The revision increases the peak domestic deposit rates for both general and senior citizen customers. For retail term deposits, the bank now offers up to 7.40% per annum on FDs and RDs for general customers, while senior citizens can earn up to 7.90% per annum. Previously, the peak rates stood at 7.25% for general customers and 7.75% for senior citizens.
In addition to domestic deposits, the bank has also revised its FCNR (B) deposit rates for non-resident Indians (NRIs), raising the upper end of rates to 7.10% per annum, compared with the earlier peak of 5.15%. Interest on FCNR deposits continues to be paid on a semi-annual basis.
The updated rates apply to both new and existing customers and are available across the bank’s branch network as well as digital platforms, including its mobile banking app, WhatsApp banking services, and video banking channel.
The bank said the revision is part of its periodic adjustment of deposit pricing across products. The changes come amid a broader trend of competitive deposit rate offerings among lenders as financial institutions seek to attract and retain retail savings.
The revised structure covers multiple deposit channels:
- Fixed Deposits (Normal): up to 7.40%
- Fixed Deposits (Senior Citizens): up to 7.90%
- Recurring Deposits (Normal): up to 7.40%
- Recurring Deposits (Senior Citizens): up to 7.90%
- FCNR deposits: up to 7.10%
AU Small Finance Bank operates as a scheduled commercial bank and is currently India’s largest small finance bank by scale. It has also received in-principle approval from the Reserve Bank of India to transition into a universal bank.
The bank said the revised rates are intended to be applicable uniformly across its distribution network, which includes both physical touchpoints and digital banking channels
