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| Tenure | For General Citizen (p.a) | For Senior Citizen (p.a) |
|---|---|---|
| 7 days to 14 days | 3.25 % | 3.75 % |
| 15 days to 30 days | 3.25 % | 3.75 % |
| 31 days to 90 days | 4.75 % | 5.25 % |
| 91 days | 4.5 % | 5 % |
| 92 days to 179 days | 4.75 % | 5.25 % |
| 180 days less than 1 year | 6 % | 6.5 % |
| 1 year | 6.6 % | 7.1 % |
| 1 year 1 day to 1 year 10 days | 6.8 % | 7.3 % |
| 1 year 11 days to 16 months | 6.8 % | 7.3 % |
| 16 months 1 day to 16 months 5 days | 6.8 % | 7.3 % |
| 16 months 6 days to 16 months 10 days | 6.8 % | 7.3 % |
| 16 months 11 days to 16 months 15 days | 6.8 % | 7.3 % |
| 16 months 16 days to 16 months 20 days | 6.8 % | 7.3 % |
| 16 months 21 days to 16 months 25 days | 6.8 % | 7.3 % |
 16 months 26 days to 2 years | 7 % | 7.5 % |
| Above 2 years up to 3 years | 7 % | 7.5 % |
| Above 3 years to 5 years | 7 % | 7.5 % |
| Above 5 years up to 10 years | 7 % | 7.5 % |
Fixed Deposits (FDs) are a secure way of investing wherein you can deposit your money for a fixed tenure at a predetermined fixed rate of interest which is usually higher than a savings bank account. Let's discuss the types of FDs offered by Saraswat Bank:
Fixed Regular
Under this scheme, a short-term investment is made for a tenure ranging from 7 Days to 364 Days, on which simple interest is paid on the maturity day. The minimum deposit amount is ₹1,000. A loan or overdraft facility is available with this deposit. You can also prematurely withdraw this FD subject to applicable terms and conditions. A nomination facility is also available.
Fixed Monthly Scheme
This scheme facilitates the monthly payout of the interest earned, and the interest is calculated on a simple interest basis. The tenure of this deposit starts from 1 year and goes up to 10 years. The minimum deposit amount is ₹1,000. A loan or overdraft facility is available with this deposit. You can also prematurely withdraw this FD subject to applicable terms and conditions. A nomination facility is also available.
Fixed Quarterly Scheme
This scheme provides simple interest and facilitates the quarterly payout of the interest earned. The tenure of this deposit starts from 1 year and goes up to 10 years. The minimum deposit amount is ₹1,000. A loan or overdraft facility is available with this deposit. You can also prematurely withdraw this FD subject to applicable terms and conditions. A nomination facility is also available.
Kalpataru Deposit Scheme
Under this scheme, the investment interest is reinvested quarterly and repaid along with the principal amount on maturity. The period under this scheme is from 1 year to 3 years. The minimum deposit amount is ₹1,000. A loan or overdraft facility is available with this deposit. You can also prematurely withdraw this FD subject to applicable terms and conditions. A nomination facility is also available.
Madhukar Tax Saving Deposits
Under this scheme, investors can not withdraw their deposits before 5 years but can avail of tax deductions of up to ₹1.5 lakhs under section 80C of the Income Tax Act of 1961. This scheme accepts a minimum deposit of ₹5,000 with an upper threshold limit of ₹1.5 lakhs in a year. However, loans against this scheme are not allowed. No premature withdrawal facility is available under this scheme. A nomination facility is available.
The following are eligible to open a fixed deposit with Saraswat Bank:
The following are the documents required for opening an FD account:
If you already hold a savings or current account with Saraswat Bank, a Fixed Deposit can be opened using the below procedure:
Using the Saraswat internet banking website
To open a fixed deposit account in Saraswat Bank via internet banking, follow these steps:
Step 1: Log in to your account with your User ID and password.
Step 2: Go to General Services, then Service Request, and click New Request.
Step 3: Select Deposits, then Open a Term Deposit Option.
Step 4: Enter the amount you wish to deposit and select the tenure. You can view the interest rate by clicking on the link provided.
Step 5: Choose the account you want to fund your new FD account. You will only see the accounts where you are the primary account holder.
Step 6: Select your preferred option for interest payment and principal maturity.
Step 7: The FD will be opened in the same branch as your selected savings or current account.
Step 8: You must provide self-certification for FATCA for any new account you create. This means that you should select 'Y' for FATCA confirmation. If you select 'N', you cannot create the FD.
Step 9: Once you have filled in all the necessary details, click on Submit Online to place your request.
Step 10: You will receive a confirmation message on your registered mobile number.
Offline by visiting the nearest Branch:
Step 1: Visit the nearest Saraswat bank branch
Step 2: Obtain and fill up the form to create a fixed deposit indicating the period, amount and other preferences
Step 3: Submit the form and a copy of your Aadhar and PAN card; the bank officials will process the form and create an FD.
According to the Income Tax Act of India of 1961, taxpayers can seek deductions under Section 80C if they invest in FDs.
In a given financial year, a taxpayer can avail tax deduction to a maximum of ₹1.5 lakhs from their gross taxable income, provided the following conditions are fulfilled:
When filing the Income Tax Returns (ITR), the taxpayer can provide supporting documents to avail tax benefits on FDs.
Tax Deducted at Source (TDS)
A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per an individual's choice, and they are eligible for premature withdrawals and overdrafts or loan facilities.
In case of the account holder's death, the premature withdrawal of a fixed deposit can be made by the nominee or legal heir of the deceased account holder. The nominee or legal heir must provide the bank with a copy of the death certificate and other required documents. The bank may also require the nominee or legal heir to give a succession certificate or a letter of indemnity according to its policies. The bank will pay the premature withdrawal amount to the nominee or legal heir. In most cases, the penalty for premature withdrawal is not applicable in such cases.
Yes, DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover of ₹5 lakhs is applicable on Saraswat Bank FD.
Saraswat Bank provides a sweep-in or sweep-out facility that facilitates flawless fund transfers to the FD account. You can avail this facility under Elite Silver Saving Account.
Yes, you can change the renewal instructions of your active term deposit. Renew fixed deposit option is available under General Services → Service Request → New request → Deposits.
Disclaimer: Wint Wealth makes no guarantee or warranty on the accuracy of the data provided on this site, the information displayed is subject to change and are provided on an as-is basis. Nothing contained herein is intended to or shall be deemed to be investment advice, implied or otherwise. You are advised to make your own enquiries, consult a professional advisor and verify the information prior to taking any investment decisions. We accept no liability for any loss arising from the use of information contained on this website.
