AU Bank Savings Accounts: Mastering the Minimum Balance Requirement
AU Small Finance Bank, often referred to as AU Bank, is a dynamic and customer-centric financial institution that has emerged as a prominent player in the Indian banking sector. With a focus on providing inclusive and innovative financial solutions, AU Bank has established itself as a trusted partner for individuals and businesses alike. This forward-thinking bank places a strong emphasis on technology-driven convenience while maintaining a deep commitment to customer satisfaction and financial well-being. With a wide range of products and services designed to meet the diverse needs of its customers, AU Bank continues to make banking more accessible and rewarding for everyone. In this introduction, we will delve into the key aspects that make AU Bank a standout player in the Indian banking landscape and also know about the AU Bank Minimum Balance
AU Bank Saving Account
AU Small Finance Bank offers a comprehensive range of Savings Accounts tailored to cater to the diverse financial needs of its customers. These Savings Accounts are designed with a focus on customer convenience, flexibility, and attractive features. One standout offering is the AU Digital Savings Account, which allows customers to open an account instantly with video KYC, making the process quick and hassle-free. The AU Salary Account is another noteworthy option, designed to cater to the banking needs of working professionals with benefits like no minimum balance requirement and feature-rich Visa Debit Cards. Senior citizens are not left behind, as AU Small Finance Bank offers a dedicated Senior Citizen Savings Account with high-interest rates, discounts on locker rentals, and extended banking hours for added convenience. For NRIs, AU Bank provides NRE and NRO Savings Accounts, ensuring efficient management of income earned in India and abroad. Additionally, AU Small Finance Bank offers specialized accounts for institutions, fully digital accounts, women-centric accounts, student accounts, and even accounts for children, each designed to address unique banking requirements. Overall, AU Bank’s Savings Accounts portfolio reflects its commitment to making banking accessible, rewarding, and tailored to the individual needs of its customers.
AU Bank Minimum Balance
AU Small Finance Bank sets a minimum balance requirement of Rs. 5,000 for urban branches and Rs. 2,000 for core branches. This minimum balance requirement is quite reasonable and customer-friendly, as it ensures that customers are not burdened with the pressure of maintaining a high balance in their Savings Accounts. By keeping the minimum balance within reach for a broader segment of customers, AU Small Finance Bank makes banking more inclusive and accessible. The benefits of maintaining this minimum balance include uninterrupted access to various banking services, such as fund transfers, bill payments, and the use of banking facilities. This policy aligns with AU Bank’s commitment to customer convenience and ensures that customers can enjoy the full spectrum of banking services without undue financial strain.
Zero Balance Bank Account
AU Small Finance Bank’s zero-balance Savings Account is a remarkable offering that eliminates the need for customers to maintain a minimum balance. This feature makes banking accessible to a wider range of individuals, including those who may not have substantial savings to keep in their accounts. The benefits of a zero-balance Savings Account with AU Bank are numerous. Customers can enjoy the convenience of having a bank account without the worry of incurring penalties for not maintaining a minimum balance. They still have access to essential banking services, including fund transfers, bill payments, and debit card usage, making it an ideal choice for those looking for hassle-free banking. AU Bank’s commitment to customer-centric solutions is evident in this offering, as it ensures that banking services are accessible to all, regardless of their financial situation.
A zero-balance bank account, such as the one offered by AU Small Finance Bank, comes with a multitude of benefits that make banking more accessible and convenient for a wide range of individuals. Firstly, it eliminates the need to maintain a minimum balance, ensuring that customers, especially those with lower incomes, do not face the burden of hefty penalties for falling below a specified balance threshold. This promotes financial inclusion by providing everyone with access to essential banking services.
Additionally, a zero-balance account still offers various banking features, such as fund transfers, bill payments, and debit card usage, allowing customers to manage their finances effectively. This makes it an ideal choice for students, low-income individuals, and those who are new to banking.
Moreover, zero-balance accounts can be the first step towards building a robust financial history, which is crucial for availing loans and other financial products in the future. These accounts encourage saving and financial responsibility while providing a secure place to store money.
In summary, zero-balance bank accounts like the one offered by AU Small Finance Bank provide an inclusive and convenient banking solution that ensures financial services are accessible to all, regardless of their financial status, and promotes responsible financial management.
