AU Small Finance Bank Digital Account Review (2024)

AU Small Finance Bank has introduced the concept of getting all banking and finance related-work done via video calls, hence from opening of the account to depositing money or for any other query one just gets on a video call with the bank, where the queries are resolved by a bank employee live.

The interest rate is credited every month to the bank accounts rather than quarterly making the account holder earn interest on interest. AU Small Finance Bank has launched three kinds of digital accounts, namely, AU Digital, Platinum and Royale with various features discussed in the article.

AU Digital is a zero balance savings account and is completely digital. This is the most basic of the digital accounts. It has a few complementary features as well which are unique for a zero balance account.

• Average Monthly Balance to Maintain: Zero
• Interest Rate: 3.50% to 7.25%.
• ATM Cash Withdrawal: Unlimited debit card transactions at AU Bank’s ATMs and five transactions at other bank ATMs.
• Debit Card Type: Rupay Platinum Debit Card.
• NEFT/RTGS: Free if done through net banking or video call.
• IMPS: Free if done through net banking or video call.
• Cheque Leaves Per Year: 25 leaves free of charge.
• Cash Transactions: Free up to INR 1 lakh per month cash deposit at any branch, above INR 1 lakh is INR 4/1000.
• Cash Withdrawal : Free cash withdrawal at all branches.

Discounts with AU Debit Cards

• Customers can get an upfront discount of 5 to 20% on making purchases from the partner companies. Discount is not hom*ogeneous and will differ from company to company to the maximum limit in every category mentioned below in a month.
• Dining: Discounts up to 1,100 on dining with Swiggy/ Zomato (twice per month per card), EazyDiner and Magicpin (once per month).
• Grocery: Discount up to 1,100 on grocery shopping with Swiggy Instamart/Bigbasket/JioMart (once per card)/Blinkit (three transactions per card per month), Dunzo / Zepto (once per month per card).
• Travel: Discount up to INR 7,500 on travel bookings with Cleartrip, Yatra, MakeMyTrip and Abhibus, (once per card per month).
• Entertainment: Discount up to INR 250 on movie tickets with BookMyShow and Inox (twice per card per month).
• Electronics: Discount up to INR 1,000 on mobile & electronics at Croma and Vijay Sales (once per card per month).

How to Open an AU Digital Savings Account

• This account requires full KYC and can be opened online as well as by visiting the branch.
• It can be opened online by entering the Aadhar and PAN details and getting on video call at the convenience of the customer within the working hours. Applicants can get into a video call immediately with the bank officials and get a new account by showing the required KYC documents.
• Customers can also visit any branch of the bank and get the account opened immediately by showing the Aadhar card and PAN card.

Complimentary:

• Domestic airport lounge access – two per quarter.
• Video banking services and transactions.

Pros:

• Interest rate is credited monthly.
• Facilities like NEFT, RTGS and IMPS are free and unlimited.
• Free debit card transactions at any ATM.
• Welcome benefits.

Cons:

• Full KYC required to open the account.

AU Platinum is a digital account where the account holder will have to maintain a balance of INR 25,000. It has better complementary benefits than the basic account.

• Average Monthly Balance to Maintain: INR 25,000.
• Interest Rate: 3.50% to 7.25%.
• ATM Cash Withdrawal: Unlimited debit card transactions at AU Bank’s ATMs and other bank ATMs.
• Debit Card Type: Visa Platinum debit card.
• NEFT/RTGS: Free if done through net banking or video call.
• IMPS: Free if done through net banking or video call.
• Cheque Leaves Per Year: 25 leaves for free.
• Cash Transactions: Unlimited cash withdrawal at any AU branch and free cash deposit up to INR 5 lakh at any bank branch, post that INR 4/1000.

