AU Small Finance Bank has joined the trend of raising interest rates in the midst of the interest rate increase prompted by the repo rate hike. As of October 10, 2022, the bank has boosted its interest rates on fixed deposits by up to 60 basis points (bps), and provides a maximum interest rate of 7.00 per cent on savings accounts. AU Small Finance Bank is now offering interest rates ranging from 3.75 per cent to 6.95 per cent on fixed deposits due in 7 days to 10 years to the public, and 4.25 per cent to 7.45 per cent on fixed deposits maturing in 7 days to 10 years to the elderly.
“With the recent spate of repo rate hikes announced by the RBI, we have increased the FD rates to extend the maximum benefit to our customers. Currently, we are offering one of the most competitive rates in fixed deposits in the industry,” Uttam Tibrewal, Executive Director, AU Small Finance Bank, said.
The bank will continue to provide a 3.75 per cent interest rate on fixed deposits maturing in 7 days to 1 month 15 days and a 4.25 per cent interest rate on deposits maturing in 1 month 16 days to 3 months. Deposits maturing in 3 months 1 day to 6 months will now provide an interest rate of 5.00 per cent, up from 4.75 per cent, a 25 basis point increase, while deposits maturing in 6 months 1 day to 12 months will now offer an interest rate of 5.85 per cent, up from 5.35 per cent, a 50 basis point increase.
AU Small Finance Bank increased its interest rate on deposits maturing in 12 months, 1 day to 15 months by 50 basis points, from 6.60 per cent to 7.10 per cent. The interest rate on fixed deposits maturing in 15 months 1 day to 24 months increased by 50 basis points, from 6.45 per cent to 6.95 per cent, while deposits maturing in 24 months 1 day to 45 months increased by 60 basis points, from 6.90 per cent to 7.50 per cent. Deposits maturing in 45 months 1 day to less than 60 months will now pay an interest rate of 6.95 per cent, up from 6.45 per cent. Deposits maturing in 60 months to 120 months will now pay an interest rate of 6.95 per cent, up from 6.90 per cent.
Residents of AU Small Finance Bank will continue to get an extra rate of 0.50 per cent on deposits of any length.