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AU Small Finance Savings Account Interest Rates

AU Small Finance Savings Account Interest 2022

Last Updated 13th Jan 2022

Saving Account Interest Rate
Samarth Saving scheme 3.50% - 7.00%
Pragati Saving Schemes 3.50% - 7.00%
Sahyog Saving Schemes 3.50% - 7.00%
Varishtha Saving Schemes 3.50% - 7.00%
Tejaswini Saving Schemes 3.50% - 7.00%
Bachpan Saving Schemes 3.50% - 7.00%
Samarth Pravasi Saving Schemes 3.50% - 7.00%
Vidyaarthi Saving Schemes 3.50% - 7.00%
Aarambh Saving Schemes 3.50% - 7.00%
AU Abhi Saving Schemes 3.50% - 7.00%
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AU Small Finance Bank Savings Accounts Interest Rate

AU Small Finance Bank offers an interest rate ranging upto 7.00% on the minimum average balance maintained in the savings account. It calculates the interest rate on savings bank accounts on a daily basis. However, the interest is paid to the account holders every quarter. With AU Small Finance Bank Savings Account youth and minors can get additional benefits on their Savings Account. AU Small Finance Bank also offers attractive benefits like mobile and internet banking services, free Debit Card and customised savings account depending on different customer profiles.

Features and Benefits

AU Small Finance Bank Savings Account helps you to save money by providing interest on your idle money deposited in the savings accounts. The rate of interest on AU Small Finance Bank Savings Account varies as per the Savings Account product. Some of the key features and benefits of AU Small Finance Bank savings account are:

  • It offers interest rates upto 7.00% p.a. You can easily access AU Small Finance Bank Savings Account anywhere through a large network of branches and ATMs .
  • If you want to transfer funds from AU Small Finance Bank Savings account to any other bank account, you can do it through modes such as RTGS , IMPS, NEFT and UPI facilities.
  • To maintain an AU Small Finance Bank Savings account, you require a minimum balance of Rs. 5,000.
  • AU Small Finance Bank personalized account number and cheque book enhances security and ensures your money is safe.
  • You can get SMS Alerts and e-statement facilities with AU Small Finance Bank Savings Account.
  • With the Auto Sweep Facility of AU Small Finance Bank, your account can be linked to a Multi Option Deposit MOD account.

AU Small Finance Savings Account Rates

Saving Account Interest Rate Minimum Balance
Samarth Saving scheme 3.50% - 7.00% Rs. 5,000
Pragati Saving Schemes 3.50% - 7.00% NIL
Sahyog Saving Schemes 3.50% - 7.00% NIL
Varishtha Saving Schemes 3.50% - 7.00% Rs. 5,000
Tejaswini Saving Schemes 3.50% - 7.00% Rs. 5,000
Bachpan Saving Schemes 3.50% - 7.00% NIL
Samarth Pravasi Saving Schemes 3.50% - 7.00% Rs. 5,000
Vidyaarthi Saving Schemes 3.50% - 7.00% NIL
Aarambh Saving Schemes 3.50% - 7.00% NIL
AU Abhi Saving Schemes 3.50% - 7.00% NIL

Eligibility & Documentation Required for Opening Savings Account in AU Small Finance Bank

To open a savings account in AU Small Finance Bank, you need to fulfill the following eligibility criteria:

  • You need to have valid KYC Documents.
  • You can open a savings account singly or jointly.

Documents Required

You can open a savings account with prescribed application form and minimum KYC documents, which are mentioned below:

  • Application Form with attested photographs
  • Proof of identity- Passport, Voter ID card, PAN Card, Govt./Defence ID card, Driving Licence etc.
  • Proof of current address- Credit Card Statement, Salary slip, Electricity Bill/Telephone Bill, ration card etc.

How is AU Small Finance Bank Savings Account Interest Rate Calculated?

As per the RBI mandate, AU Small Finance Bank calculates saving account rate on average balances in the account on a daily basis. The interest can however be paid monthly, annually or quarterly. The following formula is used by AU Small Finance Bank to calculate interest on Savings Bank Account on the basis of daily balance in the account

Interest = Amount (Daily balance)*(No of days)* Interest/Days in the year.

