AU Small Finance Bank Royale Saving Account Review

Introduction The AU Royale Savings Account, offered by AU Small Finance Bank, is a premium banking product aimed at customers seeking high-interest rates, exclusive benefits, and personalized services. However, there are a few drawbacks that potential customers should consider. This review presents an in-depth analysis of the account’s features, pros and cons, and recent changes to its benefits.

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Open an AU Bank Saving Account online through our Affiliate Link - Click Here

Eligibility Criteria

• Initial Funding: A minimum of ₹1 lakh is required to open the AU Royale Savings Account via UPI or card payment.
• Residency: Only residents of India are eligible.
• Account Balance: A cumulative average monthly balance of ₹1 lakh must be maintained across all linked savings accounts, including family accounts.

Key Features

1. High-Interest Rate: Earn up to 7.25%* p.a. with monthly payouts.
2. Exclusive Debit Card: The AU Royale Visa Signature Debit Card offers high withdrawal/purchase limits, and exclusive dining, shopping, and travel deals.
3. Dedicated Relationship Manager: Provides personalized wealth management.
4. Lifestyle Benefits: Access to concierge services, airport lounges, and invitations to exclusive events.
5. Insurance Coverage: Complimentary insurance for accidents, hospitalization, and travel.
6. Digital & Priority Banking: Enhanced digital experience with priority services.
7. Family Banking Program: Integrates up to five family members under one account for collective banking benefits.
8. Preferential Pricing: Locker discounts, no Demat account maintenance charges, and favorable forex rates.
9. Low Cross-Currency Markup: 1.5% markup on international purchases and fee-free withdrawals at international ATMs.
10. Fuel Surcharge Waiver: Available on transactions between ₹400 to ₹4,000.
11. Reward Points: Earn 1 reward point per ₹100 spent domestically and 1 point per ₹50 internationally.

Special Mention: The Family Banking Program is particularly beneficial for senior citizens who may find it difficult to visit banks or ATMs.

Cons

1. High Minimum Balance Requirement: ₹1 lakh balance requirement may not suit everyone.
2. Higher Fees: Premium services come with higher fees, including penalties for not maintaining the balance.
3. Limited Accessibility: Certain premium services may not be useful to all, especially non-frequent travelers.
4. Complex Terms and Conditions: Detailed conditions may restrict usage of certain benefits.
5. Not Ideal for Low-Balance Customers: Penalties can outweigh the benefits for those unable to maintain the minimum balance.
6. Limited Branch Network: Physical branch access may be restricted based on location.
7. Devaluation of Benefits: Recent updates have significantly reduced the value of the account's perks.

AU Royale Visa Signature Debit Card

• Entertainment: Buy 1 Get 1 free movie tickets via BookMyShow, twice a month (up to ₹250).
• Lounge Access: 8 complimentary domestic airport lounge visits annually (requires ₹5,000 spend in the previous quarter starting October 2024). Click Here For the Lounge List.
• High Daily Limits: Up to ₹2 lakh per day for ATM withdrawals and ₹4 lakh for POS transactions.
• Unlimited ATM Transactions: Free at both AU and other bank ATMs.
• Insurance Benefits: Includes Lost Card Liability Cover (₹4,00,000), Purchase Protection (₹25,000), Air Accident Cover (₹1 crore), Personal Accident Cover (₹5,00,000), and Loss of Baggage (₹2,00,000).

Note For Lounge Access: From 1st October 2024, complimentary lounge access is available only if you spend ₹5,000 or more in the previous calendar quarter.

AU Bank Zenith Credit Card (LTF)

• Welcome Benefits: Complimentary travel vouchers or e-gift cards.
• Lounge Access: Free access to domestic and international airport lounges.
• Rewards: Earn points redeemable for flights, hotels, or merchandise.
• Travel Insurance: Complimentary for domestic and international trips.
• Dining & Shopping Offers: Special discounts and cashback.
• Zero Annual Fees: Lifetime free (LTF) when linked with an AU Royale Savings Account.
• Automatic Eligibility: Based on the AU Royale Savings Account balance.

Fees and Charges

• Non-Maintenance Fees On Account:
  • ₹700 per month if the balance falls below ₹50,000.
  • ₹350 per month if the balance is between ₹50,000 and ₹1 lakh.

Devaluation of Benefits

• Welcome Benefits: Discontinued on April 1, 2024.
• Debit Card Cashback: 1% cashback benefit discontinued as of June 1, 2024.(Previously included cashback at brands like Samsung, Titan, and Tanishq.)
• Milestone Benefits: Discontinued from April 1, 2024.
  • Past benefits included vouchers from Amazon, BookMyShow, Taj Hotel, and MakeMyTrip.

Rewards Points Structure

• Domestic Debit Card Transactions: 1 point for every ₹100 spent.
• International Debit Card Transactions: 1 point for every ₹50 spent.
• Fund Transfers: 100 points for 5 AU 0101 Mobile & Internet Banking transfers.

Capping and MCC Blocking

• Capping of Points: Effective February 8, 2024:
  • ivy & Royale: Maximum of 40,000 points per statement cycle.
  • Platinum: Maximum of 25,000 points per statement cycle.
• MCC Blocking: Points will not be earned on certain categories, such as jewelry, fuel, and government services.

Conclusion

The AU Royale Savings Account is a suitable option for those seeking premium banking services and can maintain the required high balance. However, recent devaluations in benefits and rising fees make it less attractive than it once was. Those not prioritizing premium services may find better alternatives in other savings accounts.

To Apply for an AU Saving Account Use Our Affiliate Link - AU Small Finance Bank