Thursday, October 13, 2022

AU Small Finance Bank Hikes Interest Rates On Fixed Deposits

* Senior citizens to get inflation-beating returns from FDs with hiked FD interest rate 

AU Small Finance Bank, the largest Small Finance Bank and one of the fastest-growing retail Banks in India, has announced an increase in fixed deposit interest rates so that customers can get maximum return on their investments.  

The Bank has hiked the FD rates by up to 60 basis points for retail deposits from flagship 6.9 percent to 7.5 percent for regular customers and 7.4 percent to 8 percent for senior citizens. With this hike, the bank is offering one of the most competitive FD interest rates. Given the rising inflation, AU Bank provides an opportunity to customers, particularly senior citizens to get inflation-beating returns from their fixed deposits. 

There is also an increase in the Savings deposit rate by 50 basis points in the balance buckets of Rs. 1 Crore to less than Rs. 2 Crore, thereby taking it to 6.5% p.a. Moreover, the Bank continues to offer a higher interest rate of 7% p.a. for balance buckets of Rs. 25 Lakh to less than Rs. 1 Crore. 

Commenting on the rate hike, Mr. Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “AU Bank has always strived to offer world-class services to its customers and competitive loan and deposit rates. With the recent spate of repo rate hikes announced by the RBI, we have increased the FD rates to extend the maximum benefit to our customers. Currently, we are offering one of the most competitive rates in fixed deposits in the industry.” 

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