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Savings Account

What is Savings Account

A Savings Account is a basic account that helps to keep your money safe and is an interest-bearing account that'll help to fulfil your financial needs.

AU Bank is India's largest Small Finance Bank, we are committed to offering banking solutions that perfectly cater to your needs above all else. We have different types of savings accounts based on different needs of users.

We offer savings account interest rates of up to 7% p.a and monthly interest pay-outs. Now we have an easier & instant way to open a Savings Account from anywhere - via Video Banking. We ensure that you always enjoy a superior banking experience.

 

Types of Savings Account

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7 Key Features of Savings Account

  • Enjoy exclusive high-interest rates on Senior Citizen Account, Women Account, Institution Account, and more.
  • Get a Visa Gold Debit Card and avail of 1000+ handpicked lifestyle privileges offers and discounts across leading brands in India.
  • 100% paperless account opening process with our Video Banking facility for new and existing AU Bank customers. 
  • Earn Savings Account interest rate of up to 7%* p.a. with monthly interest payouts into your account.
  • Get a dedicated Relationship Officer who will act as your single point of contact to address all your banking and financial needs.
  • Get round the clock access to your funds through AU 0101 App or AU 0101 NetBanking. What's more, you can even book flights, hotels, & cabs, recharge your mobile, and apply for various products and services.
  • Extended banking hours and visit any AU Bank branch till 6 pm.
 

6 Benefits of Savings Account

AU Savings Account is a saviour for every individual's banking needs. Below are some of the benefits of opening an AU Savings Account:
  • Enjoy the convenience of depositing funds into your account without the hassle of using a deposit slip.
  • Get doorstep banking services, including cash/cheque pick-up or delivery services.
  • Enable automated payment of bills using Visa Gold Debit Card.
  • It helps keep your money safe and reach your financial goals. 
  • It gives you a steady interest and easy to access cash whenever the need arises.
  • Inculcates financial discipline.
 

How to apply for Savings Account - Online / Offline?

Online Account Opening Process:

You can open an AU Savings Account online using our Video Banking feature. Prospective customers can interact face-to-face with our representative, to begin with the AU Savings Account opening process.

Offline Account Opening Process: 

Contact your nearest Bank Branch with your KYC documents and passport-sized photographs.

 

Important Documents Required for Opening a Savings Account

To apply for a Savings Bank Account, you must submit KYC (Know Your Customer) documents for verification. Listed below are the essential documents you will be required to submit:
 
Identity Proof:
  • Aadhaar Card
  • Passport
  • Voter ID
Address Proof:
  • Aadhaar Card
  • Passport
  • Utility Bill
  • Voter ID
 
In addition to this, you must submit two passport-sized photographs and the application form. Existing customers of AU Bank can apply for a Savings Account through AU 0101 App or AU 0101 NetBanking.
 

Instant Savings Account Opening with Video Banking

Now you can open a Savings Account via Video Banking right from the comfort of your home. If you are 18 years and above and have the necessary KYC documents, you can instantly open a Savings Account with the help of AU Bank Video Banking. To start the call, below are some of the pre-requisites:
  • A smartphone, laptop or tablet with a camera and speaker to interact with our video banker.
  • Good internet connectivity and a well-lit room.
  • You will also need a blank paper with a pen to submit your signature.
To interact face-to-face with our representative, please click here.
 

Recommended products:

AU Platinum Account, AU Royale Account, AU Digital Savings Account

 

FAQs

 

Q1. Why AU Bank is the best bank for a Savings Account?

With an AU Bank Savings Account you not only save money but also get high interest rates of up to 7% p.a., with monthly interest credit which is much higher than the interest offered by many other banks. You can now instantly open an Savings Account online with video KYC facility via Video Banking.

Q2. What type of Savings Account should I open?

We at AU Bank cater to the different needs of our customers. So, whether you are a woman, a senior citizen or a parent who wants to open a Savings Account for your children, we have exclusive account plans for everyone. We offer higher interest rates too.

Q3. How is interest calculated in a Savings Account?

As per the RBI regulation, a Savings Account interest rate is determined every day depending on your closing balance. This is how the interest on the Savings Account is calculated:

     Interest = Daily balance * (Number of Days) * Interest / (Days in a Year). 

If your daily balance amount is INR1 lakh and interest on the Savings Account is 5% per year, the computation will be:

1 lakhs * 30 * (5/100) / 365 = INR 410.95

Q4. What is the minimum balance requirement in a Savings Account?

The average monthly balance required to open an AU Savings Account is INR 5,000/2,000 for urban/core branches.

Q5. How can one choose the best Savings Account?

While searching for the best Savings Account, here are some of the pointers you should keep in mind:
  • Assess your Needs
  • Interest Rates 
  • Minimum Balance Criteria 
  • Ease of Online Access
  • Debit Card Offers
 

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