AU Small Finance Bank Zero Balance Account Opening #Finance

Friends, in this CashNews.co we’ll discuss, 2023 whether we should open 0 balance Savings account in AU small Finance bank or not. So in this CashNews.co, we

will discuss each and every point related to AU Small Finance Bank we’ll compare every possible parameter Suppose we open an account in this bank, but is it safe? 2ndly we would discuss

that suppose we have opened an account in AU small Finance bank then what about the fees and hidden charges What are the Debit Card charges? after opening the account, how

much rate of interest I’ll get on the Savings account and how much rate of interest I’ll get on fixed deposits. So one by one we will come to the conclusion whether this bank is a good bank to open a 0 balance Savings account or we should simply ignore

the bank. So 1st, about safety… Nowadays every customer of every bank gets Insurance of 5 lakhs. because the DICGC (Deposit Insurance and Credit Guarantee Corporation) which is a subsidiary body of RBI, provides Insurance of

5 lakhs to every customer of every bank Suppose tomorrow you open an account in AU small Finance bank and you had 5 lakhs rupees in that account of AU small

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance bank Now imagine a hypothetical situation where AU small none;">Finance bank collapsed but in that situation also you don’t have to be afraid because DICGC is giving you Insurance of 5lakhs and assuring you that – even if the bank closes down then don’t worry, we will pay you ₹5 lakh so this way AU small

Finance bank is insured by DICGC so the safety of the bank is perfectly fine but if you have to open an account and you’ve more money like 10lakhs, then don’t

deposit the whole 10lakhs though it’s not going anywhere, you can keep it, no problem but if you are still afraid, then don’t worry, keep ₹5 lakh rupees as DICGC itself is taking the guarantee upto ₹5 lakh So this way regarding safety it’s 100% safe because DICGC, itself is

taking the guarantee. 2nd, let’s talk about the reputation The speed at which this bank is been growing, in today’s date, though it is a small Finance bank, but

it is giving competition to big banks like HDFC, ICICI, etc. so in this case, if we talk about the growth of the bank one way, now I’ll tell you next that regarding Savings accounts or fixed deposits, it’s giving more rates of interest than other banks apart from this

debit card charges or any other charges are less than any other banks means in a way AU Small Finance Bank also offers 0 balance Savings account on the other way, you can

pick banks like HDFC, ICICI, AXIS though ICICI earlier used to provide a 0 balance Savings account as an ICICI MINE account but stopped and now a Digital Savings account has taken that place where 20K is the initial funding and have to maintain a 10K average

balance monthly This means they don’t even offer 0 balance Savings account AU small Finance bank is offering 0 balance Savings

account, giving more interest and charges are also low now one more thing, AU small Finance bank has come up with 2 unique concepts in banking as you must have watched ads on

T.V many times, so just watch this one -interest, -bank collects interest on Loans every month -but provides only once a quarter on a Savings account -why is it so? -AU Bank provides interest every month -which means 12 times a year Now here, though in this ad

doesn’t have any unique concept, they just said that when the bank collects EMI every month, When you opt for a Loan, you pay EMIs every month, right? then why does the bank pay you the interest of a Savings account, once in a quarter? Mostly all Indian bank

has the same concept that interest on the Savings account will be given once a quarter but AU Bank says that they will pay the interest every month though it’s just an advertisement because even if they are paying every month and other banks are paying the interest once a

quarter though the interest that other banks are paying in a quarter is also as per the compound interest so it’s the same thing that they are paying 3 months’ money at once. and AU bank is paying every month so the amount is the same but the advertising strategy is very good as most

people don’t know it, now you are advertising, ok! so people feel that this bank is paying every month and others are paying once every 3 months because in India every person is not financially literate so this way they started to build a big customer base so this was a unique concept for

sure and they did a good advertisement but recently there’s another advertisement, just have a look -the bank wants us to stick to the branch for a lifetime where the account has been opened -if we go to other branches, they would provide half services – along with the extra charges!

-come to AU Bank, and you’ll receive all the services in our every branch with no extra charges Now in this ad, I personally felt that they have done a great job. Now select any bank, suppose you opened an account from Delhi in SBI And somehow whatever your job, you got a posting in Mumbai

and suppose you have work in your bank or have to make a few changes so you went to the SBI branch in Mumbai, it’s not that I’m only telling about SBI It’s about every other bank you choose, so when you visit the Mumbai branch, they would directly tell you that -no, we can’t

do this, your home branch will do this only, it’s not possible here you just imagine, would he go back to Delhi now? ok I have given a big example and I took it because personally, I had an account in Chandigarh and somehow I had to go to Jalgaon in Maharashtra my account was in Punjab

