The Saraswat Bank is a widely known scheduled co-operative bank that completed many years of service. It was first established in 1918 and has continued to be one of the most trusted banks in the investment scene today. Ranging from competitive rates on its various schemes available for customers, its fixed deposit rates are the most beneficial when it comes to investments.
The Saraswat Bank FD interest rates for senior citizens are fixed at 3.75% to 7.75% per annum for a duration of 7 days to a total of 10 years. As for general citizens, the rate lies at 3.25% to 7.25%. The fixed deposit account is also inclusive and allowable to NRE, NRIs, NRO, as well as FCNR, and the bank allows deposits in USD.
The RBI also recognises the Saraswat Bank FD rates, and it makes all investors eligible for deposit insurance policies as mandated by the DICGC.
Saraswat Bank FD Rates for Domestic Term Deposits (W.E.F. 18th July 2023) below Rs. 2 crore
Tenor | ROI For General Public (% p.a) | ROI For Senior Citizens (% p.a) |
7 days to 14 days | 3.25 | 3.75 |
15 days to 30 days | 3.25 | 3.75 |
31 days to 60 days | 3.50 | 4.00 |
61 days to 90 days | 4.00 | 4.50 |
91 days to 179 days | 4.75 | 5.25 |
180 days to 240 days | 5.75 | 6.25 |
241 days up to less than 1 year | 6.00 | 6.50 |
1 year | 7.00 | 7.50 |
1 year 1 day to 1 year 10 days | 7.00 | 7.50 |
1 year 11 day up to less than 2 years | 7.10 | 7.60 |
2 years | 7.25 | 7.75 |
2 years 1 day to 2 years 10 days | 7.25 | 7.75 |
2 years 11 days up to 3 years | 7.10 | 7.60 |
Above 3 years up to 5 years | 6.75 | 7.25 |
Above 5 years up to 10 years | 6.75 | 7.25 |
Saraswat Bank FD Interest Rate for Single term deposit of Rs. 2 crore & above
Tenor | ROI For General Public (% p.a) | ROI For Senior Citizens (% p.a) |
7 days to 14 days | 4.50 | 5.00 |
15 days to 30 days | 4.75 | 5.25 |
31 days to 60 days | 5.50 | 6.00 |
61 days to 90 days | 6.00 | 6.50 |
91 days to 179 days | 6.25 | 6.75 |
180 days to 240 days | 6.50 | 7.00 |
241 days up to less than 1 year | 6.50 | 7.00 |
1 year | 7.00 | 7.50 |
1 year 1 day to 1 year 10 days | 7.00 | 7.50 |
1 year 11 days up to less than 2 years | 7.10 | 7.60 |
2 years | 7.05 | 7.55 |
2 years 1 day to 2 years 10 days | 6.80 | 7.00 |
2 years 11 days up to 3 years | 6.80 | 7.00 |
Above 3 years up to 5 years | 6.60 | 7.00 |
Above 5 years up to 10 years | 6.60 | 7.00 |
Saraswat Bank FD Rates for NRO Term Deposits (W.E.F.18th July 2023)
i) For Single term deposit upto ‘below ₹ 2 crore’ :
Tenor | ROI For General Public (% p.a) |
7 days to 14 days | 3.25 |
15 days to 30 days | 3.25 |
31 days to 60 days | 3.50 |
61 days to 90 days | 4.00 |
91 days to 179 days | 4.75 |
180 days to 240 days | 5.75 |
241 days up to less than 1 year | 6.00 |
1 year | 7.00 |
1 year 1 day to 1 year 10 days | 7.00 |
1 year 11 days up to less than 2 year | 7.10 |
2 years | 7.25 |
2 year 1 day to 2 years 10 days | 7.25 |
2 year 11 days up to 3 years | 7.10 |
Above 3 years to 5 years | 6.75 |
Above 5 years up to 10 years | 6.75 |
ii) For Single term deposit of ‘Rs.2 crore & above’
Tenor | ROI For General Public (% p.a) |
7 days to 14 days | 4.50 |
15 days to 30 days | 4.75 |
31 days to 60 days | 5.50 |
61 days to 90 days | 6.00 |
91 days to 179 days | 6.25 |
180 days to 240 days | 6.50 |
241 days up to less than 1 year | 6.50 |
1 year | 7.00 |
1 year 1 day to 1 year 10 days | 7.00 |
1 year 11 days up to less than 2 year | 7.10 |
2 years | 7.05 |
2 years 1 day to 2 years 10 days | 6.80 |
2 years 11 day up to 3 years | 6.80 |
Above 3 years up to 5 years | 6.60 |
Above 5 years to 10 years | 6.60 |
Saraswat Bank Fixed Deposit Interest Rates for NRE Term Deposits (W.E.F 18th July 2023)
i)For Single term deposit ‘below Rs.2 crore’
Tenor | ROI For General Public (% p.a) |
1 year | 7.00 |
1 year 1 day to 1 year 10 days | 7.00 |
1 year 11 days up to less than 2 years | 7.10 |
2 years | 7.25 |
2 years 1 day to 2 years 10 days | 7.25 |
2 years 11 days up to 3 years | 7.10 |
Above 3 years to 5 years | 6.75 |
ii) For Single term deposit of ‘₹ 2 crore & above’
Tenor | ROI For General Public (% p.a) |
1 year | 7.00 |
1 year 1 day to 1 year 10 days | 7.00 |
1 year 11 days up to less than 2 years | 7.10 |
2 years | 7.05 |
2 years 1 day to 2 years 10 days | 6.80 |
2 years 11 days up to 3 years | 6.80 |
Above 3 years to 5 years | 6.60 |
Saraswat Bank Interest Rates on FCNR/RFC Deposits from 01.08.2023 to 31.08.2023:
FCNR DEPOSITS:
Period of Deposit | USD |
1 year to less than 2 years | 5.50 |
2 years to less than 3 years | 4.75 |
3 years to less than 4 years | 4.50 |
4 years to less than 5 years | 4.20 |
5 years | 4.15 |
RFC SAVINGS DEPOSIT (USD)
RFC FIXED DEPOSITS | USD |
1 year to less than 2 years | 5.50 |
2 years to less than 3 years | 4.75 |
3 years | 4.50 |
What is the Eligibility for Saraswat Bank’s FD Account?
