AU Small Finance Bank hikes interest rates on Fixed Deposits & Savings Account
3 min readMumbai/Hyderabad, December 2022: After the recent Repo rate increase by RBI, AU Small Finance Bank, the largest Small Finance Bank of India, has announced an increase in Fixed Deposit and Savings Account interest rates so that customers can get maximum return on their investments.
The Bank has hiked its peak FD rate for retail deposits by 25 basis points, from existing 7.5% to 7.75% for regular customers and 8% to 8.25% for senior citizens. With this hike, the bank is offering one of the most competitive FD interest rates in the banking industry. The Bank had earlier hiked FD rates by up to 60 basis points for retail deposits in the month of October 2022. Given the rising inflation, AU Bank provides an opportunity to customers, particularly senior citizens to get inflation-beating returns from their Fixed Deposits.
The Bank has also increased its savings deposit rate to 7.25% p.a. for savings balances from ₹ 1 Cr to ₹10 Cr. The maximum increase of 1.25% is announced for savings balances from ₹5Cr to ₹10 Cr where bank increased savings deposit rate from 6% to 7.25%.
Commenting on the rate hike, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “With the recent spate of repo rate hikes announced by the RBI, we have increased FD and Savings rates to extend the maximum benefit to our customers. Currently, we are offering one of the most competitive rates on Fixed Deposits and Savings Deposits in the industry. As a customer centric bank, we will continue to bring the best offerings for our customers.”
AU Small Finance Bank’s revised fixed deposit rates
| Domestic & NRE**/NRO Term Deposits Below Rs 2.00 Crore [w.e.f. 12-Dec-2022] | |||||
| Tenure Bucket | Revised Interest Rate (% p.a.) | Revised Interest Rate – Annualized (% p.a.) | |||
| 7 Days to 1 Month 15 Days | 3.75% | – | |||
| 1 Month 16 Days to 3 Months | 4.25% | – | |||
| 3 Months 1 Day to 6 Months | 5.00% | 5.09% | |||
| 6 Months 1 Day to 12 Months | 6.10% | 6.24% | |||
| 12 Months 1 Day to 15 Months | 7.35% | 7.56% | |||
| 15 Months 1 Day to 18 Months | 7.20% | 7.40% | |||
| 18 Months 1 Day to 24 Months | 7.20% | 7.40% | |||
| 24 Months 1 Day to 36 Months | 7.75% | 7.98% | |||
| 36 Months 1 Day to 45 Months | 7.75% | 7.98% | |||
| 45 Months 1 Day to less than 60 Months | 7.20% | 7.40% | |||
| 60 Months to 120 Months | 7.20% | 7.40% | |||
| 2 | Non-callable rates for Retail Fixed Deposits of INR >=1 Crore to < 2 Crore (not for NRIs) [w.e.f. 12-Dec-2022] | ||||
| Tenure Bucket | Revised Interest Rate (% p.a.) | Revised Interest Rate – Annualized (% p.a.) | |||
| 12 Months 1 Day – 15 Months | 7.45% | 7.66% | |||
| 15 Months 1 Day – 18 Months | 7.30% | 7.50% | |||
| 18 Months 1 Day – 24 Months | 7.30% | 7.50% | |||
| 24 Months 1 Day – 36 Months | 7.85% | 8.08% | |||
| 3 | Retail Fixed Deposit Rates for Resident Indian Senior Citizen Customers [w.e.f. 12-Dec-2022] | ||||
Tenure Bucket | Revised Interest Rate (% p.a.) | Revised Interest Rate – Annualized (% p.a.) | |||
| 7 Days to 1 Month 15 Days | 4.25% | – | |||
| 1 Month 16 Days to 3 Months | 4.75% | – | |||
| 3 Months 1 Day to 6 Months | 5.50% | 5.61% | |||
| 6 Months 1 Day to 12 Months | 6.60% | 6.77% | |||
| 12 Months 1 Day to 15 Months | 7.85% | 8.08% | |||
| 15 Months 1 Day to 18 Months | 7.70% | 7.93% | |||
| 18 Months 1 Day to 24 Months | 7.70% | 7.93% | |||
| 24 Months 1 Day to 36 Months | 8.25% | 8.51% | |||
| 36 Months 1 Day to 45 Months | 8.25% | 8.51% | |||
| 45 Months 1 Day to less than 60 Months | 7.70% | 7.93% | |||
| 60 Months to 120 Months | 7.70% | 7.93% | |||
| 4 | Domestic & NRE**/NRO Retail Monthly Payout Fixed Deposits (for amounts less than INR 2 Crore) [w.e.f. 12-Dec-2022] | ||||
Tenure Bucket | Revised Interest Rate (% p.a.) | Revised Interest Rate – Annualized (% p.a.) | |||
| 7 days to 1 Month 15 Days | – | – | |||
| 1 Month 16 Days to 3 Months | – | – | |||
| 3 Months 1 Day to 6 Months | 4.98% | 5.47% | |||
| 6 Months 1 Day to 12 Months | 6.07% | 6.56% | |||
| 12 Months 1 Day to 15 Months | 7.31% | 7.80% | |||
| 15 Months 1 Day to 18 Months | 7.16% | 7.65% | |||
| 18 Months 1 Day to 24 Months | 7.16% | 7.65% | |||
| 24 Months 1 Day to 36 Months | 7.70% | 8.19% | |||
| 36 Months 1 Day to 45 Months | 7.70% | 8.19% | |||
| 45 Months 1 Day to less than 60 Months | 7.16% | 7.65% | |||
| 60 Months to 120 Months | 7.16% | 7.65% | |||
** For NRE Fixed Deposit: tenures of 12 months 1 day & above are applicable.
| 5 Interest Rates on Domestic / NRE / NRO Savings Bank Deposits w.e.f. 12-Dec-2022 | |
| Savings Account Incremental Amount slab | Rate of Interest Applicable (per annum) |
| Balances less than INR 1 Lac | 3.50% |
| Balances from INR 1 Lac to less than INR 10 Lacs | 5.00% |
| Balances from INR 10 Lacs to less than INR 25 Lacs | 6.00% |
| Balances from INR 25 Lacs to less than INR 1 Crore | 7.00% |
| Balances from INR 1 Crore to less than INR 10 Crores | 7.25% |
- Savings Account interest will be calculated on a daily basis & paid at monthly intervals (i.e. at the end of each month).
- Interest rates mentioned are applicable for the incremental balances that are present corresponding to the amount slab mentioned.
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