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.
- 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.
- 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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- Saraswat Bank Recurring Deposit Interest Rates
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