AU Small Finance Bank hikes FD rates, now earn as high as 8% on this tenor
1 min read 17 May 2023, 02:58 PM ISTAU Small Finance Bank (SFB) hiked interest rates on fixed deposits of less than ₹2 Cr.
PremiumAU Small Finance Bank (SFB) hiked interest rates on fixed deposits of less than ₹2 Cr. Following the revision, the bank is offering interest rates ranging from 3.75% to 7.20% for the general public and 4.25% to 7.70% for senior citizens on deposits maturing in 7 days to 10 years. On a deposit tenor of 24 Months 1 Day to 36 Months, AU Small Finance Bank (SFB) is offering a maximum interest rate of 8%. As per the official website of the bank, the new FD rates are effective as of 15th May 2023.
AU SFB FD Rates
The bank is now giving an interest rate of 3.75% on fixed deposits that mature in 7 days to 1 month and 15 days, and it is now offering an interest rate of 4.25% on deposits that mature in 1 month and 16 days to 3 months. As of right now, AU Small Finance Bank (SFB) is providing interest rates of 5.00% on deposits with a tenor of 3 months and a day to 6 months and 6.75% on deposits with a tenor of 6 months and a day to 12 months.
Deposits with maturities between 12 months and 15 months will now earn interest at a rate of 7.60%, while deposits with maturities between 15 months and 18 months will now earn interest at a rate of 7.75%. The bank is now offering an interest rate of 7.50% on domestic term deposits that mature in 18 months, 1 day to 24 months and is now providing an interest rate of 8.00% on domestic term deposits maturing in 24 months, 1 day to 36 months.
The interest rate on deposits will now be 7.75% for those maturing in 36 months and a day to 45 months and 7.20% for those maturing in 45 months and a day to 120 months.
In Q4FY23, AU Small Finance Bank's net profit grew by 22.7% to ₹424.6 crore from ₹346.07 crore in the same period the previous year. In Q4FY23, net interest income (NII) totalled ₹1,213.20 crore, up 29.54% from ₹936.56 crore in Q4 of the previous fiscal year. Asset quality-wise, the bank's gross non-performing assets (NPA) declined to 1.66% in Q4FY23 from 1.98% in Q4FY22 and 1.81% in Q3FY23. 0.42% net NPA, down from 0.50% in Q4 FY22 and 0.51% in Q3 FY23.
