Saurashtra Gramin Bank FD Rates

Saurashtra Gramin Bank offers fixed deposit schemes where one can park their idle money to grow. One can select any tenure of deposit as per their financial plan, goals, and available resources.
A fixed deposit or an FD is a relatively safe investment option. Based on the selected tenure, one will be eligible to earn interest on their investment. At the time of opening the account, the customer can deposit a fixed amount of money. Through one’s investments in FD, one can achieve their financial goal without much risk.

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Features of Saurashtra Gramin Bank Fixed Deposit

Fixed Deposit (FD) is one of the most popular forms of savings. Besides, staying invested for longer terms also attracts a higher interest rate than a savings account. Like most banks, Saurashtra Gramin Bank (SGB) offers FD plans for different time frames and interest rates.

One of the main benefits of investing in a fixed deposit account in Saurashtra Gramin Bank is to avail of tax benefits under Section 80c of the Indian Income Tax Act. However, for the investor to benefit from this provision, they must have amounts ranging from Rs 100 to Rs 1.5 lakh for a minimum tenure of 5 years.

Saurashtra Gramin Bank Fixed Deposits have various benefits for customers like:

  • Fixed deposit plans are an ideal investment option for investors with a low-risk appetite. Both individuals and institutions use this scheme to park their money and earn a handsome return. For SGB FD plans, NRIs, individuals, minors, LLP, partnership, and proprietary firms, companies, and trusts are eligible. 
  • It is very convenient and easy to open a fixed deposit account. You can either visit your nearest Saurashtra Gramin Bank branch or visit its website online to open an FD account.
  • According to your investment plan, Saurashtra Gramin Bank offers a competitive and high interest rate to its customers with flexible fixed deposit tenures.
  • There is no limit on the maximum amount that can be deposited in a fixed deposit account.
  • You can also take an overdraft facility or loan up to 85% of your fixed deposit amount.
  • It provides a nomination facility to its customers.
  • Fast and easy liquidity options are available.
  • Under its Tax Saving Term Deposit Scheme, the customer can get tax benefits up to Rs. 150,000.
  • This Bank also provides auto-renewal facilities and part withdrawal facilities to its FD customers.

Saurashtra Gramin Bank Fixed Deposit Rates 2021

Tenure

Interest Rate (%) p.a.

30 days

3.00 

45 days

3.00

60 days

4.00

90 days

4.00

120 days

4.00

6 months

4.00

9 months

4.60

12 months

5.50

2 years

5.50

4 years

5.50

5 years

5.75

10 years

5.75

Revised Rate of Interest w.e.f  06-07-2020 for Term Deposits

Maturity Tenure 

Interest Rate % p.a.

7 to 45 Days

3.00

46 to 180 Days

4.00

181 to 364 Days

4.60

1 year to less than 2 years

5.50

2 year to less than 5 year

5.50

5 years and above

5.75

Saurashtra Gramin Bank Fixed Deposit Interest Rates: Things to Know!

Some of the things to know about Saurashtra Gramin Bank fixed deposit are:

  • Saurashtra Gramin Bank Fixed Deposit rates vary from 3% to 5.75%.
  • The bank offers flexible interest payout options like monthly, quarterly, yearly, etc.
  • SGB provides extra benefits to the senior citizen as they can benefit from higher interest rates for their fixed deposit schemes. These rates are 0.50% additional on all fixed deposits schemes for 1 Year to less than 5 Years.
  • In case of premature withdrawal of term deposits, the Bank will charge interest at a rate of 1.00% below the applicable rate for the period deposit has remained with the Bank.
  • Revised interest rates will apply only to fresh deposits, renewal of matured deposits, and the “Tax Saver Scheme”. 

Summing it Up 

Saurashtra Gramin Bank offers reasonable interest rates on its fixed deposit scheme. The procedure to open an FD account is easy and convenient. The interest rate it pays on FD schemes is competitive and matches with the industry standards. However, before investing, one should make a comparison with FD schemes from other banks.

Written By: PolicyBazaar - Updated: 26 August 2021
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