Saraswat Bank FD Interest Rates 2025

What is the Saraswat Bank Fixed Deposit?

Saraswat Bank Fixed Deposit allows customers to deposit a fixed amount for a specific tenure and earn interest at a predetermined rate. The minimum deposit amount for Saraswat Bank FD is ₹1,000. Interest payments can be cumulative, paid at maturity, or non-cumulative, paid monthly, quarterly, half-yearly, or annually. 

Key Benefits of Saraswat Bank FD

Some of the major advantages of the Saraswat Bank Fixed Deposit include:

• Loan Against FD: Saraswat Bank lets you take a loan of up to 90% of your fixed deposit amount and the interest earned. The loan is provided based on the bank’s approval.
• Eligibility: Saraswat Bank Fixed Deposits are available to individuals (single or joint account holders), minors through guardians, Hindu Undivided Families (HUFs), organisations, and cooperative societies.
• Tax Saver FD: Saraswat Bank also offers a Tax Saving FD scheme with a minimum deposit requirement of ₹5,000 and a mandatory lock-in period of 5 years. The scheme carries an interest rate of 7.00% per annum, with interest payable on a quarterly basis.
• Premature Withdrawal: Saraswat Bank allows premature withdrawal of fixed deposits. In such cases, a 1% penalty is deducted from the applicable interest rate for the period the deposit was held with the bank. This penalty applies even if the withdrawn amount is reinvested.
• Sweep-in/Sweep-out facility: Saraswat Bank offers a Sweep-in/Sweep-out feature on eligible savings accounts. Any surplus funds above a set threshold are automatically transferred into a short-term FD (typically 91 days) to earn higher interest. If the account balance falls below the threshold, the required amount is automatically swept out from the FD to maintain liquidity.

Saraswat Bank FD Interest Rates 

The table below shows the Saraswat FD rates for both regular customers and senior citizens for different periods.

Saraswat Bank FD Rates for Term Deposits (Below ₹1 Crore)

*Saraswat Bank FD interest rates w.e.f. June 20, 2025

Saraswat Bank FD Rates on Term Deposits for Senior Citizens (Above ₹1 Crore)

*Saraswat Bank FD interest rates w.e.f. June 20, 2025

How to Open a Saraswat Bank Fixed Deposit?

Opening a Saraswat Bank FD is simple and can be done through the following modes:

1. Online Method

   • Log in to Internet Banking: Visit the Saraswat Bank Internet Banking portal and log in using your User ID and password.
   • Navigate to the Deposit Section: Go to General Services, then select Service Request. Under that, choose New Request, followed by Deposits, and finally click on Open a Term Deposit.
   • Enter Deposit Details: Provide the required information, including the deposit amount, tenure, interest payout option, and the savings account from which funds will be debited.
   • Submit the Request: Review the details and submit your request. A confirmation message will be sent to your registered mobile number.

2. Offline Method

   • Visit a Branch: Locate your nearest Saraswat Bank branch using the Branch Locator.
   • Fill out the FD Application Form: Complete the Term Deposit Form for Existing Customers with accurate details.
   • Submit Required Documents: Provide necessary documents such as a PAN card and Aadhaar card, address proof, and the filled form.
   • Deposit the Amount: Hand over the deposit amount in cash or cheque to the bank representative.
   • Receive FD Receipt: Upon processing, you will receive a Fixed Deposit receipt confirming your investment.

Documents Required for Saraswat Bank FD

To open an FD with Saraswat Bank, you need to provide:

• Proof of Identity: Submit a valid government-issued ID such as PAN Card, Aadhaar Card, Passport, Voter ID, or Driving License as proof of your identity.
• Proof of Address: Provide documents like Aadhaar Card, recent Utility Bill (not older than 3 months), Bank Statement, Ration Card, or Passport to verify your residential address.
• Photographs: Submit two recent passport-sized colour photographs along with your application form.
• PAN Card: A PAN card is mandatory for tax purposes and must be submitted with your application.

Taxation on Saraswat Bank FD Interest

Interest earned from Fixed Deposits with Saraswat Bank is taxable under “Income from Other Sources” based on your income tax slab. As per Section 194A of the Income Tax Act, Saraswat Bank deducts Tax Deducted at Source (TDS) at 10% if the total interest earned in a financial year exceeds ₹50,000 for regular taxpayers and ₹1,00,000 for senior citizens. If you do not provide your PAN card, TDS will be deducted at a higher rate of 20%. You can claim the deducted TDS as a refund or adjust it while filing your income tax return.

Key Takeaways

Saraswat Bank Fixed Deposits offer multiple deposit options, including regular, monthly, quarterly, cumulative, and tax-saving FDs. Depositors can open FDs online and offline by submitting the required identity and address proofs. The bank provides loans against FDs up to 90% of the deposit amount, which can be availed in emergencies. It is advisable to check FD Interest Rates in India across different banks before investing to make an informed decision.