Saraswat Bank Fixed Deposit Eligibility & Interest Rate - Wishfin

Saraswat Bank Fixed Deposit

About Saraswat Bank Fixed Deposit

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.

Saraswat Bank Fixed Deposit Interest Rates

(w.e.f 13th July 2017)

 For single term deposits below ₹1 crore

TenureROI for General Public (% p.a)ROI for Senior Citizens (% p.a)
7 days to 30 days4.254.25
31 days to 90 days4.754.75
91 days to 179 days5.255.25
180 days up to1 year6.506.50
Above 1 year up to 24 months

Above 24 months up to 36 months

Above 36 months up to 60 months
Above 60 months and upto 120 months

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 ₹1000/- and subsequent rise in multiples of ₹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 up to 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 ₹5000 and in multiples of ₹100. The maximum amount being ₹1,50,000 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.
  • Attractive returns.
  • 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.

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