AU Small Finance Bank

Last Updated : Feb. 27, 2020, 4:55 p.m.

With the decent success of AU Financiers as a non-banking financial company, the Institute has now converted itself into a small bank. The dream to be the fastest growing NBFC, has now turned into AU Small Finance Bank. The aim behind the transformation is to provide the convenient banking experience to the customers.

The vision of AU Small Finance Bank is –

To be the world’s most trusted retail bank and coveted employer, that is admired as the epitome of financial inclusion and economic success, where ordinary people do extraordinary things to transform society at large, thereby guaranteeing trust, confidence and customer delight.

The Bank focuses on providing a financial solution to all its valuable customers. It has entered into the new world of banking and caters the variant needs of the people by serving them with the product of their requirement. The plethora of product offered by the bank includes personal banking, wholesale banking, insurance and retail loan products. Each segment comprises of various products the details of which are as follows:

A) Personal Banking at AU Small Finance Bank

This segment comprises of savings account, current account and term deposits.

1) Savings Account: On the savings account, the bank offers higher interest rates of up to 6.50% so that you save more. It rolls out the interest monthly, to make you realize the benefits of savings. As the relationship with the bank grows, the customer is given a complimentary auto-upgrade where he/she is entitled to receive privileges and service benefits.

2) Current Account: The account initiated at the bank helps in fulfilling all your business needs. Right from daily transactions to credits, transfers to payouts the bank provide ideal flexibility and freedom.

3) Term Deposits: The bank proffers the service of both fixed deposits and recurring deposits, investment in which can reap high returns. Under the fixed deposits, the bank provides NRI Fixed deposits, 5 Year Tax Saving Fixed Deposit and Regular Fixed Deposits. The account under the later two plans can be opened with the minimum amount of ₹1,000. The deposit account comes with the sweep-in facility where the customer can link the existing FD account to the savings or current account. The recurring deposit with the bank can be started with the amount as small as ₹100 for the tenure ranging from 3 months to 10 years.

B) Retail Loans at AU Small Finance Bank

The Bank caters the credit requirements of its customers by issuing various loan products such as vehicle loan that is termed as ‘Wheels’, secured business loan, gold loan and kisan loan. The loan is offered at competitive rates to customers considered eligible by the bank authorities.