Latest AU Bank Savings Account Interest Rates 2024

Several people open a savings account with AU Small Finance Bank because of its added benefits. This bank executes monthly interest payouts for all its account holders. In this blog, you can learn about the AU Bank savings account interest rate in detail. 

Latest AU Small Finance Bank Savings Account Interest Rates 2024

Individuals deciding to join AU Bank as savings account holders can earn excellent interest returns of up to 7.25% p.a. In the following table, you can notice the applicable interest rates w.e.f. 11th September, 2023:

Please note: The above-mentioned rates are applicable for all types of domestic/NRE/NRO savings accounts as per the latest notifications published on the bank’s website. These may change quarterly. Hence, you should refer to the official portal to determine exact returns. 

AU Bank Savings Account Minimum Balance Required

The AU Small Finance Bank has devised various savings account options to cater to different financial needs. As you have already come across the AU Bank monthly interest estimates, you can refer to the minimum balance maintenance requirements. Both these factors combined will help make a well-informed decision.

In addition, the AU Bank also puts forward the provision to open savings accounts on behalf of minors. No minimum balance requirements have been stipulated for such accounts.

AU Bank Savings Account Charges

The following table discusses some vital charges applicable to various AU Bank savings account variants. These fees are effective from August 1. 2023:

1. Annual Debit Card Fee

• AU Digital Savings Account – RuPay Platinum Card: ₹150
• AU ABHI Account – RuPay Domestic Classic Debit Card: Free
• AU Senior Citizen Savings Account – VISA Gold: ₹150
• AU NRI Account – VISA Platinum: ₹150
• AU Women Account – VISA Gold: ₹150

2. Cash Deposit Charges (Applicable for all Branches)

• AU Digital Savings Account – Free up to ₹1 Lakh per monthAfter that: ₹4/ ₹1,000 worth deposit (Minimum: ₹50)
• AU ABHI Account – Free up to ₹50,000 p.m.,₹4 per ₹1,000 post free limit (min. ₹50)
• AU Senior Citizen Savings Account – Free up to ₹5 Lakhs per monthAfter that: ₹4/ ₹1,000 worth deposit (Minimum: ₹50)
• AU Women Account – Free up to ₹5 Lakhs per monthAfter that: ₹4/ ₹1,000 worth deposit (Minimum: ₹50)

3. Cheque Return Handling Charges

• Savings Account Type – ₹100 per cheque
• Savings Account Type – NA
• AU Senior Citizen Savings Account – ₹100 per cheque
• AU NRI Account – ₹100 per cheque
• AU Women Account – ₹100 per cheque

4. Online Fund Transfer Charges at AU Bank Branch

• Savings Account Type – ₹100 per cheque
• AU Senior Citizen Savings Account – ₹100 per cheque
• AU NRI Account – ₹100 per cheque
• AU Women Account – ₹100 per cheque

5. Miscellaneous Charges

• Savings Account Type – ₹50 for issuance of subsequent chequebooks/ outstation cheque collection
• Savings Account Type – ₹50 as DD cancellation charge Also, 30p. per SMS charge is there (max cap at ₹15/quarter) It is applicable for non-mandatory SMS
• AU Senior Citizen Savings Account – ₹50 for issuance of subsequent chequebooks/ outstation cheque collection
• AU NRI Account – ₹50 for issuance of subsequent chequebooks/ outstation cheque collection
• AU Women Account – ₹50 for issuance of subsequent chequebooks/ outstation cheque collection

Why Choose an AU Small Finance Bank Savings Account?

For day-to-day personal banking, an AU Bank savings account is genuinely useful. Besides flexibility in withdrawing money and paying bills, you get to enjoy impressive AU Bank interest rates on savings accounts. 

Here are some notable features of their savings accounts about which you must be aware of:

1 100% Paperless Banking

Gone are those days when you had to visit the bank and fill out a deposit slip to secure your savings. Now, you can perform these actions online via AU Bank net banking or by using the AU 0101 mobile application. 

2 Highly Rewarding Debit Card 

AU Bank makes you eligible for an offer-rich VISA Gold debit card upon opening a specific savings account such as Royale, Platinum, Salary, etc. On using this card, you collect reward points that later on can be redeemed for discounts across various reputed brands. 

3 Wide Range of Options

Anyone preferring AU Bank as their long-term banking partner can opt for a zero-balance savings account. Besides this, other exclusive schemes have been tailored for kids, students, women, senior citizens, etc. that help reduce their dependence on cash. 

These are some top advantages of maintaining a savings account with AU Bank:

Key Benefits of AU Bank Savings Account

• It instils a habit of saving, especially for fixed-income earners and salaried individuals. 
• The account holders realise interest earnings each month. It motivates them to add to their corpus even more.
• AU Bank savings accounts come with auto-upgrade features. As a result, you can enjoy special services after maintaining an account for a certain period.
• Also, with an account you are provided a debit card for just ₹150 annually. It allows you to carry out daily expenses more easily and reduces your cash dependency. 
• By using the AU 0101, you can do unlimited online shopping and send money to anyone whenever you like. Besides net banking, you can utilise other virtual payment services like NEFT/ RTGS/ IMPS too using AU Bank’s mobile app.  
• Finally, you can avail a joint savings account opening facility. These accounts encourage married couples to save together for their future and come with many added benefits. 

Additional Benefits Associated with AU Bank Savings Account

In case you are wondering that there may be some additional benefits besides the market-competitive AU Bank savings account interest rate, you are correct.

