The Financial Service is the shorthand name that Aurovilians use for the Auroville Maintenance Fund, but they are actually identical. The Financial Service started in the eighties as an attempt to do away with cash transactions in Auroville by keeping accounts of the cash holdings of Aurovilians. Since then, nearly all transactions between units and Aurovilians are done through transfers using these accounts.
The services are available to Aurovilians, Newcomers and guests of Auroville who will stay a minimum of 10 days. Although some services are only available at the main office (Town Hall), many are also available at the original Aspiration location.
Since July 1995, the Financial Service/Auroville Maintenance Fund has successfully increased its income from deposits by:
- Asking Aurovilians to transfer the amounts they had in low interest-generating bank accounts to their Financial Service accounts, and to forgo interests on these amounts.
- Incorporating the yet to be utilised funds resting with Auroville Fund, SAIIER and CSR.
The interest on this capital is mainly used to finance the monthly budgets of the Central Fund.