Difference Between Minimum Balance and Zero Balance Savings Bank Account
The key difference between a minimum balance and a zero-balance savings bank account lies in the requirement to maintain a specific balance in the account.
Minimum Balance Savings Account:
A minimum balance savings account, as the name suggests, requires the account holder to maintain a minimum specified balance in the account at all times. If the balance falls below this minimum threshold, the bank may levy penalties or charges.
Failure to maintain the minimum balance often results in penalties, which can vary from bank to bank. These penalties can include monthly maintenance charges or fines for falling below the required balance.
Minimum balance savings accounts are typically offered by traditional banks and are suitable for individuals who can comfortably maintain the stipulated minimum balance.
Zero Balance Savings Account:
A zero-balance savings account, on the other hand, does not require the account holder to maintain a minimum balance. There are no penalties or charges for having a balance of zero.
Zero balance savings accounts are designed to be more inclusive and accessible to a wider range of individuals, including those who may not have a consistent or substantial balance in their accounts.
Zero balance savings accounts are often preferred by students, low-income individuals, and those who want a basic bank account without the obligation to maintain a minimum balance.
In conclusion, AU Small Finance Bank’s range of Savings Accounts, including zero-balance options, reflects its commitment to providing inclusive and customer-centric banking solutions. Whether you prefer a traditional account with a reasonable minimum balance requirement or the convenience of a zero-balance account, AU Bank strives to make banking accessible and hassle-free for everyone.
To initiate the process of opening an AU Bank savings account online with the convenience of Fayda Pay partner Reijiro, please follow the steps outlined below:
Step 1: Download the Fayda Pay Partner App by Reijiro
Your first step in opening an AU Bank savings account with no 0 balance requirement is to download the Fayda Pay App from your respective smartphone’s app store.
Step 2: Register or login
Fill you mobile number, name, select pincode and submit OTP for registration or enter mobile number and password to login
Step 3: Enter Mobile number and name of the applicant
Step 4: Complete Personal Information
Upon selecting preferred account type, you will be redirected to a page where you must input your personal and contact information. This includes details such as your name, date of birth, mobile number, email address, residential address, and other necessary particulars. Ensure that all mandatory fields are accurately filled out.
Step 5: Select the ‘Bank account’ category
Once you select the bank account category select AU bank from the list
Step 6: Select the ‘Open an Account’ option
Once you are on the AU Bank website, look for the ‘Open an Account’ option. Click on the option to proceed.
Step 7: Choose Your Preferred Account Type
AU Bank provides various types of savings accounts, designed to cater to diverse financial needs. These options may include regular savings accounts, digital savings accounts, senior citizen savings accounts, and more. Select the account type that aligns with your preferences and click on “Apply Now.”
Step 8: Upload Your KYC Documents Securely
After entering your personal information, you will be prompted to securely upload your Know Your Customer (KYC) documents. These typically include your Aadhaar card, PAN card, and other relevant identification documents. It’s essential to upload clear and valid copies of these documents.
Step 9: Customize Your Account Features
Following the document upload, you will have the opportunity to customize your savings account by selecting additional features such as a debit card, mobile banking, net banking, and other relevant services. Choose the options that best align with your financial preferences before proceeding.
Step 10: Review and Submit Your Application
Before finalizing your application, take a moment to carefully review all the information you have provided. If you discover any errors, you can make necessary edits before submitting. Once you are satisfied that all details are correct, click the “Submit” button to send your application.
Step 11: Complete the Electronic KYC (e-KYC) Process
After submitting your application, you will be directed to complete the Electronic KYC (e-KYC) process. This involves verifying your details and documents through a secure one-time password (OTP) sent to your registered mobile number. Follow the provided instructions to successfully complete this step for added security.
Step 12: Receive Your Welcome Kit
Upon successfully opening your AU Bank savings account through Fayda Pay’s partnership with Reijiro, you will receive a welcome kit from the bank. This comprehensive kit will contain essential information, including your account number, debit card, and other important details.
In summary, the process of opening an AU Bank savings account online with Fayda Pay partner Reijiro is straightforward and secure. By following these steps, you can easily establish a savings account from the convenience of your own home.