National Bank and I had to make a few changes this was two years ago, I was in Maharashtra and had to make a few changes and the branch denied clearly and asked me to do it in Chandigarh means I am in Maharashtra and you are telling me to book a flight and go to Chandigarg to do a simple changing

work so It is very inconvenient so assume that the home branch concept now according to the bank, in your home branch you can deposit upto 1 lakh after that, there would be a penalty and if you are depositing in other branch then the limit is 25K per day and then there would be a penalty after that

it’s just an example, and there are many like this and they have made a table of it that these facilities are for the home branch and these are for other branches but what AU bank says, open an account at any branch you want and opt for services at any branch you want all the branches would

be considered as your home branch means you’ll get equal services in every branch. So I felt that it’s a very good concept. Now here, let’s come to other and important stuff one by one you’ve opened an account, now tell me how much rate of interest will be available on the

Savings account and how much for FD. How much is the debit card fee? Although it is less, but still how much? So all these important factors of AU small none;">Finance bank let’s start discussing them one by one if you think that the account is beneficial for you then I’ll give you the account opening link in the description box below and as soon as you click on the link, you’ll reach the official website of AU small

Finance bank there you just have to enter your few basic details and lastly, your CashNews.co KYC will be done and your account will be open and within a week the welcome kit

will be delivered to your address I’ll show you the whole process of account opening at the end of the CashNews.co that is how you can open the account so here let’s have a look at the features first if you like the account and feel that it’s beneficial then the link to the

account opening is in the description box if we talk about the interest rate of Savings accounts of AU small Finance bank means how much interest rate will

be available on the money we’ve kept in the Savings account so it has been divided into different parts, if your balance is between ₹0 to ₹100000, then you would get an interest rate of 3.5% and if your balance is between ₹100000 to ₹1000000, then you would get an

interest rate of 5% if your balance is between ₹1000000 to ₹2500000, then you would get an interest rate of 6% and if your balance is between ₹2500000 to 1CR, then you would get an interest rate of 7%. So these are the Interest Rates of Savings accounts. If

we talk about FD, then without a doubt, compared to other major banks like HDFC, ICICI, and SBI talking about all the major banks, it has a better rate of interest for FD but there’s one thing and refrain from doing it that if you’ve opened an account then don’t open an FD for 365

days means don’t do it for 1 year as by doing it you will get getting a rate of interest of 6.1% but if you open an FD for 366 days then you will get an interest rate of 7.35% only by going for 1 day extra on FD and 7.35% interest rate is a respectable interest rate and AU small

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance bank is offering you this great interest rate if we talk about the debit card fees, then other bank charges quite high for debit cards like IndusInd bank, they have 2 types of debit

cards for one they charge ₹500+18% GST and for another one they charge ₹249+18% GST like this, in Kotak Bank… as they are also famous for 0 balance Savings account their debit card’s fee is ₹299+18% GST but the AU small

href="https://cashnews.co/finance" style="font-weight: bold; color: #1a73e8; text-decoration: none;">Finance bank charges you ₹150+18% GST as debit card fees. So it will be around ₹177. Now here, Kotak Mahindra Bank offers a virtual debit card option so if you don’t want a

physical debit card then go for the virtual one, it has no fees but in AU bank, you have to get the physical debit card as you won’t have any option for a virtual debit card CashNews.co KYC will be done at last as soon as you click on the ac opening link given below, you have to enter your

basic details and the last step will be a CashNews.co KYC so CashNews.co KYC will be done, with no need to visit the branch and your KYC will be completed at your home and your account will be opened successfully the welcome kit and the debit card are delivered at home, now the question is how much

I can withdraw with that debit card from an ATM If you are using AU Bank’s ATM only then you can withdraw an unlimited number of times in a month, no worries! but if you are using AU Bank’s debit card in other bank’s ATM to withdraw cash So in that case, only 5 transactions per

month will be free after that, you have to pay ₹20 for every transaction you do So these were the features of AU small Finance bank that we discussed Now if you think this

bank… See according to me it’s the best bank from the perspective of 0 balance Savings account and regarding the services also, it’s the best one Now if you have decided to open an account in this bank then let me tell you the opening process As soon as you click

on the link given in the description box below to open an account, you’ll see an interface something like this and you’ll enter the official website of the AU Small Finance Bank

then you’ll see an interface like this you’ve to enter your mobile no there which is below the ‘get started’ then you’ve to click on the ‘Verify Mobile’ button then on the next page, you have to enter the OTP for mobile verification click on the verify

option and your mobile number will be verified then on the next page, you have to enter your mobile number again and below that you have to enter your pan card number, means you’ve entered both your mobile and pan number then on the next page, it’ll fetch all your basic details which

are related to the Aadhaar card like your DOB, married or not, if yes then your spouse’s name, email ID, father’s name all these details you’ve to enter after entering all these basic details, CashNews.co KYC option will open at the last step you just have to click on the

‘click here to complete your CashNews.co KYC now’ option and as soon as the CashNews.co KYC completes, you’ll get a message stating that your account has been opened successfully ‘Welcome to the AU Family’ here after completing all these processes, your account will be

open successfully. it’s a simple process, within a week of account opening, your welcome kit will be delivered to your home So this was a simple process, but if you still have any doubt then you can ask in the comments and I’ll try to answer every comment As of now, this is the end of

the CashNews.co, Thank you for listening and thank you all!