AU Small Finance Bank operates as a scheduled commercial bank regulated by RBI (Reserve Bank of India). Founded in 1996 and established as a small finance bank in 2017, AU Small Finance Bank offers different financial and banking services to individuals, small and micro businesses and retail customers. The vision of this bank is to be the world’s most trusted retail bank.
AU Small Finance Bank gives their customers a wide variety of deposit and savings schemes to choose from to save and grow their money for future needs. Among these, a popular savings scheme is Fixed Deposit. The bank offers a range of fixed deposit schemes that ensure a lucrative return after a specific tenure. AU Small Finance Bank FD rates are competitive and attractive in the market, along with special benefits to senior citizens as well.
Let us read this article to know more about the schemes, benefits and eligibility criteria to apply for an FD with AU Small Finance Bank.
| Minimum Deposit | ₹1,000 |
| Maximum Deposit | ₹2 crores |
| Minimum Tenure | 7 days (for residents)1 year (for NRE and NRO) |
| Maximum Tenure | 10 years (for residents, NRE and NRO) |
| Interest Rates | 3.75% – 8.77% (including rate for senior citizens) |
| Lock-in Period | 5 years (only for the 5-Year Tax Saving FD scheme) |
| Senior Citizen | 4.25% – 8.77% (annualised) |
| General Citizen | 3.75% – 8.24% (annualised) |
AU Small Finance Bank FD Rates – February 2024
| Tenure | General Citizen | Senior Citizen |
|---|
Features and Benefits of AU Small Finance Bank FD
Whether you want to open an FD for a short or long tenure, AU Small Finance Bank FD has different features and advantages that can benefit every investor.
Let us look at the list of benefits and features below.
- With Tax Saver FDs, you can avail of a tax deduction of ₹1,50,000 on the interest income under Section 80C of the Income Tax Act.
- Loan facilities are available for all fixed deposit overdraft schemes.
- Senior citizens get an additional 0.50% on the AU Small Finance Bank interest rate.
- Flexible tenure option of up to 10 years on different schemes.
- A nomination facility is available to claim the earnings and interest per the bank’s conditions.
- Long-term and risk-free way of saving your money to fulfil financial goals.
How to Book AU Small Finance Bank FD?
Booking a fixed deposit with AU Small Finance Bank is easy as it provides you with online and offline options to apply. Let us take a closer look at the types of FD booking methods and the steps you need to follow to open your fixed deposit account.
Online
If you are accustomed to online banking procedures, you can follow the method discussed below to book your FD account with AU Bank. Whether you are an AU Small Finance Bank customer or not, you can book your FD account with the help of the bank’s mobile application or net banking portal.
- Step 1: From the AU 0101 app, select the fixed deposit option. You can also log in to the net banking portal and navigate to the same option.
- Step 2: Enter your Aadhaar and PAN card details to verify it for e-KYC and proceed.
- Step 3: You need to confirm your income and personal details and submit the FATCA declaration.
- Step 4: From the available options, choose the type of fixed deposit you want to book, enter the amount and tenure as per your financial suitability and enter your bank account details.
- Step 5: Set your instructions on the maturity of the investment and enter the nominee details.
- Step 6: Confirm all the information and proceed to deposit in your account.
- Step 7: Now, either select ‘Schedule a Video Call’ or ‘Complete your KYC over Video Call Now’ to complete verification of the entered details.
- Step 8: After the Video Banking Officer calls, confirm all the details you entered, show your PAN card, and sign and display your signature on a blank paper on camera.
Note* – There are certain requirements that you must follow for your Video KYC process. They are:
- The age must be 18 years or more.
- Keep a smartphone, laptop or tablet ready for video calls with active internet.
- A well-lit room for properly commencing the video call.
- A blank paper, your original PAN card and a black or blue pen handy, as per the requirement of the bank personnel.
Offline
- Step 1: Visit their local AU Small Finance Bank office to create a Fixed Deposit (FD) account.
- Step 2: Fill in the AU Small Finance Bank FD application form and provide all required papers
- Step 3: Deposit the amount of FD.
AU Small Finance Bank will receive an FD acknowledgement receipt upon successful acceptance.
Documents Required to Book AU Small Finance Bank FD
You must furnish certain documents to AU Small Finance Bank whilst opening a fixed deposit account with them. The documents are:
- Fixed deposit application form
- Address Proof – Bank statement with cheque, Aadhaar Card, Passport.