Here are the top three cloaked benefits for all the customers:

1 Extensive Network Access

As of today, AU Small Finance Bank boasts 1000+ Touchpoints all across India. As soon as you become one of their customers, you can avail banking services from any of their branches and ATM kiosks. 

2 Attractive Passive Income

Your deposits safely grow in a regular savings account. Not to mention, the superb AU Bank savings interest rate makes your wealth-growing journey even more rewarding. 

3 Automated Bill Payment Facilities

Using the mobile banking app of AU Small Finance Bank, you can automate recurring payments. It makes personal financial management a lot easier as the risks of missing EMI due dates can be successfully avoided. 

How To Open an Online AU Bank Savings Account?

Here are the quick steps to complete an account opening procedure on the go:

• Step 1: Download the AU 0101 application.
• Step 2: Open the app and click on the tab mentioning ‘Savings Account’.
• Step 3: Now, you must feed in your PAN and Aadhaar Card details to continue with the e-KYC verification process.
• Step 4: Select a savings account type among the available options. 
• Step 5: Select your Home branch and confirm the necessary details to make the initial deposit.
• Step 6: Next, you can conclude the verification process instantly or schedule it later. A designated official will attend you on a video call at your convenience.
• Step 7: On call, show your PAN card to the bank personnel and complete a signature in front of him to end the process. 

You will receive a confirmation text via SMS upon successful account opening with AU Small Finance Bank. 

How to Open an Offline AU Bank Savings Account? 

If you prefer visiting your nearest AU Bank branch to avail the high-yielding AU Bank savings account interest rate, then this stepwise guide is for you:

• Step 1: Specify your basic details, following which the bank representative will ask you to capture a selfie for records and submit biometric details.
• Step 2: As you submit the biometric data, automatically the details linked with your Aadhaar card get updated. Continue filling out the remaining fields.
• Step 3: Alternatively, you can manually enter the required data (this needs to be done if you select the OTP-based account opening method).
• Step 4: Now, complete the initial payment if your selected account type requires a maintenance balance. 

After all these steps, you successfully create a new deposit account. Hence, you receive all the mandatory deliverables like a debit card, chequebook, and other essentials via courier within 7-10 days. 

Eligibility Criteria to Open an AU Bank Savings Account 

The eligibility criteria for availing the AU Bank savings account interest rate are quite minimal. Here are the particulars:

• You must reside in India to apply for a savings account.
• To open any savings account other than the AU Kids or Student Account, you must be above 18 years of age.

Documents Required to Open an AU Bank Savings Account 

To open an AU Bank savings account, you have to submit these documents:

1 One ID Proof Document

This can be your Aadhaar Card/Driving Licence/ PAN Card/ NREGA Job Card/Voter ID Card.

2 One Residential Proof Document

Under this head, you may submit any utility bill like gas bill, internet bill, electricity bill, etc. Otherwise, you can produce photocopies of your passport/property tax bill.

Types Of AU Bank Savings Account and Its Features

In the upcoming section, you will see the best features of different AU Bank savings schemes:

1. AU Digital Savings Account

• AU Bank’s video banking service is sufficient to open this account. You can complete the entire account opening and customer verification process from your home or anywhere.
• You do not have to worry about any average maintenance balance since it is a zero-balance account.
• Online payments through this account are fast and reliable with no additional charges involved.

2. AU ABHI Account

• You can execute unlimited NEFT/ RTGS/ IMPS payouts for free.
• The bank gives you a virtual RuPay debit card to enjoy seamless online transactions.
• Finally, the account opening process is too easy. You just need to put your Aadhaar and PAN card details while applying online.

3. AU Senior Citizen Savings Account

• As soon as you cross the age of 60, you can enrol for this savings account scheme.
• Extended banking hours
• 50% discount on locker charges
• Relatively higher interest rates compared to a regular savings account

4.AU NRI Account

• Monthly interest credits and a highly competitive interest rate
• Exclusive Hospi-Cash facility for the account holder’s parents (if they live in India)
• Complimentary tax advisory service

5. AU Women Account

• Extended banking hours
• Monthly interest payouts
• 24/7 highly secure transactions

Steps to Open AU Bank Video KYC Savings Account

Here is a detailed stepwise guide on how to avail AU Bank savings account interest rate with video banking:

• Step 1: Navigate to the ‘Video Banking’ section under ‘Personal Banking’ by visiting AU Bank’s website.
• Step 2: Enter the Aadhaar-registered phone number to receive an OTP.
• Step 3: After entering the OTP and PAN details, click on ‘Proceed’.
• Step 4: Attend the video call and keep all the required documents handy as the official will ask for them.
• Step 5: Sign in front of the official. 

This is how you successfully apply for a savings account through video calling.

AU Bank Savings Account Transaction Limit

For AU Bank customers, the daily transaction limits vary based on their chosen mode of payment. Here’s a table explaining the same:

How to Close an AU Bank Savings Account?

Closing an existing savings account is completely hassle-free. Here’s how you can do it:

• Step 1: Procure the closure form online.
• Step 2: Fill it out and submit it at your nearest AU Bank branch.
• Step 3: Return the chequebook, debit card, passbook, etc.
• Step 4: Provide the account particulars where you wish to withdraw the remaining funds. 

Final Word

Following the steps provided above, anyone can easily take advantage of the significant AU Bank savings account interest rate. At any stage, if an applicant faces any difficulties, they can call the bank personnel to get their doubts resolved instantly.

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Disclaimer

This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.