Saraswat Bank Fixed Deposit (FD)

FAQs on Saraswat Bank Fixed Deposit

• What is the minimum deposit amount required to open Saraswat Bank FD?

  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.

• What is the maximum limit on deposit amount for opening a fixed deposit scheme with Saraswat Bank?

  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.

• What is the minimum and maximum deposit tenure for fixed deposits of Saraswat Bank?

  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.

• How do I avail a fixed deposit account with Saraswat Bank?

  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.

• Is there a tax-saver fixed deposit scheme with Saraswat Bank?

  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.

• Are fixed deposits by Saraswat Bank taxable?

  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.

• Can I avail loan from Saraswat Bank if I have a fixed deposit with them?

  No. Based on bank guidelines, loans cannot be availed from Saraswat Bank, against deposits held by customers with the bank.

• Are special rates offered to senior citizens on fixed deposits of Saraswat 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.

• Can I avail a credit card against Saraswat Bank fixed deposit?

  No. Currently, customers cannot avail credit cards against their Saraswat Bank FD.

• Are there special FD schemes for NRI customers?

  Yes. Saraswat Bank offers separate fixed deposit accounts for non-resident Indians.