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AU Small Finance Bank launches ‘Swadesh Savings Account’ and ‘Swadesh Current Account’

AU Small Finance Bank (AU SFB), India's largest SFB, is pleased to unveil two specialized accounts exclusively designed for customers in Swadesh branches. These innovative products, namely the 'AU Swadesh Savings Account' and the 'AU Swadesh Current Account,' underscore AU SFB's dedication to providing innovative, customer focused, banking solutions, and promoting use of technology and digital banking to customers in rural and semi-urban areas of the country. 

The AU Swadesh Savings Account beyond higher interests focuses on making transactions not only easy but rewarding for its consumers, it offers 5% cashback on debit card expenditures (including fuel spends), bill payments, and recharges through AU0101 to drive digital inclusion. Powered by RuPay Platinum Debit Card, it offers insurance coverage, providing Rs 2 lakh for personal accident and Rs 5 lakh for air accident, along with complimentary airport lounge access. This Savings Account also provides customers with the flexibility to maintain balances in either a Savings Account or Fixed Deposits. They can maintain an average quarterly balance (AQB) of Rs 10,000 in the Savings Account or opt for a fixed deposit of Rs 1 lakh. 

For Current Accounts in rural regions, a common challenge arises where the business is cyclical and there are periods of higher activity, higher cash transactions followed by period of lull, this often leads to difficulty in maintaining the minimum balance, leading to charges and dissonance. AU Small Finance Bank has made a concerted effort to address this issue by designing the AU Swadesh Current Account, taking into consideration transaction behavior and segment-specific requirements. This Current Account provides flexibility in terms of balance maintenance and monthly transactions, without any mandatory minimum balance requirement, along with a monthly cashback on debit card spends and digital transactions.

The AU Swadesh Current Account also offers a cash deposit limit of 15 times the previous month's maintained Average Monthly Balance (AMB), with other features like 150 free cheque leaves per month, seamless payments, and 20+ free banking services. The account is complemented by Visa Platinum Business Debit Card, providing high transaction limits, purchase protection, enhanced insurance coverage, and exclusive offers & discounts across leading brands in India.

On the introduction of Swadesh Savings & Current Accounts, Uttam Tibrewal, Executive Director, AU Small Finance Bank said, “We are happy to announce the launch of AU Swadesh Savings Account and AU Swadesh Current Account, uniquely crafted to cater to the specific needs of our valued Swadesh customers. These accounts underscore our commitment to fostering financial and digital inclusion, offering accessible banking solutions in rural and semi-urban areas. We believe these offerings will empower our customers and elevate their banking experience to great heights.”

Mr. Tibrewal further added, “While designing the AU Swadesh Savings Account and AU Swadesh Current Account, our primary goal was to empower banking customers in rural and semi-urban areas of India. Both specialized accounts provide enough flexibility to customers in areas where financial resources may vary seasonally, providing them with the ability to manage their funds effectively. This not only eliminates the burden of stringent balance conditions on banking customers, but also encourages them more active participation in the banking ecosystem.”

In September 2023, AU SFB strategically established the Swadesh Banking vertical to harness the bank’s legacy of financial inclusion, extensive knowledge of rural and semi-urban markets, and its comprehensive 360-degree solutions for farmers, self-employed individuals, and micro-enterprises in India’s Bharat. To make it happen, AU SFB consolidated its rural branches, banking outlets, banking correspondents, Financial & Digital Inclusion unit, and Small & Marginal Farmer (SMF) lending units under a unified umbrella and leadership, aiming to enhance the overall benefit for the bank's customers.

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