AU Small Finance Bank hikes interest rates on Fixed Deposits & Savings Account
Customers to get inflation-beating returns from FDs with hiked FD interest rate
City Air News
Dec 13, 2022 06:31
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Hyderabad/ Mumbai, December 13, 2022: After the recent Repo rate increase by RBI, AU Small Finance Bank, the largest Small Finance Bank of India, has announced an increase in Fixed Deposit and Savings Account interest rates so that customers can get maximum return on their investments.
The Bank has hiked its peak FD rate for retail deposits by 25 basis points, from existing 7.5% to 7.75% for regular customers and 8% to 8.25% for senior citizens. With this hike, the bank is offering one of the most competitive FD interest rates in the banking industry. The Bank had earlier hiked FD rates by up to 60 basis points for retail deposits in the month of October 2022. Given the rising inflation, AU Bank provides an opportunity to customers, particularly senior citizens to get inflation-beating returns from their Fixed Deposits.
The Bank has also increased its savings deposit rate to 7.25% p.a. for savings balances from ₹ 1 Cr to ₹10 Cr. The maximum increase of 1.25% is announced for savings balances from ₹5Cr to ₹10 Cr where bank increased savings deposit rate from 6% to 7.25%.
Commenting on the rate hike, Uttam Tibrewal, Executive Director, AU Small Finance Bank, said, “With the recent spate of repo rate hikes announced by the RBI, we have increased FD and Savings rates to extend the maximum benefit to our customers. Currently, we are offering one of the most competitive rates on Fixed Deposits and Savings Deposits in the industry. As a customer centric bank, we will continue to bring the best offerings for our customers.”
