India’s largest small finance bank, AU Small Finance Bank launched two new products for the affluent customers, AU Royale – ‘AU Royale Salary’ and ‘AU Royale Business’ Current Account.
The bank said the affluent segment in India is consistently growing, citing the Hurun India Wealth Report 2021 estimates, Indian millionaire (USD) households are set to rise by 30 percent over the next five years. The bank said as this segment experiences a steady growth its expectations from banking are ever evolving.
Earlier the bank had launched its Royale programme designed specifically to cater to the everyday banking requirements of this segment, while the bank was already offering customised premium products for HNIs and NRIs, now it has launched niche products, ‘AU Royale Salary’ and ‘AU Royale Business’ for the business and salaried segments.
Uttam Tibrewal, Executive Director, AU Small Finance Bank said, “Over the years, we have seen growing interest from the affluent segment towards our personalized services and higher returns. While we have been a preferred choice of Bank for the self-employed business class, the number of salaried class customers has gradually started growing as we increase our footprint in Metros & Tier-I cities.”
Tibrewal added, “As we have strategically expanded our range of services across the banking spectrum, with ‘AU Royale Salary’ and ‘AU Royale Business’, we are expanding our class leading solutions to different segments of the affluent customers. In line with our commitment to bring Badlaav in Banking, we shall continue to enhance our proposition and deliver unparalleled value to our customers.”