Saraswat offers a range of fixed deposit schemes for its customers to choose from. With flexible tenures and great rates of interest, Saraswat Bank makes sure you get the most out of your fixed deposit. Saraswat Bank fixed deposits are a great way of saving money for your special times as well as times of need. These deposits are low-risk financial instruments meant for people who want to save as well as grow their money but are cautious of taking risks.
Saraswat Bank came into being in the year 1918 and is one of the oldest banks of India. The bank is the first cooperative bank to provide merchant services. In the year 1988, the Reserve Bank of India conferred the bank with the ‘scheduled’ status. Saraswat Bank implemented core banking solution in the year 2004 leading to convenient online transactions.
Saraswat bank offers a wide range of banking products and services to its customers. There are various banking channels that customers of this bank can choose to avail. For example, online banking platform, SMS banking, mobile banking ATMs etc. Saraswat Bank functions in numerous banking verticals like asset management, corporate banking, private banking, treasury and NRI banking.
Here are a few exciting and differentiating features of Saraswat Bank fixed deposits:
Saraswat Bank offers two types of fixed deposit schemes for its customers.
The following are the entities that are eligible to open a Fixed Deposit with Saraswat Bank –
The interest rates Saraswat Bank FDs vary according to their deposit period. These rates are competitive with respect to other banks and attractive too. The rates start at 3.75% p.a. for very short-term deposits and go up to 6.10% p.a. for fixed deposits with a tenure of 5 years or more. The rate remains constant at 6.10% p.a. for deposits with a period between 1 year to 10 years.
The minimum deposit amount required to open FD with Saraswat Bank is Rs.1,000 and thereby in multiples of Rs.100. For the Madhukar Tax Savings deposit, the minimum amount is Rs.5,000 and thereafter in multiples of Rs.100.
There is no maximum limit on the deposit amount for opening a fixed deposit account with Saraswat Bank. However, amounts higher than INR3 Crore may be required to furnish additional documents and proofs.
The minimum period for which a fixed deposit can be opened with Saraswat Bank is 7 days while the maximum deposit period is 120 months or 10 years.
You can apply for a fixed deposit account by walking in to any of the Saraswat Bank branches and filling up a simple application form.
Yes. The Madhukar Tax Saving Deposit offers an income tax exemption under section 80C of the Income Tax Act. This deposit needs to be with the bank for 5 or more years.
Yes. Fixed deposits of Saraswat Bank are taxable. There are two cases that arise for fixed deposit schemes. One, where the customer has not furnished his/her permanent account number (PAN) and second where the customer has furnished his/her PAN. If PAN isn’t furnished and the depositor earns more than INR 10K as interest in a financial year then tax at 20% is charged. If PAN is provided and interest earned is more than INR 10K then tax is charged at 10% of the interest amount.
No. Based on bank guidelines, loans cannot be availed from Saraswat Bank, against deposits held by customers with the bank.
Yes. Special and higher rates of interest are offered to senior citizens who hold a fixed deposit with Saraswat Bank. These rates are 0.5% higher than the regular rates offered.
No. Currently, customers cannot avail credit cards against their Saraswat Bank FD.
Yes. Saraswat Bank offers separate fixed deposit accounts for non-resident Indians.
Yes. Fixed deposits can be withdrawn prematurely but this attracts a penalty charge which depends upon bank’s discretion.
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