AU Small Finance Bank
AU Small Finance
6th August 2020 – RBI keeps Repo Rate unchanged at 4%
| Product | Interest Rate |
|---|---|
| Fixed Deposit | 4.00% to 7.75% |
| Recurring Deposit | 5.75% to 8.03% |
| Savings Account | 0.00% to 7.00% |
| MCLR | 12.20% to 13.35% |
AU Small Finance
AU Small Finance Bank was set as a small finance bank as per the regulations made in the Union Budget of 2014-2015. In adherence to how a Small Finance Bank should function, AU Small Finance Bank is regulated by the Reserve Bank of India under the Banking regulations Act of 1949. The Bank was set to fulfil the needs of the population that has been unbanked and untouched by the commercial banking sector. The functionalities of the Small Finance Banks have been exclusively designed to fulfil the financial needs of the underprivileged masses, by providing basic activities like deposits and lending. AU Small Finance Bank provides various banking services to its customers like deposits, locker facilities, Insurance facilities, loans, and Internet Banking, among others.
About AU Small Finance Bank
The current CEO of AU Small Finance Bank is Mr. Sanjay Agarwal. Further, the registered address of the AU Small Finance is 19-A, Dhuleshwar Garden, Ajmer Road, 302001. In case of grievances, customers can contact the Bank’s compliance officer, Mr. Manmohan Parnami by mailing him at customercare@aubank.in or by calling on +91 141 66188800. In addition to that, to raise any further queries, the compliance officer can be reached out at 19-A, Dhuleshwar Garden, Ajmer Road, 302001
AU Small Finance Bank Product Details
Savings and Current Accounts
- AU Small Finance Bank provides deposit facilities to its customers through savings and current account facilities.
- The Bank provides various zero balance savings accounts and instant account opening facilities through its online portal.
- The interest rate on AU Small Finance savings account begins from 0.00%
- AU Small Finance also provides specialized current accounts to carry on business transactions for various sections like startups, retailers, wholesalers, transporters, and travel agents, among others.
AU Small Finance Debit Cards
- AU Small Finance Bank offers a variety of debit cards to its customers that range from Rupay to Visa Debit cards.
- These cards are designed to offer privileges to customers on transactions involving shopping, entertainment, and travel, and allows cash withdrawal at all banks ATMs.
AU Small Finance Deposits
AU Small Finance Bank Fixed Deposit
- AU Small Finance Bank offers high fixed deposit rates upto 7.75%.
- The bank provides higher interests on FDs than commercial banks.
- Depositors can open a fixed deposit account with AU Small Finance Bank with a minimum deposit of Rs. 1000 for a tenure of 7 days to 10 years .
AU Small Finance Bank Recurring Deposit
- AU Small Finance Bank provides recurring deposits facility, wherein you can regularly invest your money and can earn interests. You can earn high returns upto 8.03% on AU Small Finance RD account. Check detailed AU Small Finance RD interest rates here.
- AU Small Finance RD can be opened with a minimum amount of Rs. 100 for a period ranging from 3 months to 120 months .
AU Small Finance Bank Loan
AU Small Finance offers both secured and unsecured loans to its customers, like Home loans, personal loans, car loans, and business loans at affordable interest rates. AU Small Finance Bank is accustomed to lend more than 75% of its Adjusted Net Credit for the priority sector. This includes lending funds to poor people for housing, lending to farmers for agriculture and allied activities, lending to micro and small industries, and lending to weaker sections of the society.
| Loan products | Feature |
|---|---|
| Personal Loan | Unsecured loan offered on the basis of credit score to meet one’s personal expense. |
| Car Loan | Secured loan offered for the purchase of a car, where the car acts as collateral. |
| Home Loan | Secured loan offered for the purchase, renovation or construction of a house. |
| Gold Loan | A secured loan where the borrower can mortgage their gold to borrow funds against it. |
| Business loan | Loans offered to business units for undertaking business activities like purchase of plant and machinery, purchase of equipment, to undertake construction or to meet day to day expenses. |
Compare Rates of Small Finance Banks
AU Small Finance Netbanking Registration and log in
To add more to the convenience of the customers, AU Small Finance Bank offers net banking facility to the customers. The bank’s digital banking platform is hassle-free and easy to use. All customers with savings or current accounts can have access to AU Small Finance Bank net banking or mobile banking platform. One can register for AU Small Finance Bank net banking by following the below-mentioned steps:
- Go to the homepage of AU Small Finance Bank net banking or visit the web portal of AU Small Finance Bank.
- On the home page, look out for the option ‘New user registration’ or a similar option.
- Proceed further, and enter details like bank account number, branch details, registered mobile number, and click on ‘Submit.’
