Introduction:

In the realm of investments, Saraswat Bank has carved out its niche as a reliable financial institution, offering valuable banking services. Established in 1918, this scheduled co-operative bank is renowned for its competitive offerings, especially in fixed deposit (FD) investments.

For senior citizens, the fixed deposit rates at Saraswat Bank range between 3.75% and 7.75% per annum, over a span of 7 days to a maximum of 10 years. General customers can enjoy FD rates from 3.25% to 7.25%. The bank also supports FD accounts for NRE, NRIs, NRO, and FCNR, with deposits accepted in USD.

Importantly, the Reserve Bank of India (RBI) acknowledges the Saraswat Bank FD rates. This endorsement ensures that all investors can benefit from insurance 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 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 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

Eligibility for opening an FD account with Saraswat Bank requires:

• Individuals, Body of Individuals, Citizens of India
• Hindu Undivided Family, Limited Liability Partnership
• Minors, Proprietors, Companies, Societies, Trusts

Documents required include:

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

Premature Withdrawal: Penalties apply for early withdrawals but are waived post-7 days.

Nomination Facilities: Nominees can be changed and NRI nominations are allowed with RBI consent. Account holder presence is obligatory during nomination.

FD Schemes Offered:

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

To explore these options, ensure eligibility and complete the necessary paperwork as outlined above.