The AU Small Finance Bank has revised interest rates on fixed deposits for domestic and NRE/NRO Retail Fixed Deposits for amounts less than Rs 2 Crore. As per the official website of the bank, the new FD rates are effective from May 15, 2023.
Interest Rates for Senior Citizen
For senior citizens, the applicable rate of interest on Fixed Deposits with effect from May 15, 2023 goes up to 8.50% while annualised interest rates is 8.77%. The Senior Citizen Interest rate is only available to Resident Indian Senior Citizens aged 60 and above. These special rates are applicable only to resident deposits for amount less than Rs 2 crore.
Interest Rates for Domestic & NRE/NRO Retail Monthly Payout
For domestic & NRE/NRO Retail Monthly Payout, the applicable rate of interest on Fixed Deposits with effect from May 15, 2023 goes up to 7.95% while annualised interest rates is as high as 8.44%. This is applicable for amount less than Rs 2 crore. In the case of NRE deposits, no interest will be paid if the NRE Deposit is liquidated within 1 year from the date of booking.
Terms and Conditions
Here are some terms and conditions laid down by the bank.
Interest rates may change periodically. The applicable interest rates will be determined based on the date and time the funds are received by the Bank. Depositors should confirm the rates on the date of booking the Fixed Deposit.
The Bank calculates interest based on the actual number of months and days in a year. If a Deposit spans a leap and non-leap year, the interest is calculated based on 366 days in a leap year and 365 days in a non-leap year. The period of the Fixed Deposit is measured in months and days.
The interest rate applicable to premature closure of Fixed Deposits (all amounts) will be the lower of:
- the base rate for the original/contracted tenure for which the Fixed Deposit was booked, or
- the base rate applicable for the tenure during which the Fixed Deposit has been active with the Bank.
The base rate is the rate applicable to Retail Fixed Deposits on the date of booking the deposit.
The bank has fixed the interest charge for premature closure/withdrawal of Retail Fixed Deposits, including sweep-ins and partial closures, at a rate of 1%.
For Domestic Fixed Deposits, no interest will be paid if the deposit is withdrawn within 7 days of the date of booking.
Interest on the Fixed Deposits is compounded and paid out on an anniversary basis.
Monthly Payout Fixed Deposits are available for tenures exceeding 3 months.
Monthly Payout Fixed Deposits are available for both individuals (Domestic, NRO, Senior Citizens) and non-individuals.
Monthly Payout Fixed Deposits are available at discounted rates as mentioned above.
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