customer support: AU Bank offers 24×7 customer support for its FD customers. This means that you can get help with your account anytime, day or night.

AU Bank FDs are a good option for investors looking for a safe, secure, and profitable investment. They offer a variety of features and benefits that make them a good choice for investors with different needs.

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AU Small Finance Bank vs Other Banks’ FD Rates

AU Small Finance Bank provides a high interest on FD compared to top financial competitors in the market.

Please go through the table given below and compare FD rates for different tenure periods.

Bank Tenure General Senior Citizen
AU Bank 7 days to 10 Years 4.25%-8.25% p.a. 4.75%-8.75% p.a.
HDFC Bank 7 days to 10 years 3.50%-7.00% p.a. 4.00% -7.50% p.a.
ICICI Bank 7 days to 3 years 3.25%-5.50%p.a. 3.75%-6.00%
Axis Bank 7 days to 10 years 3.75% -7.00% 4.25% -7.50%
Bandhan Bank 7 days to 3 years 3.75%-6.25% 4.25%-6.75%
Bank of Baroda 7 days to 10 years 3.75%-7.00% 4.25%-7.50%
Bank of India 7 days- 3 years 3.50%-6% 4.00% -6.5%

With the flexible tenure period, AU Bank provides 8.75% for senior citizens. It offers higher interest rates than some of the leading banks in India, such as Bank of Baroda and Bank of India.

So it is evident  by the features of services offered by AU Bank, from flexible tenures to nomination facilities, the bank ensures both convenience and security for its customers.

Moreover, with the added assurance of Deposit Insurance and Credit Guarantee Corporation coverage, investing with AU Small Finance Bank proves to be a prudent and reliable choice. AU bank’s FD rates are on par with what you need helping you  embark on a journey towards financial prosperity.

So, what do you think?, Does AU Bank’d FD Rates make you want to invest?  or do you have something better?

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FAQs

Q. What are AU bank FD rates?
A.
AU bank FD rates determine how much interest you can earn on your deposited money over a specific period, making them a key factor to consider when choosing a safe and profitable investment option.
 
Q. Is it safe to invest in au bank FD?
A. Investing in AU Bank FD is considered safe due to the bank’s recognition as a scheduled commercial bank and the coverage provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), which safeguards deposits up to a certain limit.
 
Q. Is AU Bank approved by the RBI?
A. Yes, AU Bank is approved by the Reserve Bank of India (RBI) as a scheduled commercial bank.