Saraswat Bank has a few regulations when it comes to eligibility. Customers must make note of these conditions before deciding to appeal for Saraswat Bank FD interest rate. Those that fall under the following categories are eligible to open an account:
· All Individuals
· Body of Individuals
· Citizens of India
· Hindy Undivided Family
· LLP
· Minors
· Proprietors
· Companies, Societies or Trusts
What Documentation is Required for a Saraswat Bank FD Account?
A few documents are mandated for all applicants who wish to sign up and enjoy Saraswat FD rates at the earliest.When submitting the form to open the FD account, these documents must be readily provided. The documents that are common for all applicants include
· PAN copy
· KYC documents copy
· Self-attested Passport size photograph
Apart from these, there are some special documents whose copies, or originals (as per bank terms and regulations), need to be submitted along with the above-mentioned copies:
Categories | Documents |
HUF | Declaration of HUF |
Trust | Copies of the Trust Deed Copies of the Registration Certificate Copies of the Resolution of the Trustees |
Partnership Firm | Partnership Deed Letter from partners’ Agreement |
Clubs and Associations | By-Laws of the Association Board Resolution |
Company | Certificate of Incorporation Memorandum Articles of Association Board Resolution ID proofs |
What Happens on Premature Withdrawal of Funds?
The following chart shows the penalties charged for the premature closure of the account or in case of premature withdrawal of funds.
SL. | Term | Penalty |
i. | Before 7 days | To 1% below the appropriate rate at which the bank retained the deposits, before the completion of the first seven-day period, when a deposit of the maximum amount or below is made. |
ii | Completion of 7 days | There are no penalties charged if the seven-day period is completed. |
Who is Eligible to Avail of the Nomination Facilities?
The nomination options open to Saraswat Bank investors are shown by the following points:
- By completing the form required by the Banking Companies Rules, the nomination information may be changed while the account relationship is still current.
- A person with the legal right to handle that minor’s account management may make a nomination on their behalf.
- A resident may name an NRI as a nominee, but before any funds can be reimbursed, the RBI must provide its consent.
- The individual who is in charge of the investment account needs to be present when selecting the nominee, whether they have single or jointly owned accounts.
- For clearer details, it is best for the investor to visit the nearest branch.
What are the Schemes?
The top three Saraswat Bank FD schemes are as follows:
1. The Regular Fixed Deposit Scheme: The regular scheme is a very short-term deposit method where a fixed interest will be applied during the time of maturity. The term extends from a period of 7 days to 364 days total.
2. The Monthly Fixed Deposit Scheme: The monthly scheme refers to a deposit that accumulates interests that are applied on a monthly basis. The term for this scheme extends from a period of 1 year to 10 years.
3. The Quarterly Fixed Deposit Scheme: The quarterly scheme refers to a fixed deposit that garners interests that are applied on a quarterly basis. The term for this scheme extends from a period of 1 year to 10 years, which is the same as the monthly deposit scheme.
4. The Kalpataru Fixed Deposit Scheme: This is an exclusive scheme offered by Saraswat Bank. The interest on this deposit is reinvested on a cumulative basis and is reapplied during maturity. The term for this scheme is 1 year to a total of 3 years.
Saraswat Bank Fixed Deposit Rates FAQ’s :-
The Saraswat Bank is legally registered under the RBI and has garnered a large following due to its competitive Saraswat Bank FD interest rates. The various schemes also make up for its fame and confidence. Therefore, the Saraswat Bank is a great investment.
You can use the Saraswat Bank FD calculator to know your interests and other rates applied on various quotas made available by the bank. The Saraswat Bank FD rates calculator can also be used at any time from any location since you can access it via the internet on the go.
Like all other banks, the Saraswat Bank also has a minimum FD amount. The starting figure for a fixed deposit is a minimum amount of Rs. 5000 when you first open the account by following the rules mentioned above.