Discover Saraswat Bank FD Rates for 2023: Is It Worth It?

Introduction:

In the realm of investments, Saraswat Bank shines as a reliable entity, providing a variety of banking services. Established in 1918, this co-operative bank is known for its attractive fixed deposit (FD) schemes.

For senior citizens, Saraswat Bank's FD interest rates span from 3.75% to 7.75% annually, covering durations of 7 days to 10 years. Other customers receive FD rates between 3.25% and 7.25%. The bank also manages FD accounts for NRE, NRIs, NRO, and FCNR, accepting deposits in USD.

The Reserve Bank of India (RBI) endorses the Saraswat Bank FD rates, providing investor coverage under the Deposit Insurance and Credit Guarantee Corporation (DICGC).

Domestic Term Deposit FD Rates Below Rs. 2 Crore:

Tenor	ROI for General Public (% p.a)	ROI for Senior Citizens (% p.a)
7 to 14 days	3.25	3.75
15 to 30 days	3.25	3.75
31 to 60 days	3.50	4.00
61 to 90 days	4.00	4.50
91 to 179 days	4.75	5.25
180 to 240 days	5.75	6.25
241 days 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 days 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 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

FD Rates for Deposits of Rs. 2 Crore & Above:

• 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 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 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 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

FD Rates for NRO Term Deposits:

i) For deposits below ₹ 2 crore:

• 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 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 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 to 3 years: 7.10

ii) For deposits of ₹ 2 crore & above:

• 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 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 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 to 3 years: 6.80
• Above 3 years up to 5 years: 6.60
• Above 5 years up to 10 years: 6.60

NRE Term Deposits:

• 1 year: 7.00
• 1 year 1 day to 1 year 10 days: 7.00
• 1 year 11 days 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 to 3 years: 7.10
• Above 3 years up to 5 years: 6.75

For deposits of ₹ 2 crore & above:

• 1 year: 7.00
• 1 year 1 day to 1 year 10 days: 7.00
• 1 year 11 days 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 to 3 years: 6.80
• Above 3 years up to 5 years: 6.60

FCNR Deposits: (01.08.2023 to 31.08.2023)

• 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

To open an FD account with Saraswat Bank, eligible applicants include:

• Individuals, Body of Individuals, Citizens
• Hindu Undivided Family (HUF), Limited Liability Partnership (LLP)
• Minors, Proprietors, Companies, Societies, Trusts

Required documents:

• PAN copy, KYC document, Self-attested photo
• HUF: Declaration, Trust: Deed and Registration Certificate
• Partnership Firm: Deed, Partners’ Agreement
• Clubs: By-Laws, Board Resolution
• Company: Incorporation Certificate, Memorandum, ID proofs

Premature Withdrawal: Penalties apply for early withdrawal, waived after 7 days.

Nomination Facilities: Nominees can be modified. NRI nominations allowed with RBI approval. Account holder's presence required during nomination.

FD Schemes Available:

• Regular FD: Short-term fixed rate; 7 days to 364 days
• Monthly FD: Monthly interest; 1-10 years
• Quarterly FD: Quarterly interest; 1-10 years
• Kalpataru FD: Cumulative reinvestment; 1-3 years

To explore these FD options, ensure eligibility and complete the required documentation as specified above.