Saraswat Bank: Competitive Fixed Deposit Rates for Investors
Saraswat Bank: Competitive Fixed Deposit Rates for Investors
Mar 20, 2024
15 Mins
Introduction:
In the investment landscape, the Saraswat Bank has established itself as a trusted institution, providing valuable financial services to its customers. With its inception dating back to 1918, this scheduled co-operative bank has earned a reputation for offering competitive rates across its various schemes, particularly in fixed deposit (FD) investments.
For senior citizens, the Saraswat Bank FD interest rates are fixed at an attractive range of 3.75% to 7.75% per annum, with durations ranging from 7 days to a maximum of 10 years. General citizens can also benefit from FD rates ranging from 3.25% to 7.25%. Additionally, the bank facilitates FD accounts, inclusive of NRE, NRIs, NRO, as well as FCNR, allowing deposits in USD.
Notably, the Reserve Bank of India (RBI) recognizes the Saraswat Bank FD rates, ensuring all investors are eligible for deposit insurance policies mandated by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Saraswat Bank offers domestic term deposit FD rates below Rs. 2 crore according to the following schedule:
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 days 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
For single-term deposits of Rs. 2 crore & above, the following FD interest rates are applicable:
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
The Saraswat Bank also offers competitive FD rates for NRO Term Deposits:
i) For single-term deposits up to '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 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
ii) For single-term deposits of '₹ 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 years 7.10
2 years 7.05 7.55
2 years 1 day to 2 years 10 days 6.80
2 years 11 days up to 3 years 6.80
Above 3 years up to 5 years 6.60
Above 5 years to 10 years 6.60
For NRE Term Deposits, the FD interest rates are as follows:
single-termi) For single term deposits up to '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 deposits 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
In addition, the Saraswat Bank offers interest rates on FCNR/RFC Deposits from 01.08.2023 to 31.08.2023:
FCNR DEPOSITS:
Period of Deposit ROI For USD (% p.a)
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
Eligibility for a Saraswat Bank FD Account:
To open an FD account with Saraswat Bank, customers must meet certain eligibility criteria. These include:
- All Individuals
- Body of Individuals
- Citizens of India
- Hindu Undivided Family
- Limited Liability Partnership (LLP)
- Minors
- Proprietors
- Companies, Societies, or Trusts
Documents Required for a Saraswat Bank FD Account:
When applying for a Saraswat Bank FD account, the following documents need to be furnished:
Common documents for all applicants:
- PAN copy
- KYC document copy
- Self-attested passport-size photograph
Special documents required based on applicant category:
- 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
Premature Withdrawal of Funds:
In the event of premature closure or withdrawal of funds, specific penalties are charged by Saraswat Bank. The penalties are as follows:
- Before 7 days: Up to 1% below the appropriate rate at which the bank retained the deposits, if withdrawn within the first seven-day period, on a deposit of the maximum amount or below.
- After completion of 7 days: No penalties are charged if the seven-day period has passed.
Nomination Facilities:
Saraswat Bank offers nomination services to its investors, with the following guidelines:
- The nomination details can be changed while the account relationship is in effect, by completing the required form as per Banking Companies Rules.
- A nomination can be made on behalf of a minor by a person with the legal right to manage the minor's account.
- A resident can name an NRI as a nominee, subject to consent from the RBI before funds can be reimbursed.
- The account holder must be present when selecting a nominee, whether the account is single or jointly owned.
- For further details, investors are advised to visit their nearest branch.
Saraswat Bank FD Schemes:
Saraswat Bank offers various fixed deposit schemes, with the top three being:
1. The Regular Fixed Deposit Scheme: A short-term deposit method with a fixed interest rate applied at maturity. The term ranges from 7 days to 364 days.
2. The Monthly Fixed Deposit Scheme: This scheme accumulates monthly interest. The term extends from 1 year to 10 years.
3. The Quarterly Fixed Deposit Scheme: Interest is applied on a quarterly basis. Similar to the monthly scheme, the term ranges from 1 year to 10 years.
4. The Kalpataru Fixed Deposit Scheme: An exclusive scheme offered by Saraswat Bank, where interest is reinvested on a cumulative basis and applied at maturity. The term for this scheme is 1 year to 3 years.
To avail these schemes and enjoy competitive FD rates, interested individuals should refer to the aforementioned eligibility criteria and submit the required documentation.
