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  • Saraswat Bank Recurring Deposit

    SARASWAT BANK RECURRING DEPOSIT
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    Overview:

    Saraswat Bank is an urban bank with its headquarters in Maharashtra. It has been functioning as a co-operative banking institution since 1918. This bank was bestowed with ‘Scheduled’ status by the RBI in 1988 and is also the first co-operative bank to offer Merchant Banking facilities. Currently the Saraswat Bank is having correspondent association in 45 nations covering nine currencies with more than a hundred banks. It has 267 local offices countrywide. The onset of 21st century has witnessed a huge leap ahead for this Bank. The Bank has daringly opted for a path of organic/ inorganic development at a fairly steady pace.

    Saraswat Bank Recurring Deposits:

    Recurring Deposits are a debt group financing tool. In this kind of deposit, a specific sum of money is invested every month to accrue capital for a long term. It is usually started with an aim or a purpose to be served at a set date in future such as education expenses, expensive purchases, a vacation or 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.

    Features & Benefits:

    • You can deposit a small amount every month into your RD account.
    • You can avail the feature of Standing Instruction through which the required monthly instalment can be deducted directly from your savings account.
    • There shall be no TDS applied.
    • You also have the benefit of great interest rates.
    • Saraswat Bank’s RD scheme is valid for one to three years.
    • 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.

    Disadvantages:

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

    Eligibility Criteria:

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

    Fees & Charges:

    • 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.
    • If you pay before maturity, there shall be no interest for 15 days.
    • 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.

    Know the Current Recurring Deposit Rates

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