AU Small Finance Bank Launches AU Green Fixed Deposit
AU Small Finance Bank (AU SFB), on Wednesday, launched Planet First AU Green Fixed Deposit (AU SFB) to support renewable and green projects including solar power, electric mobility solutions etc.
The company said that AU SFB is in a unique position to contribute towards sustainable ‘Badlaav’ through gradually offering such retail products aligned with the guidance of the regulator.
The Green Deposit policy and framework would further complement AU SFB’s intent on climate action. The policy and framework are approved by the Board and are externally reviewed by a third party in accordance with the mandatory requirements. Channelising funds through the green route and lending towards green assets, AU SFB’s efforts on sustainability will continue to evolve to reflect ‘Badlaav,’ in the journey of ‘Forever’.
The Planet First - AU Green Fixed Deposit offers an interest rate of up to 8.50 per cent, with a minimum investment requirement of only Rs 5,000.
This new offering allows both AU SFB’s existing and new customers to secure their Green FD conveniently through Video Banking, the AU 0101 App, NetBanking, or by simply visiting their nearest AU Small Finance Bank branches. The Green FD is being launched on the last Wednesday of October, as this day is also recognized as Sustainability Day.
The customers can opt for a tenure that aligns with their financial objectives, spanning from shortest term of two years to long-term options. Planet First - AU Green Fixed Deposit offer a variety of interest payment choices to customers, including monthly, quarterly, and cumulative (at maturity), to help manage their cash flows effectively. Furthermore, customers will receive regular updates regarding the utilization of their funds and the progress of the green projects supported by Planet First - AU Green Fixed Deposit, keeping them well-informed every step of the way.
Sanjay Agarwal, Founder and MD & CEO, AU Small Finance Bank said, “With this launch, we are taking an even greater step forward and will be among the first few banks to launch 'Planet First – AU Green Fixed Deposit,' fully compliant with the new RBI framework. Our intent is to keep the planet first in our thoughts & actions and to foster an ethos of the recent G20 initiative of One Earth, One Family and One Future. We are extremely happy to add Green Fixed Deposit to our bouquet of innovative and customer-centric products.”
He added, "By choosing Planet First - AU Green Fixed Deposit, one joins a community of pro-green customers, where the deposits so mobilized, shall be channelized exclusively into essential green projects (including solar power, electric mobility solutions etc) that supports climate action."