- Proof of Date of Birth – Birth certificate, Aadhaar Card, Voter ID Card, Service Discharge Certificate, NREGA Job Card.
- Identity Proof – PAN Card, Passport, Driving Licence, Voter ID Card.
- PAN Card / Form 60 or 61
- Passport-sized photograph of depositor
- Bank account details – account number, IFSC code, and branch name.
Eligibility to Open AU Small Finance Bank FD
Check the below-mentioned list to know the eligibility conditions.
- Applicant type: Any Indian residents, overseas citizens, Non-Resident Indians (NRIs) and persons of Indian origin, HUF (Hindu Undivided Family) members, NRIs, sole proprietorship firms, partnership firms, families, HUFs, trust accounts and limited companies.
- Age (in case of individual applicants): The minimum age to apply for AU Bank FD is 18 years. Minors are also eligible to jointly book an FD account with an adult.
Types of AU Small Finance Bank FD Schemes
AU Small Finance Bank offers its customers a number of fixed deposit schemes to choose from as per their financial suitability and future plans. AU Bank FD rates are different for each scheme, mainly due to the tenure of the FDs being different.
Read the following sections to explore the different types of AU Bank FDs and their features:
1. Regular Fixed Deposits
This fixed deposit scheme offers a fixed rate of interest on the deposits you make, irrespective of market fluctuations. AU Small Finance Bank offers you an attractive interest rate on this scheme, with the option of auto-renewal and flexible pay-out.
DICGC offers insurance coverage with this scheme, making it a safe investment option. Moreover, with this scheme, you can choose between the callable and non-callable FD options. Senior citizens get an additional benefit of 0.50% on the interest rate.
- Minimum Amount: ₹1,000
- Maximum Amount: ₹2 crores
- Tenure: 7 days to 10 years for residents and 1 year to 10 years for NRE and NRO accounts
- Interest Rate: 3.75% – 8.77% (including senior citizens)
- Eligibility Criteria: Residents, NRIs, sole-proprietorship firms, HUF, limited companies, partnership firms, and Trust accounts.
2. 5-Year Tax Saving Fixed Deposit
If you want to save your money as well as invest in a tax-saving option, then this FD scheme offered by AU Small Finance Bank is the best option. AU Bank’s FD interest rate is higher in this plan. You get guaranteed returns after maturity, subject to the completion of a five-year lock-in period. Applying for this FD will help you to be eligible for tax deduction under Section 80C of the Income Tax Act 1961.
- Minimum Amount:₹1,000
- Maximum Amount: ₹1,50,000 (each financial year)
- Tenure: 5 years
- Interest Rate: 7.25%
- Eligibility Criteria: Indian Residents (including senior citizens) and HUF
3. Sweep-In Facility
AU Small Finance Bank’s Sweep-In fixed deposit facility helps you to overcome the stress of financial emergencies. Your fixed deposit account is linked to your current or savings account. In times of need, you can sweep in the funds you need without prematurely breaking your FD. Moreover, no additional fees have to be paid in case enough money is unavailable in your savings account.
- Minimum Amount: No data found
- Maximum Amount: No data found
- Tenure: No data found
- Interest Rate: 3.75% – 8.24% (annualised)
- Eligibility Criteria: Indian Residents
4. Covid Shield Deposit
Having a solid investment and savings plan is essential for surviving unanticipated circumstances like the COVID-19 pandemic. The COVID Shield Deposit initiative is one of the services provided by AU Small Finance Bank. It not only helps you meet your financial obligations in trying times, but it also provides economic stability and protects the well-being of your family.
Moreover, during renewal, existing FDs created using the Covid Shield Product in the auto-renewal mode will be changed to a comparable normal FD product.
- Minimum Amount: No data found
- Maximum Amount: No data found
- Tenure: 24 months to 36 months
- Interest Rate: 7.69% (annualised and including senior citizen rate)
- Eligibility Criteria: Indian Residents
Once you plan to invest your funds in a fixed deposit scheme, thoroughly go through all the conditions, features and benefits. AU Small Finance Bank FD rates are competitive with flexible tenure options, making it a reasonable scheme to invest in and grow your money.
FAQs
Disclaimer
This article is solely for educational purposes. Stable Money doesn't take any responsibility for the information or claims made in the blog.