Welcome Benefits:

Amazon vouchers up to INR 1,250 as an welcome benefits for the following transactions:

• INR 250 Amazon voucher for the first debit card purchase transaction, online or point of sale (PoS) of minimum INR 1,000.
• INR 100 Amazon voucher for the first bill payment via AU 0101 app or net banking of minimum INR 500.
• INR 250 Amazon voucher for the first “Scan and Pay” via AU 0101 transaction of minimum INR 1,000.
• INR 250 Amazon voucher on simply completing online Investment account registration.
• INR 250 Amazon voucher for booking the first fixed deposit (FD) of minimum INR 50,000 or RD of minimum INR 2000), minimum tenure of six months.
• INR 150 Amazon voucher for FASTag issuance with a load of INR 500.

Complimentary:

• Dedicated Relationship Officer: Relationship Officer will act as a single point of contact across the banking needs.
• Banking at your convenience: Banking needs can be fulfilled by getting on a video call and without physically going to the bank.
• Monthly cashback: 1% monthly cashback up to INR 100 on a minimum debit card spend of INR 2,500 per month (excluding fuel spends)
• Dining: Discounts up to INR 1,100 on dining with Swiggy, Zomato, EazyDiner and Magicpin
• Grocery: Discounts up to INR 1,100 on grocery shopping with Swiggy Instamart, Bigbasket, JioMart, Blinkit, BB Now, Dunzo and Zepto
• Travel: Discounts up to INR 7,500 on travel bookings with Cleartrip, Yatra, MakeMyTrip and Abhibus.
• Entertainment: Discounts up to INR 250 on movie tickets with BookMyShow and Inox
• Electronics: Discounts up to INR 1,000 on mobile, electronics at Croma and Vijay Sales.

Discounts with AU Debit Cards

Customers can get an upfront discount of 5 to 20% on making purchases from the partner companies. Discount is not hom*ogeneous and will differ from company to company to the maximum limit in every category mentioned below in a month.

• Dining: Discounts up to 1,100 on dining with Swiggy/ Zomato (twice per month per card), EazyDiner and Magicpin (once per month)
• Grocery: Discount up to 1,100 on grocery shopping with Swiggy Instamart/ Bigbasket / JioMart (once per card) / Blinkit (3 transactions per card per month) , Dunzo / Zepto (once per month per card)
• Travel: Discount up to INR 7,500 on travel bookings with Cleartrip, Yatra, MakeMyTrip and Abhibus, (once per card per month)
• Entertainment: Discount up to INR 250 on movie tickets with BookMyShow & Inox (twice per card per month)
• Electronics: Discount up to INR 1,000 on mobile & electronics at Croma & Vijay Sales. (once per card per month)

How to Open an AU Platinum Savings Account

• This account requires full KYC and can be opened online as well as by visiting the branch.
• It can be opened online by entering the Aadhar and PAN details and getting on video call at the convenience of the customer within the working hours. Applicants can get into a video call immediately with the bank officials and get a new account by showing the required KYC documents.
• Customers can also visit any branch of the bank and get the account opened immediately by showing the Aadhar card and PAN card.

Pros:

• Interest rate is credited monthly.
• Facilities like NEFT, RTGS and IMPS are free and unlimited.
• Free debit card transactions at any ATM.

Cons:

• Full KYC required to open the account.

AU Royale is the most premium of the digital accounts and has the maximum number of complimentary benefits.

• Average Monthly Balance to Maintain: INR 1 lakh.
• Interest Rate: 3.50% to 7.25%.
• ATM Cash Withdrawal: Unlimited debit card transactions at AU Bank ATMs and other bank ATMs.
• Debit Card Type: VISA Signature Debit Card.
• NEFT/RTGS: Free if done through net banking or video call.
• IMPS: Free if done through net banking or video call.
• Cheque Leaves Per Year: 25 leaves for free.
• Cash Transactions: Unlimited withdrawal and deposit at any AU Bank branch.

