I have autosave enabled with Save Content checked. However it only saves map i think because i can still see the asterisk sign on my assets in Content Browser. (I can see progress bars and all)
Hi Satheesh,
While you have the Save Content option enabled, modified assets are saved as back-ups in the same way that your maps are saved. These backup are located in yourProject/Saved/Autosaves and save as either .uasset files for assets and .umap files for maps.
These only save backups, and do not “Save” your primary asset.
I hope that helps.
Hi Satheesh,
This is not a bug. Autosave is intended to only save maps, not content. Your auto-saved maps can found be in project/Saved/Autosaves.
Also remember, there are no “packages” in UE4, just content assets. 
Cheers!
Thanks Stephen. So one doubt. What does the Save Content do?
I apologize for not reading your original question thoroughly. I missed that you had Save Content enabled. Please see my new answer. And thank you for bringing this to my attention as I identified two issues with the feature.