Posted by Investors seek a safe haven for their hard-earned money. Fixed deposits (FDs) remain a time-honoured investment option for such investors. Offering stability and attractive returns, FDs are a popular choice among risk-averse individuals. It is a preferred choice for those looking to build their wealth steadily.
In this regard, AU Small Finance Bank stands out with its comprehensive range of FD products. It caters to your diverse investment needs and preferences.
One of the leading players in the Indian banking sector is the AU Small Finance Bank. It has garnered a reputation for its customer-centric approach and competitive offerings. When it comes to FDs, the bank’s products are designed to provide investors with a perfect blend. This mix includes security, flexibility, and attractive FD interest rates.
Competitive Interest Rates: A Key Highlight
AU Small Finance Bank’s competitive interest rates make them an attractive investment option. Non-senior citizen depositors can earn up to a lucrative 8.00% per annum. Senior citizens enjoy an extra 0.50% interest rate. This makes it an appealing choice for retirees seeking a steady income stream.
Flexible Tenor Options: Tailored to Your Needs
AU Small Finance Bank understands that different investors have varying investment horizons. To cater to this diversity, the bank offers a wide range of tenor options for its fixed deposits. These range from as short as 7 days to as long as 10 years. Such flexibility allows investors to align their FD investments with their financial goals. It also helps them meet their specific liquidity requirements.
Types of Fixed Deposits: Catering to Diverse Needs
AU Small Finance Bank offers various types of fixed deposits. These FDs aid the customers to meet their diverse needs. The AU Small Finance Bank offers FDs such as:
1. Regular Fixed Deposits
These are the bank’s standard FD offerings. They allow you to choose between monthly, quarterly, or annual interest payout options. These FDs are insured by the Deposit Insurance and Credit Guarantee Corporation (DICGC). This ensures the safety of your investment.
2. 5-year Tax-saving Fixed Deposits
For investors seeking tax benefits, AU Small Finance Bank offers a 5-year tax-saving fixed deposit. These FDs come with a mandatory lock-in period of 5 years. They provide tax exemption on the cumulative interest income up to ₹1.50 Lakhs under Section 80C of the Income Tax Act, 1961.
Additional Features and Benefits
Attractive interest rates and flexible tenor options are some key features. But, AU Small Finance Bank’s fixed deposits offer several other benefits to investors:
1. Multiple Payout Options
Depositors can choose from monthly, quarterly, annual, or cumulative interest payout modes. This allows them to tailor their investment to their specific cash flow requirements.
2. Low Minimum Deposit Amount
AU Small Finance Bank enables investors to start their FD journey with a minimum deposit amount of ₹1,000. This makes it accessible to a wide range of investors.
3. Premature Withdrawal Facility
FDs are designed for long-term investment. But, AU Small Finance Bank understands that unforeseen circumstances may arise. To cater to such situations, the bank offers a premature withdrawal facility. This facility provides depositors with the flexibility to access their funds when needed.
Eligibility Criteria and Documentation
To open an AU Small Finance Bank fixed deposit, you must meet the eligibility criteria. You must be an Indian resident, NRI, or a member of a Hindu Undivided Family. These deposit facilities are also extended to entities such as,
- Partnership firms
- Sole proprietorships
- Limited companies
- Trusts
The process of opening an FD is streamlined with online applications. The documentation for opening an FD with AU Small Finance Bank is simple and hassle-free. They have minimal KYC documentation, making it convenient for busy investors. Required documents usually include,
- Identity Proof (such as Voter ID, PAN Card, Aadhaar Card, Driving License, or Passport)
- Proof of address
- A recent passport-size photograph.
AU Small Finance Bank has a customer-oriented approach and attractive FD interest rates. Besides this its flexible tenor options make it a preferred choice for investors. Especially those seeking a safe and rewarding avenue to grow their wealth. Whether you are a professional, an investor, or a retiree, AU Small Finance Bank’s FD offerings can cater to your financial goals. These FD schemes will prove essential to enhance your financial stability and growth.