AU Covid Shield FixedDeposits

Safe, Steady Growth with Maximum Potential

(Please note that the COVID Shield Deposit has been discontinued w.e.f May’22 . No new deposits shall be accepted under this scheme)

Earn high-Interest Rates On Fixed Deposits
Senior Citizens* Can Earn Up To 0.50% p.a. Extra Interest Rate
Choice Of Interest Payout

Benefits that match your lifestyle

Earn high-Interest Rates On Fixed Deposits
Senior Citizens* Can Earn Up To 0.50% p.a. Extra Interest Rate
Choice Of Interest Payout

Disclaimer:

⁠Please note that the COVID Shield Deposit has been discontinued w.e.f May’22 . No new deposits shall be accepted under this scheme
* Applicable on Senior Citizen Individuals (60 years and above) who are Resident Indians are eligible for senior citizen additional rates on deposits less than 3 cr (except for non-callable deposits)
Loyalty Rewards: Enjoy loyalty vouchers on renewal with a rate of 0.20% for two years and 0.30% for three years and above. The vouchers given on renewal of FD for 2 years @ 0.20% and for 3 years @ 0.30% will be given only 1 time, as per the initial booking tenure. The voucher will be given only once, irrespective of the number of times FD is renewed by the customer
Account conversion : Existing FDs made in Covid Shield Product in auto renewal mode will be converted to similar regular FD product at the time of renewal.
Life insurance: The COVID Shield Deposit offers life insurance coverage for up to INR 5,00,000. You can also opt for this plan by booking deposits under your spouse's or parent's name to increase your coverage

For more information on the Terms & Conditions of the Life Cover, refer here

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Questions? Answers.

What are the benefits of a Fixed Deposit?

A Fixed Deposit has several advantages over other investment instruments that make it one of the safest investment options. When you avail of a Fixed Deposit, you actually get benefits such as:

An assured return yielding product.
Depending on the tenure of your Fixed Deposit, you can avail of an Overdraft facility.
Flexible tenure options suiting your needs.
Hassle-free online application to get you started with your Fixed Deposit account in no time.
High Liquidity by opting for premature breaking of your Fixed Deposit with an applicable interest charge and subject to terms and conditions.

Can I get monthly interest on my Fixed Deposit?

Yes, you can opt for your interest to be paid out every month. If you opt for compounding interest, the entire sum will be paid at the end of the FD tenure, when your Fixed Deposit matures.

What is the maximum amount that can be invested in a Fixed Deposit?

You can invest a minimum of INR 1,000. There is no maximum investment amount for a Fixed Deposit.

Can I declare my Fixed Deposit investment to avail of tax exemption?

If you hold a Tax Saving Fixed Deposit, you will be eligible for tax deduction up to INR 1,50,000 per year under Section 80C of the Income Tax Act, 1961.

How is the Fixed Deposit (FD) Interest Rate calculated?

· Manual Calculation: The Fixed Deposit interest calculation formula is as follows:

A = P (1+r/n) ^ (n * t)

· Online FD Interest Calculator: You can also use an online FD interest calculator to get accurate results. It is best to use the algorithm-based tool as it can be used multiple times rather than calculating manually.

Explore our Fixed Deposit Calculator for more details

Note: FD interest is calculated and compounded based on the actual number of days in a quarter. The calculation base also changes during a leap year from 365 to 366 days.

When is TDS liable to be deducted?

TDS will be applicable if the interest received or likely to be received, during the financial year, exceeds Rs. 50,000. Further, in case of Senior Citizen, TDS will be applicable if the interest received or likely to be received, during the financial year, exceeds Rs. 1,00,000.