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Saraswat Bank FD Interest Rates

3.10% - 6.35%
Interest rates
3 Months - 10 Years
Time Period
1000 - 1,50,000
Min. - Max amount
ANNUALLY
Compounding

About Saraswat Bank FD

Saraswat Bank is a scheduled cooperative bank that was founded in 1918. Saraswat Bank fixed deposits (FDs) provide competitive interest rates as well as additional benefits such as nomination facility, tax benefits, and loan/overdraft facility. The bank provides varying interest rates for various investment quantities.

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Started On1918
Head QuartersMumbai
CRISIL RatingNA
CEOSmita Sandhane
Listed on exchange as
ICRA RatingNA

Saraswat Bank FD Rates 2022

TenureRegular customersSenior citizens

Features and Benefits of Saraswat Bank FD

  • TDS exemption requires the submission of Form 15H/15G.
  • To start a Term Deposits Account, a minimum of Rs. 1000 and subsequent increases in multiples of Rs. 100 are required.
  • Deposits under this plan will only be accepted for periods more than 12 months and up to 36 months.

Types of Saraswat Bank FD Schemes

Senior Citizen Scheme

  • Senior people receive a 0.50 percent increase in the interest rate on Term Deposits.
  • Saraswat Bank's highest Senior Citizen Term Deposit rate is 6.35 percent per annum.

NRI Scheme

  • There are several deposit programs designed particularly to meet the financial needs of Non-Resident Indians (NRIs). 
  • Saraswat Bank accepts deposits in the form of NRO, NRE, FCNR, and RFC.

Term wise Saraswat Bank FD Rates

Medium Term

The highest Saraswat Bank FD interest rate is 5.50 percent per annum. Interest rates range from 4.25 percent per annum to 5.50 percent per annum. It is for the tenure of 1 to 5 years.

Long Term

Long-term FD interest rate: 5.85 percent p.a. It is for the tenure of 60 months to more than 120 months

Saraswat vs Other Banks' FD Rates

NameTenureInterest rate
1
2
3
4
5

How to invest in Saraswat Bank FD?

For opening a Saraswat Bank FD account via offline mode, one has to visit the nearest Saraswat Bank branch. Fill out the Saraswat Bank FD application form and present all the necessary documents with the deposit amount. On successful application processing, an FD receipt will be provided by Saraswat Bank.

Eligibility to Open an Saraswat Bank FD Account

Individuals or entities satisfying the following criteria can opt for a Saraswat Bank–

  • Individuals (singly or jointly)
  • Minor by guardian
  • Organizations
  • Co-op. Societies

Documents Required to Open Saraswat Bank FD

The following documents have to be furnished for opening a Saraswat Bank-

  • PAN Card
  • FD application form
  • ID proof (Aadhar Card, PAN Card, Driving License, or Passport)
  • Address proof
  • Age proof (PAN Card, Birth certificate, matriculation certificate, Discharge certificate)

FAQs

What is the interest rate on senior citizens' FDs offered by Saraswat Bank Fixed Deposit?

Saraswat Bank offers elderly people an extra 0.25 percent over and above the regular rates on FDs.

Can I change the term of my continuing Saraswat Bank Fixed Deposit?

No, once you have chosen a term while opening a Fixed Deposit with Saraswat Bank, you cannot alter it.

How can you start a Saraswat Bank Fixed Deposit account if you don't have a PAN card?

Yes, you may use Form 16 instead of your PAN card when creating a Fixed Deposit with Saraswat Bank.

What is the minimum deposit amount for a Saraswat Bank Fixed Deposit account?

The minimum amount necessary to open a Fixed Deposit at Saraswat Bank is Rs. 1,000, and further increases may only be made in multiples of Rs. 100 on Term Deposits with terms ranging from 12 to 36 months.

What are the requirements for opening a Saraswat Bank Fixed Deposit account?

The following are the eligibility requirements:

  • Individual; Single Account Holder
  • Individual; Joint Bank Account Holder
  • Minors
  • Organizations
  • Co-operative societies

Who is eligible for the scheme?

Eligibility for Saraswat bank FD interest rates and Account

  • Organizations
  • Co-operative societies
  • Individuals who hold a bank account jointly
  • Minors
  • An individual who is a single account holder
Calculate Saraswat Bank FD Interest
Investment Amount
₹25,000.00
Time Period
9 Months
1 Year
2 Years
3 Years
Maturity Amount
Saraswat Bank
@5.1% p.a
Get higher interest rates
online upto 0%
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