Developing a savings habit could be intimidating, but it is one of the best things you can do for your financial health. AU Small Finance Bank makes it easy for new savers to open accounts, earn attractive interest rates, and develop good money management practices.
This guide will walk you through everything you need to know as a new AU Small Finance Bank customer, empowering you to open a savings account and watch your money grow.
Choose the Right Account for You
AU Small Finance Bank offers a range of savings accounts to meet different needs. When deciding on the best account, consider what you plan to save for and how often you will make transactions.
- The AU Digital Savings Account can be opened instantly via video KYC. This zero balance account is quick and easy to open for individuals aged 18+ with the necessary KYC documents.
- The AU Salary Account is perfect for working professionals. It offers no minimum balance requirement, a Visa Debit Card, enhanced insurance coverage and convenient paperless banking facilities.
- The AU Senior Citizen Savings Account is designed for residents aged 60 years and above. It offers monthly payouts, discounts on safe rentals, and extended banking hours for added convenience.
- The AU Institution Account is tailored for Trusts, NGOs and other entities. It offers free cash deposits and withdrawals limits, and an overdraft option to meet temporary liquidity needs.
- The AU Women’s Account is specially designed for women aged 18+ years. It provides monthly interest payouts on savings and extended banking hours to suit busy schedules.
- The AU Student savings account targets students enrolled in empanelled educational institutions. Its key features include high interest rates on savings, a RuPay Platinum Debit Card, and complimentary access to other bank ATMs. These features help students effectively manage their finances during their academic years.
- The AU Kids Account is meant for children below 18. It teaches the importance of saving money from a young age while helping parents build a corpus for their child’s future. It comes with zero non-maintenance charges.
Prepare Your Documents for Opening an Account
You must submit valid KYC documents whether you apply online, through video banking, or in person.
Existing AU Small Finance Bank customers can open additional accounts digitally through net banking or the AU 0101 app.
Understanding Video KYC Account Opening
AU Small Finance Bank offers an innovative Video KYC process to open savings accounts virtually. To ensure it goes smoothly:
- Use a smartphone, laptop, tablet or other device with a working camera and microphone
- Sit in a quiet, well-lit area for clear video quality
- Have a stable internet connection without lag or buffering
- Keep your documents ready to show through the camera
- Use a pen and paper to provide e-signatures
Video banking makes opening an account more convenient than ever.
Funding and Using Your New Savings Account
Be sure to make your initial deposit during account opening or shortly after. Fund it through:
- Cash deposit at a branch
- Cheque deposit
- Online transfer from another bank account
- Setting up a recurring deposit for automatic periodic deposits
Once open, use your AU Small Finance Bank savings account frequently to build savings:
- Set up direct deposit for a portion of your salary
- Automate periodic transfers from the checking account
- Use digital payment methods like net banking for deposits
- Withdraw funds through ATMs and branch visits
Interest and Monthly Payouts Drive Growth
Earn a market-leading interest rate on your savings account at AU Small Finance Bank. Enjoy the benefits of monthly interest payouts, which can significantly boost your savings growth.
Receiving interest every month allows you to compound earnings faster than quarterly or annual payouts. Continually adding interest back into the principal keeps your money working hard.
The Bottom Line
Opening your first savings account is an important step towards financial security. Follow this guide to get started on the right foot with AU Small Finance Bank and reap the ongoing benefits of smart saving. Consistency and discipline in using your account will help grow your money exponentially over time, thanks to compound growth!
