Saraswat Bank Recurring Deposit 2025

Saraswat Bank Recurring Deposits

Recurring Deposit are a debt group financing tool. In this kind of deposit, a specific sum of money is invested every month to accumulate capital over the long term.

It is usually started with an aim or a purpose to be served at a set date in the future, such as education expenses, expensive purchases, a vacation, or a future wedding.

Like the famous saying "little drops make a mighty ocean," the money saved in the Saraswat RD scheme every month plus interest earned from the principal will accumulate to make a large amount as the deposit tenure ends.

Check Your Credit Score Now

Features and Benefits of Saraswat Bank RD

1. You can deposit a small amount every month into your RD account.
2. You can avail the feature of Standing Instruction through which the required monthly instalment can be deducted directly from your savings account.
3. There shall be no TDS applied.
4. You also have the benefit of great interest rates.
5. Saraswat Bank’s RD scheme is valid for one to three years.
6. You can decide on the amount of instalment yourself, but cannot be changed once the monthly instalment is fixed, provided that it is at least INR. 5.

Check Your Credit Score Now

Disadvantages of Saraswat Bank RD

1. Saraswat RD has no equity exposure, and so there is no hope for any unexpected windfall.
2. They are also not entitled for Income Tax rebates.

Eligibility Criteria of Saraswat Bank RD

1. The applicant can sign up for this singly or jointly.
2. One can also open an RD on behalf of his/ her ward with the girl child.
3. Association, co-operative societies, and other institutions can start an RD account provided that the bank is satisfied with the cited reasons.

Check Your Credit Score Now

Fees & Charges

1. You will be levied a nominal fine of INR. 1.50 per INR. 100 per annum if you pay the monthly deposit well past the due date.
2. If you pay before maturity, there will be no interest for 15 days.
3. After 15 days, one percent less than relevant interest rate for the actual term for which the deposit is kept with the Sarawsat Bank.

In short, Saraswat RD is a great means to amass wealth over a number of years in a secure and resourceful manner.

A good credit score can help you secure lower interest rates on loans and credit cards.

Get Free Credit Score

FAQs on Saraswat Bank Recurring Deposit

• What is the interest rate on senior citizens' RDs offered by Saraswat Bank Recurring Deposit?

  Saraswat Bank Recurring Deposit provides an additional interest rate of 0.25% to senior citizens on their RDs. 

• Who are eligible to start a Recurring Deposit account with Saraswat Bank?

  The eligibility criteria for creating a Recurring Deposit account with Saraswat Bank include individual account holders, joint account holders, minors, organizations, and cooperative societies.

• Is it possible to modify the duration of my ongoing Recurring Deposit at Saraswat Bank?

  Unfortunately, once you have selected a term for your Recurring Deposit, it cannot be changed.

• If I don't possess a PAN card, what is the process of initiating a Recurring Deposit account with Saraswat Bank?

  You can use Form 16 as a substitute for your PAN card while opening a Recurring Deposit with Saraswat Bank. 

• Is there a minimum deposit amount to open a Recurring Deposit account with Saraswat Bank?

  The minimum amount needed to initiate a Recurring Deposit with Saraswat Bank is Rs.500 per month. Additional deposits can be made in increments of Rs.100, but only for Term Deposits with durations ranging from 12 months to 36 months. 

• Which individuals or entities can participate in the Saraswat Bank RD interest rate and account scheme?

  Organizations, cooperative societies, individuals who have a joint bank account, minors, and individuals who are single account holders can participate in the Saraswat Bank RD interest rate and account scheme. 

• Does Saraswat Bank have an internet banking facility?

  Yes, Saraswat Bank has an internet banking facility. Saraswat Bank's Retail Internet Banking service is a fast, convenient, and user-friendly platform that enhances the consumer banking experience. It enables individual retail customers to perform their banking transactions online from anywhere and at any time. 

• What happens if I do not access my internet banking account for a long time?

  If you do not log in to the Saraswat Bank banking application for 720 consecutive days, your internet banking facility will be deactivated or blocked. 

• What are the minimum and maximum duration for which Recurring Deposits are accepted?

  Recurring Deposits are accepted for a minimum term of 12 months and a maximum term of 36 months. 

• What is the easiest way to make monthly deposits in a Saraswat Bank Recurring Deposit account?

  The option of Standing Instruction is available at Saraswat Bank, which allows for an automatic monthly deduction of instalments from your Savings Account to your Recurring Deposit account.