Published on: 29 August 2023
Saraswat Bank FD rates go up to 7.75% p.a., which makes its fixed deposits a great investment avenue to grow your wealth risk-free. Saraswat Bank earned a remarkable place for itself on the Forbes list of the World’s Best Banks three years in a row, from 2020 to 2022. You can rest assured that this is a trustworthy financial institution for savings, investment and other financial services.
The bank offers different kinds of term deposit schemes based on your needs. You can choose between short-term and long-term deposits maturing at different times and benefit from attractive earnings. As a regular citizen, you can receive an interest rate of up to 7.25%. Saraswat Bank FD rates for senior citizens go even higher, with an increase of 0.50%.
Read on to know more about the FD rates of Saraswat Bank as well as the features that make this a smart investment choice.
You can achieve financial growth and security with Saraswat Bank’s Fixed Deposit options based on the tenure you choose. You can also choose from various types of term deposits, including non-cumulative and cumulative FDs. The cumulative FD scheme is called the Kalpataru Deposit, which reinvests the interest every quarter to help you earn more.
You can also choose to get monthly earnings every month or quarter from the non-cumulative scheme. What’s more, if you are looking for a short-term deposit, you can book an FD at Saraswat Bank from 7 days to 1 year with earnings at maturity.
See the various tenures and matching fixed deposit interest rates in Saraswat Bank in the table below.
|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||3.25||3.75|
|15 days to 30 days||3.25||3.75|
|31 days to 60 days||3.5||4|
|61 days to 90 days||4||4.5|
|91 days to 179 days||4.75||5.25|
|180 days to 240 days||5.75||6.25|
|241 days up to less than 1 year||6||6.5|
|1 year 1 day to 1 year 10 days||7||7.5|
|1 year 11 days up to less than 2 years||7.1||7.6|
|2 years 1 day to 2 years 10 days||7.25||7.75|
|2 years 11 days up to 3 years||7.1||7.6|
|Above 3 years up to 5 years||6.75||7.25|
|Above 5 years up to 10 years||6.75||7.25|
Keep in mind that these rates are current as of July 2023 and may change periodically. If you plan to invest more than ₹2 crores at the bank, the rates differ, so check the latest rates before you book your FD.
Saraswat Bank also offers the Madhukar Tax-Saving Deposit scheme. This scheme not only offers an attractive interest rate of 6.75% p.a. but also offers the advantage of tax exemption under Section 80C of the Income Tax Act. What’s more, you can access your interest payout every quarter.
Also Read: How to download bank statement in PDF
Read on to know why starting an FD with Saraswat Bank can be a positive move for you, no matter your age.
Low Minimum Cap: You can open a term deposit with just ₹1,000 at the bank, which makes it easily accessible to all. There are also no restrictions on the maximum amount you can deposit.
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. This flexibility helps you choose the ideal tenure with ease.
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 fixed deposit. This helps you to address urgent financial needs without breaking your investment.
Additionally, you can get a loan against your FD. This allows you to access up to 90% of your investment’s value. What’s more, you can prematurely withdraw your investment based on the bank’s terms and conditions.
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 for your term deposit for up to ₹5 lakhs as per the Deposit Insurance and Credit Guarantee Corporation of India.
From competitive fixed deposit interest rates in Saraswat Bank to flexible terms, investing here gives you a number of advantages. For higher earnings, consider opting for investments over 2 years. However, if you are in need of immediate finances, you can avail of a Personal 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.
Yes, your investment is secure with Saraswat Bank as it has a strong presence and your investment is covered by the Deposit Insurance and Credit Guarantee Corporation.
Saraswat Bank offers competitive FD interest rates that vary based on the deposit amount and tenure. However, the interest rate starts from 3.25% p.a. and goes maximum up to 7.25% p.a. for investments up to ₹2 crores.
The best FD scheme depends on your needs and preferences. However, the Madhukar Tax-Saving Deposit helps you get exemptions on your taxable income, while the Kalpataru Deposits can get you the highest FD interest at Saraswat Bank.
The Saraswat Bank interest rates on FDs vary based on the deposit amount and tenure. However, you can start investing with a minimum tenor of 7 days to a maximum of 10 years, with the interest rate ranging from 3.25% to 7.75%.
Category : Banking
Need cash? Get up to ₹5 lacs instantly