AU Bank Savings Account: Complete Guide on Benefits & Opening Process

Savings accounts from AU Small Finance Bank have helped people by providing individualised financial support and solutions. For example, Raju Bhai, a forward-thinking farmer from a village near Ahmedabad, realised that agriculture alone could not meet his family's requirements. 

By meeting his financial needs, AU Bank assisted him in pursuing sources of income outside of agriculture. Raju Bhai now receives a sizable excess in addition to his farming revenue.

In another case, Hema took over her husband's motor driving school following the untimely deaths of her husband and their two sons. By moving the auto loans into her name and offering the required assistance during her trying time, AU Bank made this transition easier. Hema secured a living and ran the firm with this assistance.

The savings accounts and services offered by AU Small Finance Bank have been crucial in helping people overcome financial obstacles and achieve better financial stability, as demonstrated by these cases.

AU Bank Saving Account and its Types

AU Small Finance Bank provides an outstanding banking experience that combines exceptional returns, security, and ease. Additionally, they guarantee that your hard-earned money works for you by offering a zero-balance account opening facility and one of the best savings account interest rates available, up to 7.25%* p.a. You can reap the rewards of your savings even sooner if interest is credited regularly.

• Earn up to 7.25% interest* annually.
• The monthly interest is credited to savings accounts.
• Opening an AU Debit Card Instant Savings Account via Video Banking with over 100 brand discounts.
  

How to Open an Account in AU Bank Savings Account

Opening a savings account with AU Small Finance Bank is simple and can be done in person or online. Here's how to go about it:

Online Account Opening

There are three ways; the first one is to visit the website, and the other one is to download the app.

Step 1: You will have to click on the official website or click on this link.

Step 2: You will be redirected to a new page and asked to enter your Aadhar-linked mobile number there.

Step 3: Click on the verify button.

Download the AU 0101 App

• You must visit the AU Small Finance Bank website and download the AU 0101 mobile banking app from the App Store or Google Play Store.

Register on the App:

• You will have to open the app and register using your mobile number.

Initiate Account Opening:

• You must select the 'Savings Account' option and choose 'AU Digital Savings Account.'

Complete eKYC Verification:

• You must provide your PAN and Aadhaar details for electronic Know Your Customer (eKYC) verification.

Schedule Video KYC:

Now, arrange a video call with a bank representative to complete the KYC process.

Digital Approval:

After verification, digitally approve the terms and conditions to finalise the account opening.

Offline Account Opening

Locate a Branch:

• Use the branch locator on the AU Small Finance Bank website to find the nearest branch.

Visit the Branch:

• Bring the necessary documents, such as proof of identity, address, and recent photographs.

Complete the Application:

• Fill out the account opening form and submit it with your documents to the bank representative. After verification and approval of your documents, you 
  will be provided the bank kit to get started.

Eligibility and Documentation of Au Bank Savings Account

Interest Rate at Au Bank Savings Account

The savings accounts offered by AU Small Finance Bank are arranged across several balance slabs and offer reasonable interest rates. Interest is computed every day and credited every month. The following are the appropriate interest rates as of October 3, 2024:

It is advised to enquire about the appropriate interest rates with your branch or relationship manager for balances of ₹10 crores and above.

Here are some examples for you to understand easily

If your total balance is ₹4 crores, the interest calculation would be:

• For the first ₹1 lakh: 3.00% per annum
• For the next ₹2 lakhs (₹1 lakh to ₹3 lakhs): 3.00% per annum
• For the next ₹2 lakhs (₹3 lakhs to ₹5 lakhs): 4.00% per annum
• For the next ₹5 lakhs (₹5 lakhs to ₹10 lakhs): 5.00% per annum
• For the next ₹15 lakhs (₹10 lakhs to ₹25 lakhs): 7.00% per annum
• For the next ₹75 lakhs (₹25 lakhs to ₹1 crore): 7.00% per annum
• For the remaining ₹3 crores (₹1 crore to ₹4 crores): 7.25% per annum

Please be mindful that these interest rates may change without warning at any time. Please check the AU Small Finance Bank Savings Account Interest Rates page for up-to-date rates and comprehensive details.

How to Close an AU Bank Saving account?

Do you want to terminate your bank account? Knowing how to shut a bank account properly is crucial if you're switching banks, combining accounts, or simply dissatisfied with the services you're getting. 

Evaluate Your Account Status

Make sure to check the status of your bank account before starting the process of shutting it:

• Check the balance in your account: Verify that you have no balance. Any money left over can be withdrawn or transferred to another account.
• Clear Pending Transactions: Ensure all outstanding transactions, such as automatic payments and checks, have been settled.

Assemble the paperwork required to close a bank account

You will need to present specific documentation to shut your bank account. These records may consist of

• Government-issued identification includes a passport, driver's license, Aadhaar, or another official document.
• Account Statement: A recent account statement is required for verification.
• Account Closure Form: Certain banks require you to fill out a specific form to close your account.

Contact your bank to find out the precise paperwork required to close your bank account.

Visit the nearest Branch

To begin closing your bank account, you must go to the branch in your area. What you must do is as follows:

• Talk to a Representative: Ask to have your account closed when you visit the bank. You will be led through the required procedures by the bank representative.
  
  
• Send in the necessary documents: Provide the paperwork required to close your account, such as your account statement, government-issued identification, and any other forms.

Complete the Account Closure Request

To finish your account closure request in person at the bank, take the following actions:

• Complete the form to close your account: Fill out the paperwork the bank representative gave you. Make sure all the information is accurate by checking it twice.
  
  
• Send in Your Request: Give the representative the completed form and supporting documentation. After processing your request, they might send you a confirmation receipt.

Verify the Closure

Make sure you get a confirmation once you've sent in your request to close the account:

• Request a Confirmation Receipt: Request a formal confirmation or receipt from the bank representative confirming the closure of your account.
• Keep an eye on your account: Verify that it has been closed and that no more transactions are being performed.

Dispose of Old Checks and Debit Cards

Once your account has been formally closed, take care of any materials that are still connected to it:

• Destroy Old Checks: To safeguard your financial information, destroy any checks that aren't being used.
• Destroy Debit Cards: To avoid any abuse, cut your debit card into tiny pieces.
  
  

AU Bank Saving Account Customer Care Number

To get their questions answered, AU Small Finance Bank customers can contact the numbers below. Consumers can reach the AU Small Finance Bank customer service helpline at the number shown below, which is a toll-free number available around the clock

• 1800 26 66677
• 1800 1200 1200

Customers can call the toll-free numbers listed below if they cannot reach customer service toll-free lines. The fees may vary depending on your service provider and cell tariff plan. 1860 1200 1200.

Conclusion

You can improve your money management and move to a new bank or account more quickly if you know how to shut a bank account smoothly. You may finish closing a bank account soon if you follow these instructions and have the necessary paperwork.

When closing a savings or current account, following the correct procedures will guarantee that there are no issues and that the account is closed correctly.

FAQs Related to AU Bank Saving Account

Q. Are There Any Fees for Closing My Bank Account?

If you close your account within a specific time frame after opening it, some banks may charge you a fee. Enquire about any possible costs with a bank representative or review the terms and conditions of your account.

Q. What If I Have a Joint Account?

The closure of a joint account requires the consent of all account holders. The closure process may need everyone to give their consent or be present.

Q. What is the toll-free number for credit card queries in AU Bank?

Consumers with AU Bank credit cards can contact them with any questions at 1800 1200 1500. The service is available whenever needed.

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