The AU Small Finance Bank provides numerous banking services, banking products, and financial services. For example, it services AU Small Finance Bank Savings Accounts, AU Small Finance Bank Fixed Deposits, AU Small Finance Bank Credit Cards, AU Small Finance Bank Debit Cards, AU Small Finance Bank Term Deposits, AU Small Finance Bank Current Accounts, AU Small Finance Bank Personal Loans, AU Small Finance Bank Home Loans, AU Small Finance Bank Vehicle Loans, and much more. Describing its history, in 1996, AU Small Finance Bank was first established in Jaipur as Au Financiers, a non-deposit taking Non-Banking Finance Company (NBFC). At that time, it functioned on funding economic growth, particularly the under-served and un-served low & middle-class people. For nearly two decades, the Bank offered secured fundings to consumers such as Business Loans, Vehicle Loans, and Housing Loans; along with this, it successfully expanded its geographical presence. In 2015, when RBI created the Small Finance Bank licensing guidelines, due to its strong foothold and proven track record, AU proved to be the strongest of the 10 selected entities out of 74 applicants to obtain this coveted license. This was the biggest milestone for the Bank- it transformed from Au Financiers to AU Small Finance Bank in April 2017. In the same year, they registered as a stellar listing and earned the trust of renowned investors.
In this blog, Fintra will briefly highlight the various banking facilities and financial services the AU Small Finance Bank offers:
AU Small Finance Bank has nine to ten types of Savings Accounts to cater to the various financial needs of their customers such as minors, women, NRIs, senior citizens, employees, etc. The accounts are AU Small Finance Bank Savings Account, AU Small Finance Bank Salary Account, AU Small Finance Bank Senior Citizen Account, AU Small Finance Bank Kids Savings Account, AU Small Finance Bank Institution Savings Account, AU Small Finance Bank Women's Savings Account, AU Small Finance Bank NRI Savings Account, AU Small Finance Bank Students Savings Account, AU Small Finance Bank Abhi Savings Account, and AU Small Finance Bank Digital Savings Account. Each one of these provides up to 7% p.a. interest on the account balance.
AU Small Finance Bank offers the facility to open current accounts as well. The three current accounts are AU Current Account, AU Power Current Account, and AU Vishesh Current Account.
AU Small Finance Bank provides personal loans at competitive interest rates to meet their financial requirements. Moreover, these loans have low processing fees and minimal documentation.
AU Small Finance Bank provides vehicle loans at attractive interest rates. One can opt for car loans, two-wheeler loans, tractors loans, commercial vehicle loans, etc.
AU Small Finance Bank provides seven types of home loans at attractive interest rates. Individuals may opt for automated repayment, where the EMIs will directly get repaid from their AU Small Finance Bank savings account.
Loan Against Vehicle
AU Small Finance Bank account holders can use their vehicle to meet their personal or business goals by opting for four types of loans against the vehicle at attractive interest rates, and they have hassle-free processing.
AU Small Finance Bank gives a gold loan with zero balance savings account. Individuals can obtain the funds instantly and repay at their convenience.
AU Small Finance Bank provides fixed deposit plans to its account holders with high returns for investment purposes. Moreover, it also provides an additional 0.5% interest rate to senior citizens.
With a minimum deposit as small as Rs. 100, AU Small Finance Bank provides the facility of availing a recurring deposit. One can enjoy this facility at a minimum tenure of 3 months and maximum tenure of up to 10 years.
Covid Shield Deposit
AU Small Finance Bank has now initiated a Covid Shield Deposit, it's a unique emergency deposit fund for meeting life’s unexpected emergencies. One can also get free life cover up to Rs. 5 Lakh and renewal vouchers on deposit renewals.
At AU Small Finance Bank, one can avail various types of credit cards- Zenith Credit Card, Altura Credit Card, Altura Plus Credit Card, and Vetta Credit Card. These credit cards provide reward points, travel benefits, and other privileges.
There is a range of debit cards as well at AU Small Finance Bank for individuals that will cater to their various requirements. These cards are offered to the savings and current account holders. These cards provide various offers, discounts, and cashback on shopping, travelling, and dining, etc.
Today, AU Small Finance Bank proudly represents itself as a Scheduled Commercial Bank and a Fortune India 500 Company, which facilitates a convenient banking experience with numerous industry-first initiatives. Being a retail-focused bank, it still strives to continually innovate itself by making the banking facilities much easier for its users. Moreover, it's now heading towards being a digitally-led Bank that has a pan India presence. AU Small Finance Bank vision is to establish itself as the world’s most trusted retail bank and desires to be admired as the epitome of financial inclusion and economic success.