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Saraswat Bank Fixed Deposit

Updated 06 Dec 2023

Saraswat Bank, established in 1918, has a rich heritage of blending technology and tradition, ensuring financial services that cater to every demographic. With its presence across six states and numerous branches, the bank has incorporated fixed deposits (FDs) as one of its prime offerings.

FDs are known to offer a higher rate of interest than regular savings accounts, which makes them a preferred choice for many. Here's a comprehensive guide on Saraswat Bank Fixed Deposits:

Types of FDs in Saraswat Bank

  • Fixed Regular
  • Fixed Monthly Scheme
  • Fixed Quarterly Scheme
  • Kalpataru Deposit Scheme
  • Madhukar Tax Saving Scheme

Benefits of Investing in Saraswat Bank Fixed Deposits

  • This scheme helps you save money in tax payments.
  • Online applications facilitate easy FD investment.
  • Preferential interest rates for senior citizens.
  • ₹5 lakh DICGC insurance cover.
  • Nomination facility available.
  • Loans on FDs up to 90% of the principal amount and accrued interest (except Madhukar Tax Saving Deposit scheme).
  • Minimum FD amount of ₹1,000.

Features of Saraswat Bank FDs

Fixed Regular:

  • Investment tenure from 7 Days to 364 Days
  • Minimum deposit ₹1,000
  • Loan or overdraft facility available
  • Premature withdrawal is allowed under certain conditions.
  • Nomination facility available.

Fixed Monthly Scheme:

  • Interest is paid out monthly, and tenure is from 1 year up to 10 years.
  • Minimum deposit ₹1,000
  • Loan or overdraft facility available
  • Premature withdrawal under terms
  • Nomination facility.

Fixed Quarterly Scheme:

  • Quarterly interest payout
  • Tenure from 1 year up to 10 years
  • Minimum deposit ₹1,000
  • Loan or overdraft facility
  • Premature withdrawal option
  • Nomination facility.

Kalpataru Deposit Scheme:

  • Quarterly reinvested interest
  • Tenure from 1 year to 3 years
  • Minimum deposit ₹1,000
  • Loan or overdraft available
  • Premature withdrawal
  • Nomination facility.

Madhukar Tax Saving Deposits:

  • The minimum deposit amount accepted is Rs. 5,000, with a maximum deposit amount of Rs. 1,50,000.
  • Deposits may be held under one name only or under two names.
  • Only the initial holder will be eligible for the first year's tax advantage under Section 80C. 
  • Under section 80C of the Income Tax Act of 1961, investors are eligible for income tax deductions of up to Rs. 150000 per year.
  • Deposits are locked in for a five-year term.
  • The term deposit will earn interest. on a quarterly rest, payable quarterly.
  • There is no premature withdrawal option (subject to terms and conditions).
  • According to the guidelines of sections 194A or 195 of the Income Tax Act of 1961, the tax on interest earned is deductible.
  • There is a nomination facility.

Eligibility Criteria

  • Individuals, either single or joint.
  • Minors with guardians.
  • Societies & corporates.
  • Organisations.

Documents Required

Identity Proofs:

  • PAN card
  • Aadhar Card
  • Voter ID Card
  • Two passport-size photographs.

Address Proofs:

  • Ration Card
  • Utility Bills
  • Electric Bills 
  • Bank Statement

How to Open an FD in Saraswat Bank

Using the Saraswat Internet banking website:

  • Log in to the website.
  • Go to General Services
  • Click on New Request
  • Go to ‘Deposits’
  • Open a Term Deposit
  • Enter details
  • Submit Online.


  • Visit a branch
  • Fill the FD form
  • Submit the form with your Aadhar and PAN card.

Saraswat Bank FD Premature Withdrawal

The bank might allow term deposit withdrawal before the agreed time upon the depositor's request. The penal interest rates for such withdrawals are based on the interest rate applicable during the deposit's tenure.


How is a tax saver FD different from a regular FD?

Tax-saving FDs have a 5-year lock-in no premature withdrawals, overdrafts, or loan facilities. Regular FDs vary in tenure and allow for premature withdrawals and loan facilities.

Can renewal instructions be changed to an active fixed deposit?

Yes, renewal instructions can be changed for active term deposits.

How is premature withdrawal made in case of death?

Upon the account holder's death, the nominee or legal heir can request a premature withdrawal, providing necessary documents.

Does Saraswat Bank offer a Sweep Facility for FDs?

Yes, under the Elite Silver Saving Account.

Is the ₹5 lakhs DICGC insurance cover applicable on Saraswat Bank FD?

Yes, the DICGC insurance cover is applicable.

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.

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