The Saraswat Bank fixed deposit (FD) rates go up to 8.00% p.a., making the bank an attractive option for safe, risk-free wealth growth. Recognised by Forbes as one of the World’s Best Banks in 2020 for the third consecutive time, Saraswat Bank offers a variety of FD products to suit different investor needs, including:
- Fixed Regular (FR)
- Fixed Monthly (FM)
- Fixed Quarterly (FQ)
- Kalpataru Deposit (KD)
- Recurring Deposit (RD)
- Madhukar Tax-Saving Deposit scheme
Below is an overview of the current Saraswat Bank FD rates and the key benefits of investing in these deposits. The rates shown are current as of February 2024 and are subject to change.
Saraswat Bank Rates for Fixed Deposits up to ₹2 Crores
FD interest rates vary by deposit type, tenure and the depositor’s age category. The table below summarises the latest 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 |
Note that rates for deposits above ₹2 crores may differ. Always verify the latest rates with the bank before booking an FD.
The Madhukar Tax-Saving Deposit Scheme is another option offered by Saraswat Bank. Key points include:
- An interest rate of 6.75% p.a. (as of February 2024)
- Tax benefit under Section 80C of the Income Tax Act for eligible investors
- Quarterly interest payouts available
Advantages of Choosing Saraswat Bank Fixed Deposits
Saraswat Bank FDs provide several features that appeal to conservative investors:
- Low minimum deposit — You can open a term deposit with just ₹1,000, making FDs accessible to most savers.
- Multiple tenures — Cumulative FDs are available from one week up to a year; Kalpataru scheme supports compounding for 12 to 36 months; non-cumulative options provide monthly or quarterly payouts for terms from 12 to 120 months.
- Liquidity support — Saraswat Bank offers overdraft facilities against FDs, allowing access to funds without breaking the deposit.
- Loan against FD — You can typically borrow up to 90% of the FD value as a loan.
- Premature withdrawal — Early withdrawal is permitted under the bank’s terms, though penalties may apply.
- Income tax benefits — The Madhukar Tax-Saving Deposit (5-year term) offers Section 80C tax relief up to the applicable limit.
- DICGC coverage — Deposits are insured under the Deposit Insurance and Credit Guarantee Corporation up to the prescribed limit, adding an extra layer of security.
Overall, Saraswat Bank combines competitive interest rates with flexible terms and safety features. If your goal is higher returns within the bank’s offerings, consider tenures of two years or more where rates are generally more attractive.
If you need immediate funds instead of locking money in an FD, various instant loan products exist in the market that promise quick disbursal. Evaluate such alternatives carefully against your cost of borrowing and repayment capability.
FAQs on Saraswat Bank FDs
Is Saraswat Bank safe for FDs?
Yes. The bank has an established presence and deposits are insured by the Deposit Insurance and Credit Guarantee Corporation, providing protection up to the insured limit.
What is the FD rate of Saraswat Bank?
FD rates vary based on deposit amount, tenure and the FD type. As of February 2024 the rates for regular citizens range from 4.00% to 7.50% p.a., while senior citizens earn between 4.50% and 8.00% p.a.
What is the best FD scheme in Saraswat Bank?
The best scheme depends on individual goals:
- Madhukar Tax-Saving Deposit is suitable for those seeking tax deductions under Section 80C.
- Kalpataru Deposits typically offer the highest rates among Saraswat Bank FDs.
- Non-cumulative periodic payout FDs are ideal for investors who need steady income for recurring expenses.
What are the Saraswat Bank FD Rates for 2024?
As of February 2024, the bank’s FD rates are:
- Regular Citizens: 4.00% to 7.50% per annum
- Senior Citizens: 4.50% to 8.00% per annum
Always confirm the most recent rates and product terms with the bank before making an investment decision.