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Amid the interest rates uptrend caused by the repo rate hike, AU Small Finance Bank has also joined the trend to raise interest rates. The bank has increased its interest rates on fixed deposits by up to 60 basis points (bps) as of October 10, 2022, and it currently offers a maximum interest rate of 7.00% on savings accounts. AU Small Finance Bank is currently offering interest rates ranging from 3.75% to 6.95% on fixed deposits maturing in 7 days to 10 years for the general public and 4.25% to 7.45% for elderly persons.
“With the recent spate of repo rate hikes announced by the RBI, we have increased the FD rates to extend the maximum benefit to our customers. Currently, we are offering one of the most competitive rates in fixed deposits in the industry,” Uttam Tibrewal, Executive Director, AU Small Finance Bank, said.
AU Small Finance Bank FD Rates
On fixed deposits maturing in 7 days to 1 month 15 days, the bank will continue to offer an interest rate of 3.75% and on deposits maturing in 1 month 16 days to 3 months AU Small Finance Bank will continue to offer an interest rate of 4.25%. Deposits maturing in 3 months 1 day to 6 months will now offer an interest rate of 5.00% which was 4.75% a hike of 25 bps and deposits maturing in 6 months 1 day to 12 months will now offer an interest rate of 5.85% which was earlier 5.35% a hike of 50 bps.
AU Small Finance Bank has hiked its interest rate by 50 bps from 6.60% to 7.10% on deposits maturing in 12 months 1 day to 15 months. The bank increased the interest rate on fixed deposits maturing in 15 months 1 day to 24 months by 50 basis points, from 6.45% to 6.95%, and on deposits maturing in 24 months 1 day to 45 months by 60 basis points, from 6.90% to 7.50%. On deposits maturing in 45 months 1 day to less than 60 months the interest rate has been hiked from 6.45% to 6.95% a hike of 50 bps and deposits maturing in 60 months to 120 months shall now pay an interest rate of 6.95% which was earlier 6.90%.
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AU Small Finance Bank FD Rates For Senior Citizens
Resident senior citizen customers of AU Small Finance Bank will continue to get an additional rate of 0.50% on deposits across all tenors.
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AU Small Finance Bank Savings Account Rates
The bank would give a 3.50% interest rate on savings account balances less than INR 1 lac, and a 5.00% interest rate on savings account balances between INR 1 lac and INR 10 lacs. AU Small Finance Bank is now giving an interest rate of 6.00% on savings account balances ranging from INR 10 Lacs to INR 25 Lacs, with a maximum interest rate of 7% on balances ranging from INR 25 Lacs to INR 1 Crore. Customers will now get an interest rate of 6.50% on savings account balances of INR 1 Crore to less than INR 2 Crores, and an interest rate of 6.25% on savings account balances of INR 2 Crore to less than INR 5 Crores. AU Small Finance Bank currently offers a 6.00% interest rate on savings account balances ranging from INR 5 crore to less than INR 10 crore. Savings account interest will be determined daily based on the available balance and paid by the bank at monthly intervals, i.e. at the end of each month.
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With inputs from PTI
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