Saraswat Bank Fixed Deposit (FD)
Saraswat Bank offers a range of Fixed Deposit (FD) schemes for its customers to choose from. With flexible tenures and great rates of interest, 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 FD Eligibility Criteria
The following are the entities that are eligible to open a Fixed Deposit with Saraswat Bank -
- Resident Individuals
- Minors by guardians
- Organizations
- Cooperative Societies
- Non-resident Indians
Features of Saraswat Bank Fixed Deposits
Here are a few exciting and differentiating features of Saraswat Bank fixed deposits:
- Deposit tenures are flexible and can be chosen by the customer
- Attractive rates of interest
- Tax-saver scheme is separately available for tax-saving purposes
- Pre-closure facility is available as per guidelines by the bank but a penalty is charged
- Loans can be availed against fixed deposits; this is dependent on sole discretion of the bank
Documents Required
The following are the documents required to open an FD account in Saraswat Bank:
- PAN Card
- Aadhar Card
- Voter ID Card
- Ration Card
- Two Passport Size Photographs
Saraswat Bank Fixed Deposit Schemes
Saraswat Bank offers two types of fixed deposit schemes for its customers.
- Kalpataru Deposits - This fixed deposit scheme reinvests your money (principal + interest) earned every quarter so as to help you make the most of your money.
- Madhukar Tax Savings Deposit - This fixed deposit is a tax-saver scheme which helps you save tax on the interest earned on your fixed deposit amount.
How To Apply
The customers should visit the nearest branch and fill the FD application form to open an FD account in Saraswat Bank. Photocopies of the necessary documents should also be submitted along with the application form.
Premature Withdrawal Facility
Saraswat Bank offers a premature withdrawal option on its fixed deposit accounts. However, a penalty of a specified amount may be levied.
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. Saraswat Bank FDs are taxable. If PAN is not provided and interest exceeds ₹10,000 in a financial year, TDS is charged at 20%. If PAN is provided and interest exceeds ₹10,000, TDS is charged at 10%.
- 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.
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