• AU Bank COVID Shield Fixed Deposit

    The AU Bank COVID Shield Fixed Deposit is a deposit scheme launched by the bank to help its customers during the pandemic. As the cost-of-living increases and resources are scarce, the bank's new fixed deposit helps you manage your EMIs, rent, school fee, and other expenses.

    Why is AU Bank COVID Shield Fixed Deposit Safe?

    • Banks come under the category of ‘essential services’ and are operational even during emergencies and crises like the pandemic.
    • DICGC insurance (Deposit Insurance and Credit Guarantee Corporation) covers deposits up to Rs.5 lakh per person. So, you can book funds under many names like of your parents, and spouse. This way, you can increase the security of deposits and insurance coverage.
    • The principal amount of your deposit is always protected.
    • Returns from a fixed deposit are guaranteed as they are considered as a growing investment.
    • Banking services have now become digitalised and you can access your funds at anytime, from anywhere via mobile banking and net banking services.

    Features of AU Bank COVID Shield Fixed Deposit

    • The AU Bank COVID shield fixed deposit offers up to 7.19% interest annualised. This is for deposits opened for a tenure of 24 months 1 day to 36 months.
    • The bank offers a life insurance cover up to Rs.5 lakh.
    • You can easily manage your interest payment methods and frequency.
    • You will need a savings account (zero balance) with the bank in order to open an AU Bank COVID shield fixed deposit.
    • You will receive loyalty vouchers when you renew the deposit (2 years-0.20% and 3 years and more- 0.30%) of your principal value.
    • You can enjoy special rates on your loans like car loans, business loans, etc.
    • You will be pre-qualified for personal loans after 1 year.

    How to Apply for an AU Bank COVID Shield Fixed Deposit

    FAQs on AU Bank COVID Shield Fixed Deposit

    1. What is the interest rate for this deposit for a senior citizen?

      The annualised returns basis 7% interest rate per annum is for senior citizens.

    2. Do I need to open a savings account with the bank to open the fixed deposit?

      Yes, you will need a savings account (zero balance) with the bank in order to open an AU Bank COVID shield fixed deposit.

    3. Will I be eligible for personal loans if I have a fixed deposit with the bank?

      You will be pre-qualified for personal loans after 1 year.

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