The Saraswat Bank FD rates go up to 8.00% p.a., making it a great option to grow your wealth risk-free. The bank was recognised as one of the World’s Best Banks 2020 for the third time in a row on the Forbes list, making it a great bank to open a deposit. The bank offers various types of FDs, such as:
- Fixed Regular (FR)
- Fixed Monthly (FM)
- Fixed Quarterly (FQ)
- Kalpataru Deposit (KD)
- Recurring Deposit (RD)
- Madhukar Tax-Saving Deposit scheme
Read on to know the current Saraswat Bank FD rates and the benefits of investing in the deposit.
Saraswat Bank Rates for Fixed Deposits up to ₹2 Crores
The rates differ based on various factors, including the type of deposit and the tenure. Here is an overview of the latest FD rates for deposits up to ₹2 crores:
| Investment Tenure | Saraswat Bank FD Rates for General Public (% p.a.) | Saraswat Bank FD Rates For Senior Citizens (% p.a.) |
|---|---|---|
| 7 days to 14 days | 4.00 | 4.50 |
| 15 days to 30 days | 5.50 | 6.00 |
| 30 days | 5.50 | 6.00 |
| 31 days to 59 days | 5.50 | 6.00 |
| 60 days | 5.50 | 6.00 |
| 61 days to 90 days | 5.50 | 6.00 |
| 91 days | 6.00 | 6.50 |
| 92 days to 111 days | 6.00 | 6.50 |
| 112 days to 179 days | 5.00 | 5.50 |
| 180 days | 5.75 | 6.25 |
| 181 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 less than 1 year 10 days | 7.00 | 7.50 |
| 1 year 11 days to less than 15 months | 7.10 | 7.60 |
| 15 months | 7.50 | 8.00 |
| 15 months 1 day to 15 months 10 days | 7.10 | 7.60 |
| 15 months 11 days to less than 2 years | 7.10 | 7.60 |
| 2 years up to 3 years | 7.10 | 7.60 |
| Above 3 years to 5 years | 6.75 | 7.25 |
| Above 5 years up to 10 years | 7.00 | 7.50 |
Keep in mind that these rates are current as of February 2024 and may change periodically. If you plan to invest more than ₹2 crores at the bank, the rates will differ, so check the latest rates before you book your FD.
You can also invest in the bank’s Madhukar Tax-Saving Deposit Scheme. Here are some points to know about it:
- This scheme offers an attractive interest rate of 6.75% p.a.
- It also offers tax exemption under Section 80C of the Income Tax Act
- You can access your interest payout every quarter
Also Read: How To Download Bank Statement In PDF
Advantages of Choosing Saraswat Bank Fixed Deposits
Here are some benefits that a Saraswat Bank FD offers:
- Low Minimum Cap
You can open a term deposit with just ₹1,000 at the bank, which makes it easily accessible to all and there are no restrictions on the maximum amount for deposits.
- Multiple Tenures to Suit Your Needs
You can book a cumulative FD from just one week to a year and get your earnings at maturity to address short-term needs. In addition, you can enjoy compounding interest with the Kalpaturu scheme, choosing a maturity of 12 months to 36 months. If you need regular payouts every month or quarter, you can go for non-cumulative FDs booked from 12 to 120 months.
- Flexible Options to Promote Liquidity
You can access funds conveniently when needed, as Saraswat Bank offers you the option to get an overdraft against your FD without breaking it.
- Loan Against FD Facility
You can get a loan against your FD of up to 90% of your investment’s value.
- Premature Withdrawal
You can prematurely withdraw your investment based on the bank’s terms and conditions. However, you may have to pay a penalty for the same.
- Income Tax Deduction
By choosing the Madhukar Tax-Saving Deposit for 5 years, you can get up to ₹1.5 lakhs as an exemption from your taxable income per year.
- DICGC Coverage
The Saraswat Bank is safe, which means you can rely on getting your corpus back and the interest earnings on time. You also enjoy insurance coverage under DICGC of up to ₹5 lakhs.
From competitive fixed deposit interest rates in Saraswat Bank to flexible terms, investing here gives you several advantages. For higher earnings, consider opting for investments over 2 years.
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FAQs on Saraswat Bank FDs
Is Saraswat Bank safe for FDs?
Yes, your investment is secure with the bank as:
- The bank has a strong presence
- Your investment is covered by the Deposit Insurance and Credit Guarantee Corporation
What is the FD rate of Saraswat Bank?
The bank offers competitive FD interest rates that vary based on:
- Deposit amount
- Tenure
- Type of FD
Current interest rates are:
- Regular Citizens: 4.00% to 7.50% per annum
- Senior Citizens: 4.50% to 8.00% per annum
What is the best FD Scheme in Saraswat Bank?
The best depends on your needs and preferences.
- Madhukar Tax-Saving Deposit helps you get exemptions on your taxable income
- Kalpataru Deposits can get you the highest FD interest at Saraswat Bank
- Periodic payout FDs can help you manage your recurring expenses
What are the Saraswat Bank FD Rates for 2024?
The bank offers the following interest rates for deposits as of February 2024:
- Regular Citizens: 4.00% to 7.50% per annum
- Senior Citizens: 4.50% to 8.00% per annum