- As you click on ‘submit’ a one time password is sent to the registered mobile number. Enter the OTP and click on ‘confirm.’
- Clicking on ‘confirm’ will create your temporary login details with a temporary username. Users can create their password.
- After creating the password login and creating your permanent username, and accept all terms and conditions.
Why AU Small Finance Bank?
The AU Small Finance Bank is a go-to-option when it comes to choosing the right bank for your banking needs because of the following reasons:
- AU Small Finance Bank is a retail-focused and customer-centric bank.
- AU Small Finance Bank offers a variety of loan products to fulfil the credit needs of different loan borrowers. These are a personal loan, car loan, home loan, gold loan, or business loan. The loans with AU Small Finance are offered with easier terms and conditions along with affordable interest rates.
- AU Small Finance Bank offers different type of investment options that are tailor-made for different types of investors. The Bank offers various Fixed deposits products such as Sweep In Facility, Regular Fixed Deposit, AU Small Finance Bank 5 Years Tax Saving Fixed Deposit. Apart from fixed deposits, the Bank also offers a recurring deposit facility.
- In addition, AU Small Finance Bank is a reliable and secure place to deal with when it comes to funding, as the bank is regulated directly by the RBI.
- Lastly, AU Small Finance offers easy and quick banking services, through its online banking portal; thus, customers can check their account balance, apply for a loan, can make a deposit, and can perform other banking functions, from the comfort of their home.
FAQs
✅Is AU Small Finance Bank safe?
Similar to commercial banks, AU Small Finance Bank is safe and secure as it is regularized by RBI.
✅Can AU Small Finance Bank accept deposits?
AU Small Finance Bank is a small finance bank that was set to provide banking activities to the underprivileged people. This bank conduct basic banking activities like deposits and lending.
✅Is AU Small Finance Bank approved by RBI?
AU Small Finance Bank is approved by RBI under the Banking regulations Act of 1949.
✅Is AU Small Finance Bank FD a safe option to invest?
AU Small Finance Bank provides fixed deposits investment facility to its customers. The Bank provides highest interest of 7.75% to its customers. The interest rate provided by AU Small Finance Bank is comparatively higher than any commercial bank. Also, the FDs are equally safe in this bank.
✅Can I take a loan from AU Small Finance Bank?
Yes, you can opt for a loan from AU Small Finance Bank. AU Small Finance provides loan products loans like home loan, personal loans and business loans, among others.
- 2020-07-24 : 85% of small finance bank customers opted for loan moratorium
RBI reported that 85% of small finance bank customers opted for loan moratorium on home, personal, gold, car and two-wheeler loan. The central bank further reported that the assets under moratorium are dominated by wholesale customers and real-estate developers, although retail portfolios in the micro-loans and auto loan segments have also been affected. - 2020-07-09 : AU Small Finance Bank revised its MCLRa
AU Small Finance Bank changed its MCLR. The overnight and one-month MCLR is 7.30% and 7.25%. The MCLR for short tenors of three months and six months is 8.25% and 9.20%. Further, MCLR for one year, two years and three years is 9.90%, 10.45%, and 10.40%, respectively. The revised rates are in effect from 7 July 2020. - 2020-06-08 : Revised MCLR for AU Small Finance Bank
AU Small Finance Bank changed its MCLR. The overnight and one-month MCLR is 7.60% and 7.40%. The MCLR for short tenors of three months and six months is 8.40% and 9.35%. Further, MCLR for one year, two years and three years is 10.05%, 10.60%, and 10.55%, respectively. The revised rates have been in effect from 7 June 2020. - 2020-04-15 : AU Small Finance Bank revised its FD rates
With effect from 15 April 2020, AU small Finance Bank revised its FD rates, the FD rates for 7 days to 1 month 15 days is 5.25%, for 1 month 16 days to 3 months 6% and it stands at 6.50% for 3 months 1 day to 6 months. Further, the FD rates for 6 months 1 day to 12 months is 7%, for 12 months 1 Day to 15 months and it is 7.63% and stands at 7.50% for 15 months 1 Day to 24 months. The FD rates for long tenors of 24 months 1 day to 36 months is 7.77%, it is 7.50% for 36 months 1 day to 60 months and 7.25% and for 60 months 1 day to 120 months it is 7.25%. - 2020-03-09 : AU Small Finance Bank revised its MCLR
AU Small Finance Bank changed its lending rates. The overnight and one-month MCLR is 9.55% and 9.45%. The MCLR for short tenors of three months and six months is 10.25% and 10.80%. Further, lending rates for one year, two years and three years is 11.45%, 11.75%, and 11.75%, respectively. The revised rates have been in effect from 7 March 2020.
