Saraswat Bank Fixed Deposit Interest Rates 2024

  • Updated on: 12 Mar 2024
  • Published on: 29 Aug 2023
Saraswat Bank Fixed Deposit Interest Rates 2024

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 TenureSaraswat Bank FD Rates for General Public (% p.a.)Saraswat Bank FD Rates For Senior Citizens (% p.a.)
7 days to 14 days4.004.50
15 days to 30 days5.506.00
30 days5.506.00
31 days to 59 days5.506.00
60 days5.506.00
61 days to 90 days5.506.00
91 days6.006.50
92 days to 111 days6.006.50
112 days to 179 days5.005.50
180 days5.756.25
181 days to 240 days5.756.25
241 days to less than 1 year6.006.50
1 year7.007.50
1 year 1 day to less than 1 year 10 days7.007.50
1 year 11 days to less than 15 months7.107.60
15 months7.508.00
15 months 1 day to 15 months 10 days7.107.60
15 months 11 days to less than 2 years7.107.60
2 years up to 3 years7.107.60
Above 3 years to 5 years6.757.25
Above 5 years up to 10 years7.007.50

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. 

However, if you need immediate finances, you can avail of a Instant Loan within 2 minutes thanks to Fibe’s swift and budget-friendly options. To get up to ₹5 lakhs today, simply download our dedicated Personal Loan App or register on our website.

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

Our top picks

Can Millennial Stress be Resolved by Financial Wellness?
Finance | 3 mins read
How Organisations Can Measure the Impact of Financial Wellness Programs
Finance | 3 mins read
How Can HR help Overcome Staffing Challenges in the Digital Age?
Corporate | 3 mins read
5 Signs of A Good HR Function
Corporate | 3 mins read