AU Bank increases Savings Account deposit rate up to 6.75%

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Jaipur: AU Small Finance Bank, a Fortune India 500 company, announced an increase in the interest rates for its Savings Account customers.It is now offering highest rate amongst large Private Sector and PSU banks in balances between Rs. 1 Lac – 10 Lac and balances between Rs. 10 Lac – 10 Crs. Even within other SFB contemporaries, its rates have become further competitive.

For Saving Account customers keeping balances between Rs. 1 Lac – 10 Lac the rate has been increased by 50 basis points and moved up to 6.50% p.a. and likewise on saving account customers keeping balances from Rs. 10 lakhs to 10 Crs the interest rate is revised upward by 25 basis points and increased to 6.75% p.a. The change is effective 11th April 2018.

This initiative further reiterates AU Bank’s strong focus on customer centricity, whose other unique offerings include monthly interest pay-out, extended banking hours and digital banking solutions to all its customers.

Speaking on this announcement Mr. Sanjay Agarwal, MD & CEO, AU Small Finance Bank, said, “Our deposit book of ~Rs.7800 crore comprises of ~23% of savings account balance. We aim to increase this share significantly in the coming years, as it brings a multiplier effect and provides a lot of opportunities for cross-selling of other products like insurance and mutual funds. This move will result in reducing our overall cost of funds while attracting new customers.

To reach more customers, last month we had also added 71 banking correspondentoutlets that will lead to greater financial inclusion. Now, AU Small Finance Bank leverages its 500 plus touch points network and a wide range of asset and liabilities offerings to present best-in-class banking services for all customer segments with growing emphasis on retail banking customers.”

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