Boost Your Savings with AU Bank Interest Rates and Benefits
Make the Most of Your Money with AU Small Finance Bank’s Savings Accounts
Are you looking for ways to grow your savings? AU Small Finance Bank might have the answer you’re searching for. In this blog, we’ll explore how AU Bank offers competitive interest rates on their savings accounts, making it a smart choice for anyone looking to maximize their savings.
AU Bank Savings Account
Before we delve into AU Bank’s savings accounts and their impressive interest rates, let’s make sure we’re on the same page about what a savings account actually is. A savings account is a type of bank account where you can deposit your money and, in return, the bank pays you a little extra for keeping your money with them. This ‘extra’ money is called “interest,” and it’s like a reward for letting the bank use your money to lend to others.
An AU Bank Savings Account is a secure and accessible account where you can deposit your money while earning interest on your balance. It serves as a reliable way to store your funds and watch them grow over time.
Key Features of AU Bank Savings Accounts
Competitive Interest Rates
AU Bank is known for offering competitive interest rates on their savings accounts. These rates can vary based on the amount of money you have in your account, but they are designed to help your savings grow steadily. The more you save, the more you earn.
Monthly Interest Credit
One of the standout features of AU Bank Savings Accounts is that they credit the interest to your account on a monthly basis. This means that your money grows not just annually but each month, compounding the interest and boosting your savings.
Tiered Interest Rate Structure
AU Bank caters to customers with varying financial needs. They have a tiered interest rate structure, where the interest rate depends on the balance in your account. This ensures that your money works harder for you as your balance increases.
Access to Banking Services
With an AU Bank Savings Account, you’ll have access to a wide range of banking services. This includes online banking, mobile banking, and ATM services, making it convenient to manage your funds and conduct transactions.
AU Bank is a reputable financial institution, committed to safeguarding your deposits. Your money in an AU Bank Savings Account is protected, offering peace of mind about the safety of your funds.
AU Small Finance Bank: Standing Out in the Banking World
Why Choose an AU Bank Savings Account?
Here are some compelling reasons to consider opening an AU Bank Savings Account:
Competitive Interest Rates:
AU Bank offers attractive interest rates that can help your savings grow faster than traditional savings accounts.
The monthly interest credit ensures that your money works harder for you, providing a regular boost to your savings.
AU Bank is a trusted financial institution, ensuring the safety of your deposits.
With a range of banking services and digital platforms, managing your money is easy and convenient.
AU Bank offers a variety of savings account types to suit different financial needs and goals.
In summary, AU Bank Savings Accounts are a reliable and rewarding way to save and grow your money. With competitive interest rates, monthly interest credits, and a range of account types, AU Bank makes it easy for you to achieve your financial goals while securing your future.
AU Small Finance Bank is not your average bank. They offer a savings account that stands out in the world of banking. But what sets it apart? Well, it’s their competitive interest rates. Starting from September 11, 2023, AU Bank offers interest rates that can soar up to an impressive 7.25% per year.
The Power of Monthly Interest
One key advantage of AU Bank’s savings accounts is that they credit the interest to your account on a monthly basis. This is a big deal because it means that your money grows steadily and significantly month by month. Imagine it as a little boost to your savings each month, helping your money to grow faster.
Tailored to Your Needs: Tiered Interest Rates
AU Bank understands that people have different financial situations. That’s why they offer a tiered interest rate structure. What does that mean? It means that the more you save, the more you earn. This creates a financial snowball effect, where your savings generate even more earnings over time.
AU Bank’s Interest Rates: A Breakdown
Let’s get into the specifics of AU Bank’s interest rates. These rates depend on the amount of money you have in your savings account. Here’s a breakdown of the rates starting from September 11, 2023:
- If you have less than INR 1 Lac, you’ll earn 3.50% interest per year.
- For balances between INR 1 Lac and less than INR 10 Lacs, you’ll earn 5.00% interest per year.
- If your balance falls between INR 10 Lacs and less than INR 25 Lacs, the interest rate is 7.00% per year.
- For those with balances between INR 25 Lacs and less than INR 1 Crore, you’ll still earn 7.00% interest per year.
- If you have between INR 1 Crore and less than INR 5 Crores, you’ll enjoy an impressive 7.25% interest rate.
- Even if you have a substantial balance between INR 5 Crores and less than INR 10 Crores, you’ll still earn 7.00% interest per year
- The Snowball Effect for Your Money
Remember, these interest rates can change, so it’s a good idea to check with the bank for the most up-to-date rates. AU Bank also calculates your interest every day and adds it to your account at the end of each month. This means you not only earn interest on the original amount you deposited but also on the interest you’ve already earned. It’s like a snowball effect for your money, helping it grow faster over time.
Achieve Your Financial Goals with AU Bank
AU Small Finance Bank is committed to helping you achieve your financial goals. They believe that everyone deserves the best when it comes to managing their money. That’s why they offer these competitive interest rates. They want you to save smarter so that your financial future can be secure.
Let’s address some common questions you might have:
1. What is the frequency of interest payouts?
AU Small Finance Bank pays the interest on your savings account every month. This means that at the end of each month, they add the interest you’ve earned to your account. It’s like a little bonus for keeping your money with them.
2. What is the savings account interest rate?
The interest rate on your savings account at AU Small Finance Bank is competitive, which means it’s among the best rates you can find. However, it can change based on the bank’s rules and the current financial landscape. AU Bank aims to provide you with attractive interest rates so that your savings can grow steadily.
Secure Your Financial Future with AU Bank Interest Rates
In conclusion, if you want to make the most out of your savings, consider opening a savings account with AU Small Finance Bank. Their high-interest rates, which can go up to 7.25% per year, can help your money grow faster. Plus, they add your interest every month, making it even better. Start saving smarter and secure your financial future with AU Bank Interest Rates. Your money deserves to work hard for you!
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.