AU Bank Saving Account: up to 7.00% Interest Rates, how to apply
AU Bank Saving Account: up to 6.40% Interest Rates. Why Choose AU Bank Savings Account? Through its network of branches in India and overseas, AU Bank provides a range of financial products including the AU Bank Savings Account. The savings account has a variety of benefits and services. The most attractive features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.
AU Small Finance Bank have designed for Savings Account Product bouquet with the philosophy built on relevance. Each variant in our Savings Account offering represents our philosophy & aims to cater to a differentiating & significant demographic aspect of one’s life. Whether you are yet to begin your savings journey or are retired from work, whether you are a salaried individual or professional settled abroad, whether you are a student or an ambitious woman pursuing her dreams, we ensure that we, at AU Bank, genuinely add value to your banking experience!
Special Features of AU Bank Saving Account
- AU Bank offers higher interest rates, up to 7.00%*, for your savings ensuring that you always save more.
- AU Bank offering you a monthly interest payout so you realize the interest benefit of your savings every month.
- As your banking relationship grows, we offer you a complimentary auto upgrade to the next level of deserved banking privileges and service benefits.
Interest Rates on AU Bank Saving Account
Mentioned below are the applicable Interest Rates for Savings Account balances for Domestic Savings Accounts. Applicable Interest Rates on Savings Bank Deposits w.e.f. 25th May,2020
|Savings Account Incremental Amount slab||Rate of Interest Applicable (per annum)|
|Balances less than INR 1 lakh||4.00%|
|Balances from INR 1 Lac to less than INR 5 Lacs||5.00%|
|Balances from INR 5 Lacs to less than INR 10 Lacs||6.00%|
|Balances from INR 10 Lacs to less than INR 5 Crores||7.00%|
|Balances from INR 5 Crores to less than INR 10 Crores||6.50%|
- Please note that the Savings Account interest will be calculated on a daily basis & paid at monthly intervals (i.e. post the end of each month)
- Please note that the interest rates mentioned are applicable for the incremental balances that are present corresponding to the amount slab mentioned.
- For example: If the total balance is INR 100 Lacs, then the following grid will be applicable:
- For incremental balances of INR 1 to INR 99,999: 4.00%
- Next For incremental balances of INR 1 Lac to INR 4,99,999: 5.00%
- For incremental balances of INR 5 Lacs to INR 9,99,999: 6.00%
- For incremental balances of INR 10 Lacs to INR 5 Crores: 7.00%
- Next For incremental balances of INR 5 Crores to INR 10 Crores: 6.50%
- Please note that all the above stated Savings Account Interest Rates are subject to change without prior notice
*For interest rates on amount greater than Rs. 10 Crores, please contact the branch / your designated Relationship Manager.
How to Apply
Click here to apply online for AU Bank Saving Account
The AU Bank online savings account opening procedure is simple.
- Any Indian resident can open a AU Bank savings account online by visiting the AU Bank website. Under personal banking, go to “Deposit schemes”, you will find the option of savings bank account.
- It is important to read the benefits, rules and regulations before clicking on the “apply online” option.
- Fill in all the details in the online application form.
- A TCRN (Temporary Customer Reference Number) will be generated and sent to the registered mobile number.
- Visit the nearest AU Bank branch within 30 days with the required original documents and your account will be opened.
Types AU Bank Saving Account
Key Benefits Of AU Bank Savings Account
AU Bank provides a range of financial products including the AU Bank Savings Account, through its network of branches in India and overseas. The savings account has a variety of advantages and many easy to use services. The most beneficial and useful features are that the savings account does not require a minimum balance and provides ATM/Debit card, net banking and mobile banking facilities.
- Transfer accounts to any AU Bank Branch without changing the account number
- Passbook issued free of charge
- No inter core charges for transfer transactions
- Multicity cheques
- Safe Deposit lockers
- Internet Banking, Mobile Banking, Kiosk Banking
- Nomination facility
- Personal Accident Insurance available at a nominal premium
- Multiple variants of ATM/Debit Cards like Gold Card, International ATM/Debit Card, etc.
- Can be linked to Multi Option Deposit (MOD) Account
Documents Required for AU Bank Saving Account
- Account Opening Form (AOF)
- Proof of identity and address ( Aadhar card, NREGA card, PAN card, Passport, Voter’s ID, Driving Licence)
- 2 recent passport-size colored photographs
- In the case of minors below the age of 10, ID proof of the person who will operate the account is required. If the minor can operate the account independently, the regular procedure will be applicable
Q1 Can I open a joint account? Who are eligible for joint account holders?
Opening a joint account is same as having a savings account except that two people will operate the account instead of one. Anyone above the age of 18 can open a joint account. Minors can also open joint accounts with one of their parents as the other signor of the account.
Q2 At what rate will I earn interest on the balance in my Savings Account?
The rate at which interest is calculated in a savings account is usually in the range of 5%–7.00% per annum. AU Bank usually offers 7.00% on its deposits while Yes Bank, RBL Bank and Kotak Bank offer 6%.
Q3 When is the interest earned on my saving account deposited/credited into my account?
Interest earned on your Savings Account balance is credited to your account on a half yearly basis. However, the interest is calculated either monthly or on an average daily balance basis.