Friends, in this video we’ll discuss, 2023 whether we should open 0 balance savings
account in AU small Finance bank or not. So in this video, 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 finance bank Now imagine a hypothetical situation where AU small 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 has 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 although 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 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 finally, your video 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 video 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 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 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 video 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 video KYC so video 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,
video KYC option will open at the last step you just have to click on the ‘click here
to complete your video KYC now’ option and as soon as the video 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 opened 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 video, Thank you for listening and thank you all!.