Introduction:
In the investment landscape, the Saraswat Bank has established itself as a trusted institution, providing valuable financial services to its customers. With its inception dating back to 1918, this scheduled co-operative bank has earned a reputation for offering competitive rates across its various schemes, particularly in fixed deposit (FD) investments.
For senior citizens, the Saraswat Bank FD interest rates are fixed at an attractive range of 3.75% to 7.75% per annum, with durations ranging from 7 days to a maximum of 10 years. General citizens can also benefit from FD rates ranging from 3.25% to 7.25%. Additionally, the bank facilitates FD accounts, inclusive of NRE, NRIs, NRO, as well as FCNR, allowing deposits in USD.
Notably, the Reserve Bank of India (RBI) recognizes the Saraswat Bank FD rates, ensuring all investors are eligible for deposit insurance policies mandated by the Deposit Insurance and Credit Guarantee Corporation (DICGC).
Saraswat Bank offers domestic term deposit FD rates below Rs. 2 crore according to the following schedule:
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 days 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
For single-term deposits of Rs. 2 crore & above, the following FD interest rates are applicable:
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
The Saraswat Bank also offers competitive FD rates for NRO Term Deposits:
i) For single-term deposits up to '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 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
ii) For single-term deposits of '₹ 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 years 7.10
2 years 7.05 7.55
2 years 1 day to 2 years 10 days 6.80
2 years 11 days up to 3 years 6.80
Above 3 years up to 5 years 6.60
Above 5 years to 10 years 6.60
For NRE Term Deposits, the FD interest rates are as follows:
single-termi) For single term deposits up to '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 deposits 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
In addition, the Saraswat Bank offers interest rates on FCNR/RFC Deposits from 01.08.2023 to 31.08.2023:
FCNR DEPOSITS:
Period of Deposit ROI For USD (% p.a)
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
Eligibility for a Saraswat Bank FD Account:
To open an FD account with Saraswat Bank, customers must meet certain eligibility criteria. These include:
- All Individuals
- Body of Individuals
- Citizens of India
- Hindu Undivided Family
- Limited Liability Partnership (LLP)
- Minors
- Proprietors
- Companies, Societies, or Trusts
Documents Required for a Saraswat Bank FD Account:
When applying for a Saraswat Bank FD account, the following documents need to be furnished:
Common documents for all applicants:
- PAN copy
- KYC document copy
- Self-attested passport-size photograph
Special documents required based on applicant category:
- 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
Premature Withdrawal of Funds:
In the event of premature closure or withdrawal of funds, specific penalties are charged by Saraswat Bank. The penalties are as follows:
- Before 7 days: Up to 1% below the appropriate rate at which the bank retained the deposits, if withdrawn within the first seven-day period, on a deposit of the maximum amount or below.
- After completion of 7 days: No penalties are charged if the seven-day period has passed.
Nomination Facilities:
Saraswat Bank offers nomination services to its investors, with the following guidelines:
- The nomination details can be changed while the account relationship is in effect, by completing the required form as per Banking Companies Rules.
- A nomination can be made on behalf of a minor by a person with the legal right to manage the minor's account.
- A resident can name an NRI as a nominee, subject to consent from the RBI before funds can be reimbursed.
- The account holder must be present when selecting a nominee, whether the account is single or jointly owned.
- For further details, investors are advised to visit their nearest branch.
Saraswat Bank FD Schemes:
Saraswat Bank offers various fixed deposit schemes, with the top three being:
1. The Regular Fixed Deposit Scheme: A short-term deposit method with a fixed interest rate applied at maturity. The term ranges from 7 days to 364 days.
2. The Monthly Fixed Deposit Scheme: This scheme accumulates monthly interest. The term extends from 1 year to 10 years.
3. The Quarterly Fixed Deposit Scheme: Interest is applied on a quarterly basis. Similar to the monthly scheme, the term ranges from 1 year to 10 years.
4. The Kalpataru Fixed Deposit Scheme: An exclusive scheme offered by Saraswat Bank, where interest is reinvested on a cumulative basis and applied at maturity. The term for this scheme is 1 year to 3 years.
To avail these schemes and enjoy competitive FD rates, interested individuals should refer to the aforementioned eligibility criteria and submit the required documentation.
Author
Pluto Team
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