The student life is one of the best phases of life. It is during this time that we make lifelong friends and aim to build a better future for ourselves. Banks offer specialised student savings account to students to help them take care of their money.
AU Small Finance Bank is one such bank that offers student savings account. The AU Student Savings Account aims to support career growth of the students.
In this article, we will see the features & interest rate of the AU Student Savings Account
Low minimum balance: As students can’t maintain a high minimum balance, the bank expects account holders to maintain a minimum balance of Rs.500. However, there are no charges on non-maintenance of balance.
Interest payout: AU Small Finance Bank is one of the few banks that credit monthly interest to the customer’s savings account. So, parking funds in your account can help you get interest income over time.
Debit Card: Account holders get a RuPay Platinum card through which you can withdraw cash from ATM or pay for purchases at supermarkets or malls. You can avail a variety of offers and added insurance benefits when you transact using your debit card.
However, you may not carry out international transactions such as subscribing to Netflix as it is RuPay debit card.
Wide presence: AU Small Finance Bank is increasing its presence by opening bank branches and widening their ATM network. It is currently present across 10 states.
24 x 7 Banking: Account holders can carry out banking services all-round the clock through phone banking, mobile banking and net banking. Moreover, the bank also provides ‘Extended Banking Hours’ to ensure that it takes your banking needs care.
Transfer funds at ease: Customers can transfer funds easily through Demand Draft, NEFT, RTGS, and IMPS.
Interest Rate: The bank offers interest rate on the deposits. The interest rate on the account starts at 4% p.a.
|Less than Rs. 1 lakh||4.00%|
|Rs.1 lakh to Rs.5 lakhs||5.00%|
|Rs.5 lakhs to Rs.10 lakhs||6.00%|
|Rs.10 lakhs to Rs.5 crores||7.00%|
Sweep-in: You can book fixed deposits to earn higher interest than savings account. Using the sweep-in facility, you can link one or more FDs to your student savings account. If you require funds, you can break these FDs in units of Rs.100.
Other facilities: You can avail facilities such as account statement, locker, passbook and cash deposit.
AU Student Account is a student savings account you can apply online and comes with a host of benefits.
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