Savings has always been a vital part of all the earnings. Saraswat Bank Fixed Deposit helps you to earn more on your savings by offering you deposits under appropriate tenures and attractive interest rates. If you invest in Saraswat Bank Fixed Deposit, you will be getting several options of interest rate based upon half -yearly, quarterly and monthly basis for you to choose from.
Domestic Fixed Deposit Interest Rates w.e.f 11th August 2016
Applicable for single term deposits below Rs. 1 crore, between Rs. 1 crore-Rs 3 crore & above
|Tenure||ROI For General Public (% p.a)||ROI For Senior Citizens (% p.a)|
|7 days to 30 days||4.25||4.25|
|31 days to 90 days||4.75||4.75|
|91 days to 179 days||5.25||5.25|
|180 days up to1 year||6.75||6.75|
|Above 1 year up to 24 months||7.60||7.85|
|Above 24 months up to 36 months||7.60||7.85|
|Above 36 months up to 60 months||7.50||7.75|
|Above 60 months and upto 120 months||7.50||7.75|
Saraswat Bank Fixed Deposit Form
Once chosen for Saraswat Bank Fixed Deposit, complete the process by filling up the application form or deposit form. All you need is to fill the details such as your name, joint account holder’s name, house address, PAN number, phone number, deposit amount and tenor, attached with the nomination form which is a ‘must-to-do’ thing in order to make your fixed deposit operative for a fixed time period chosen by you.
Saraswat Bank Fixed Deposit Schemes
1. Kalpataru Deposits
Now you can make the most of your money by investing in Kalpataru Deposit, a cumulative interest scheme where you can invest the interest earned at the end of every quarter along with the principal amount.
Features of the Scheme
- TDS applicable Form 15H/15G is essential for submission in order to avail the exemption of TDS.
- Nominal member of the bank will also be exempted from TDS. If you are exempted from paying tax, you need to produce Form 15H in case you open a Fixed Deposit and eventually at the beginning of the following financial year.
- A minimum amount of Rs. 1000/- and subsequent rise in multiples of Rs. 100/- is required to open Term Deposits Account.
- Acceptance of deposits under this scheme is admissible for a period of above 12 months and for upto 36 months only.
Individuals (singly or jointly), Minor by the guardian, Organizations, Co-op. Societies.
2. Madhukar Tax Saving Deposits
Money doesn’t multiply on trees. But if you save and invest judiciously, then one can have a grip over money. With this purpose, Bank has come out with a scheme which permits you higher returns as against other tax savings schemes. Investments deployed under this scheme are exempted under Sec 80 C of the Income Tax Act 1961.
In the Finance Bill of 2006, the government had declared Tax benefits to Bank Term Deposits which are beyond 5-year tenure u/s 80C of IT Act, 1961 vide Notification Number 203/2006 and SO1220 (E) dated 28/07/2006.
Features of the Scheme
- Investment is allowed with a minimum amount of Rs. 5000 and in multiples of Rs. 100. The maximum amount being Rs 150000 during the financial year.
- The maturity period of fixed deposit is minimum 5 years.
- Deposits are made under a single name or in joint names. Tax benefits can be availed under Sec 80 C only to the first holder.
- Interest on the fixed deposit is payable Quarterly at 7.80% p.a.
- The term deposit cannot be pledged to obtain loan/overdraft or as security to any other asset neither they can be withdrawn prematurely.
- **The tax on interest earned is deductible as per the provisions of section 194A or section 195 of the Income Tax Act 1961.