Welcome Benefits:

Amazon vouchers up to INR 1,250 as an welcome benefits for the following transactions:

• INR 250 Amazon voucher for the first debit card purchase transaction, online or PoS of minimum INR 1,000.
• INR 100 Amazon voucher for the first bill payment via AU 0101 app or net banking of minimum INR 500.
• INR 250 Amazon voucher for the first “Scan and Pay” via AU 0101 transaction of minimum INR 1,000.
• INR 250 Amazon voucher on simply completing online investment account registration.
• INR 250 Amazon voucher for booking the first FD of minimum INR 50,000 or recurring deposit (RD) of minimum INR 2,000), minimum tenure of six months.
• INR 150 Amazon voucher for FASTag issuance with a load of INR 500.

Complimentary:

• Dedicated Relationship Officer: Relationship Officer will act as a single point of contact across the banking needs.
• Banking at your convenience: Banking needs can be fulfilled by getting on a video call and without physically going to the bank.
• Monthly cashback: 1% monthly cashback up to INR 200 on a minimum debit card spend of INR 2,500 per month (excluding fuel spends).
• Twofree movie tickets per month through BookMyShow.
• Two complimentary domestic airport lounge access per quarter (eight in a year).
• Milestone benefits: Get vouchers on spending the following amounts:

  Annual Spends	Total Worth of the Vouchers	Vouchers
  INR 100,000	INR 500	INR 500 Amazon Voucher
  INR 200,000	INR 1,250	INR 500 Amazon Voucher + INR 750 BookMyShow Voucher
  INR 500,000	INR 2,250	INR 500 Amazon Voucher + INR 750 BookMyShow Voucher + INR 1,000 Taj Hotel Voucher
  INR 1,000,000	INR 4,750	INR 500 Amazon Voucher + INR 750 BookMyShow Voucher + INR 1,000 Taj Hotel Voucher + INR 2500 MakeMyTrip Voucher

• Family Banking Program: Integrated account of all the family members with personalized facility.
• Preferential Pricing: 75% discount on locker rentals, preferential rates on forex, and no annual maintenance charges on the demat account.
• Lowest cross-currency mark-up: 1.5% on international merchant purchases and the ability to withdraw money from international ATMs.

Discounts with AU Debit Cards

Customers can get an upfront discount of 5 to 20% on making purchases from the partner companies. Discount is not hom*ogeneous and will differ from company to company to the maximum limit in every category mentioned below in a month.

• Dining: Discounts up to 1,100 on dining with Swiggy/ Zomato (twice per month per card), EazyDiner and Magicpin (once per month)
• Grocery: Discount up to 1,100 on grocery shopping with Swiggy Instamart/ Bigbasket / JioMart (once per card) / Blinkit (3 transactions per card per month) , Dunzo / Zepto (once per month per card)
• Travel: Discount up to INR 7,500 on travel bookings with Cleartrip, Yatra, MakeMyTrip and Abhibus, (once per card per month)
• Entertainment: Discount up to INR 250 on movie tickets with BookMyShow & Inox (twice per card per month)
• Electronics: Discount up to INR 1,000 on mobile & electronics at Croma & Vijay Sales(once per card per month)

How to Open an AU Royale Savings Account

• This account requires full KYC and can be opened online as well as by visiting the branch.
• It can be opened online by entering the Aadhar and PAN details and getting on video call at the convenience of the customer within the working hours. Applicants can get into a video call immediately with the bank officials and get a new account by showing the required KYC documents.
• Customers can also visit any branch of the bank and get the account opened immediately by showing the Aadhar card and PAN card.

Pros:

• Interest rate is credited monthly.
• Facilities like NEFT, RTGS and IMPS are free and unlimited.
• Free debit card transactions at any ATM.
• Milestone benefits.
• Welcome benefits.

Cons:

• Full KYC required to open the account.

Methodology:

The account has been rated on the basis of the following criteria:

• Charges for NEFT/RTGS/IMPS services.
• If the account is free from any hidden charges.
• Hassle-free formalities.
• Extra facilities that the bank has to offer other than the basic facilities.
• Pocket-friendly deposits if any.