Product Details
Bank Name
AU Small Finance Bank
Eligibility
single holder or joint holder saving deposit or for entities.
Interest Rate
7.25% per annum.
Tenure
60 months.
Fixed Deposit Type
Tax Saver
Tax Saver Fixed Deposit
Tax Benefits
Yes, tax exemption under Section 80C of the Income Tax Act, 1961.
Credit Ratings
CRISIL: AA+/Stable
Interest Payment Frequency
monthly, quarterly, or cumulative. Typically for fixed deposits having interest payment at maturity, compound interest is applicable and for fixed deposits having monthly interest payment, simple interest is applicable. Typically fixed deposits having a tenure of one year or less, simple interest is applicable. It is best to consult the bank officials before you book a fixed deposit.
Cummulative/Non-Cummulative
Both
Features
Tax exemption under Section 80C of the Income Tax Act, 1961.
Flexible interest pay-out options: Monthly, Quarterly or Cumulative.
Minimum deposit of Rs 1,000 and a maximum of 1,50,000 per financial year for a 5-year lock-in period.
Premature withdrawal is not allowed.
Minimum Investment Amount
1,000
Fees and Charges
Pros
Tax saving benefits.
Flexible interest payout options.
Good credit rating.
Cons
The maximum tenure of this scheme is 5 years only.
Pros & Cons
Account Opening and Procedure
How to Open?
Online:
Visit the AU Small Finance Bank website: Go to https://www.aubank.in/.
Look for the "FD" section: This is usually located under "Deposits" or "Products."
Choose the FD option: Select the type of FD you want to open (e.g., regular, cumulative, step-up).
Enter details: Fill in the required information, such as deposit amount, tenure, interest payout frequency, and nominee details.
Submit the application: Review your details and submit the application online.
In-Branch:
Visit an AU Small Finance Bank branch: Find a branch near you using their branch locator.
Gather necessary documents: Bring along your identification proof (Aadhaar card, PAN card), address proof, and income proof (if required).
Fill out the application form: Complete the FD application form provided by the bank.
Submit documents and deposit funds: Hand over the completed form, documents, and the desired deposit amount to the bank representative.
Application Procedure
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