Compare Savings Account Interest Rates of All Banks

AU Small Finance Savings Account Products

  • Samarth Saving scheme : AU Small Finance Bank offers interest rates ranging between 3.50% to 7.00% on Samarth Saving scheme .You can open a Samarth Saving scheme in AU Small Finance Bank by depositing Rs. 5,000 amount as minimum balance.
  • Pragati Saving Schemes : If you have deposited your excess funds in a Pragati Saving Schemes, you can get interest at 3.50% to 7.00% on your account. This account can be opened by anyone with a minimum age of 18 Years.
  • Sahyog Saving Schemes : AU Small Finance Bank provides interest rates ranging between 3.50% to 7.00% on Sahyog Saving Schemes. The minimum balance requirement to open this account is NIL.
  • Varishtha Saving Schemes : You can get interest at 3.50% and 7.00% respectively on Varishtha Saving Schemes in AU Small Finance Bank. The account can be opened in AU Small Finance Bank by depositing Rs. 5,000 amount.The debit card available for this account are Visa gold Debit Card).
  • Tejaswini Saving Schemes : If you have deposited your excess funds in a Tejaswini Saving Schemes, you can get interest at 3.50% to 7.00% on your account.
  • Bachpan Saving Schemes : You can get interest at 3.50% to 7.00% in Bachpan Saving Schemes. This account can be opened in AU Small Finance Bank by depositing a minimum amount of NIL after an age of No minimum age limit.
  • Samarth Pravasi Saving Schemes : The interest that you can earn on Samarth Pravasi Saving Schemes is in the range of 3.50% to 7.00% respectively.The debit card available for this product isDomestic Rupay platinum Debit Card or Visa Planum Debit Card
  • Vidyaarthi Saving Schemes : AU Small Finance Bank provides interest rate at 3.50% to 7.00% on Vidyaarthi Saving Schemes. Further, to open this Saving Account, the minimum balance requirement is NIL. You can open this account at a minimum age of 18 Years.

FAQs

How much interest is charged by AU Small Finance Bank on Savings Account?

As per the current rates, AU Small Finance Bank offers maximum interest rate of 7.00% on Savings Account. AU Small Finance Bank provides this interest on the minimum balance maintenance of Rs. 5,000. The interest rate may however vary across the AU Small Finance Bank savings account product.

What is the minimum amount required for opening Savings Account in AU Small Finance Bank?

The minimum amount required for opening a Savings Account in AU Small Finance Bank is Rs. 5,000.

What are the balance non - maintenance Charges on AU Small Finance Bank Savings Account?

The Balance Non Maintenance Charges on Savings Account by AU Small Finance Bank are If the balance is below 100% of AMB then 5% Balance shortfall, if the balance is below 50% of AMB then 10% Balance shortfall. The maximum charge must be Rs. 500..The minimum balance requirement in AU Small Finance Bank savings account is Rs. 5,000.

What are the AU Small Finance Bank ATM Transaction charges on Savings Account?

AU Small Finance Bankcharges ATM Transaction on Savings Account are 5 free transactions and after that Rs. 20 for per financial transaction and Rs. 8 for per non-financial transaction .This charge may further depend upon the savings account product of AU Small Finance Bank and the debit card types offered with the bank.

How does AU Small Finance Bank calculate interest charged on Savings Account?

Interest on Savings Account is calculated on Quarterly basis. The following formula is used by AU Small Finance Bank to calculate interest on Savings Account.

Monthly interest=Amount (Daily balance)*(No of days)* Interest/Days in the year

Does AU Small Finance Bank offer Debit Card to the account holder?

Yes, AU Small Finance Bank offer Debit Cards to the account holders differing according to the product. Some of the popular savings account products of AU Small Finance Bank with the type of Debit Card offered are listed in the table below.

Samarth Saving scheme Visa gold and Visa platinum
Pragati Saving SchemesVisa gold and Visa platinum
Sahyog Saving SchemesVisa platinum Debit Card
Varishtha Saving SchemesVisa gold Debit Card
Tejaswini Saving SchemesVisa gold Debit Card
Bachpan Saving SchemesVisa gold Debit Card
Samarth Pravasi Saving SchemesDomestic Rupay platinum Debit Card or Visa Planum Debit Card
Vidyaarthi Saving SchemesDomestic Rupay platinum Debit Card
Aarambh Saving SchemesDomestic Rupey classic Debit Card
AU Abhi Saving SchemesVirtual Debit Card

What is the withdrawal limit of the account?

You can withdraw money from your savings account for a maximum Rs. 75,000 times in a month. Withdrawals over and above this limit may impose charges and may lead to deductions from your savings account.The withdrawal limit offered in AU Small Finance Bank is Rs. 75,000

What is the eligibility criteria to open a savings account in AU Small Finance Bank?

To open a savings account in AU Small Finance Bank you need to fulfill the following eligibility criteria:

  • Indian resident of 18 years of age and above can apply for this savings facility.
  • It is best suited for individuals.
  • The savings account applicant must have the financial capability to maintains the minimum required balance of Rs. 5,000.
  • You must have your basic KYC done

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AU Small Finance News - Jan 2022
  • 2021-04-07 : AU Small Finance Bank launched Platinum Family Banking Program
    With an aim to increase serve its customers, AU Small Finance Bank has launched a Platinum Family Banking Program. The scheme will offer facilities of family banking as well as offerings such as preferential pricing, priority processing, onboarding offers, and a complimentary lifetime free debit card. Further, it will also provide a dedicated relationship officer to address the financial needs of the entire family.
  • 2018-04-11 : AU Small Finance Bank hikes Savings Deposit Rate
    AU Small Finance Bank has hiked its interest rates on its savings account deposits to up to 6.75%. The new rates will be effective from April 11.
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