Saraswat Bank Fixed Deposit

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:

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

• 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.

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.

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

Identity Proofs:

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

Address Proofs:

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

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.

Offline:

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

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.