Mumbai (Maharashtra) [India], March 21 (ANI/BusinessWire India): AU Small Finance Bank has announced a hike in the interest rates offered on Fixed Deposits. You can now earn up to 8.50% interest p.a. for senior citizens.
The bank is now providing Fixed Deposit interest rates in the range of 3.75% to 8.00% p.a. for retail investors on deposits with maturity periods between 7 days to 120 months. For senior citizens, the AU Small Finance Bank FD rates range from 4.25% to 8.50% p.a.
Regular retail investors can now enjoy a maximum of 8% as the interest rate on deposits that mature in time periods ranging from 24 months 1 day to 36 months. Under the non-callable option, the Fixed Deposit interest rate is 8.10%. As per the bank's official website, these interest rates are effective as of March 3, 2023.
A Quick Glance at AU Small Finance Bank FD Rates
An interest rate of 7.6% can be availed on Fixed Deposits that mature in the time period ranging between 12 months 1 day and 18 months. In the case of deposits maturing in 15 months 1 day to 18 months, the interest rate is 7.75%. The interest rate for a deposit maturing from 6 months 1 day to 12 months is 6.35%.
Several more options with respect to
applicable, to different categories of users, are provided on the AU Small Finance Bank official website. These include:
- Domestic and NRE/NRO Retail Fixed Deposits (for amounts less than Rs 2 Crore)
- Non-callable rates for Retail Fixed Deposits between Rs 1 Crore to Rs 2 Crore
- Senior Citizen (for amounts less than Rs 2 Crore),
- Domestic and NRE/NRO Retail Monthly Payout Fixed Deposits (for amounts less than Rs 2 Crore)
AU Small Finance Bank offers Monthly Payout Fixed Deposits that provide a steady monthly income to customers. These Fixed Deposits are available for tenures above 3 months, making them a flexible investment option. The bank offers an attractive interest rate of 7.95% for deposits maturing between 24 Months 1 Day to 36 Months for Domestic and NRE/NRO customers, while Senior Citizens can avail an even higher interest rate of 8.44% for the same period.
You will find that the Fixed Deposit interest rates on non-callable deposits ranging between Rs 1 Crore to Rs 2 crore are on the higher side. Premature withdrawals are not permitted for non-callable deposits. The interest rates for these types of deposits range between 7.70% for deposits maturing in 12 months 1 day to 8.10% for those maturing in 24 months 1 day to 36 months.
What You Need to Know About Fixed Deposits
is an investment option that is risk-free, simple, and calls for only a one-time initial deposit. This facility allows you to deposit a certain sum of your choice with the bank for a specific period, which is also known as tenure.
During this time period, interest will be accrued on the deposit and when the tenure ends, the deposited money will be returned to you, along with interest. An FD can be opened with as small an amount as Rs 1,000 by anybody who has a bank account, and the minimum period for which the money needs to stay in the bank is 7 days.
Fixed Deposit is a widely accepted form of saving money for many people and is easily one of the most popular methods of investment. There are several advantages to investing your money in a Fixed Deposit. The certainty of getting interest on your principal amount is one of them. It is also a great option for saving and earning over an extended period.
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