How to Open Saraswat Bank Fixed Deposit Account

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Updated 04 Oct 2023

Fixed Deposits (FDs) come to mind when considering secure investments. Saraswat Bank, established in 1918, has been a trustworthy financial institution for over a century. This bank offers a range of FD schemes for those wanting to park their funds in a risk-free environment.

This blog will guide you through opening an FD account in Saraswat Bank, the eligibility criteria, the documents required, and frequently asked questions about the procedure.

How to Open an FD account in Saraswat Bank

Using the Saraswat internet banking website:

Log in to your account with your User ID and password.
Go to General Services, then Service Request, and click New Request.
Select Deposits, then Open a Term Deposit Option.
Enter the amount you wish to deposit and select the tenure. You can view the interest rate by clicking on the link provided.
Choose the account you want to fund your new FD account. You will only see the accounts where you are the primary account holder.
Select your preferred option for interest payment and principal maturity.
The FD will be opened in the same branch as your selected savings or current account.
You must provide self-certification for FATCA for any new account you create. This means that you should select 'Y' for FATCA confirmation. If you select 'N', you cannot create the FD.
Once you have filled in all the necessary details, click on Submit Online to place your request.
You will receive a confirmation message on your registered mobile number.

Offline by visiting the nearest Branch:

Visit the nearest Saraswat bank branch.
Obtain and fill up the form to create a fixed deposit indicating the period, amount, and other preferences.
Submit the form and a copy of your Aadhar and PAN card; the bank officials will process the form and create an FD.

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Eligibility Criteria

Any person, in an individual capacity.
More than one person in their joint names.
Any minor jointly with a guardian.
Societies & corporates.
Organisations.

Documents Required

Identity proofs:

PAN card
Voter ID Card
Aadhar Card
Two passport-size photographs.

Address proofs:

Aadhar Card
Ration Card
Voter ID Card

FAQs

How is a tax saver FD different from a regular FD?

A tax-saving FD has a lock-in period of 5 years. No premature withdrawals, overdrafts, or loan facilities are available under a tax-saving FD. Whereas one can have a regular FD for any tenure as per an individual's choice, and they are eligible for premature withdrawals and overdrafts or loan facilities.

How is premature withdrawal made in case of death?

In case of the account holder's death, the premature withdrawal of a fixed deposit can be made by the nominee or legal heir of the deceased account holder. The nominee or legal heir must provide the bank with a copy of the death certificate and other required documents. The bank will pay the premature withdrawal amount to the nominee or legal heir. In most cases, the penalty for premature withdrawal is not applicable in such cases.

Is the ₹5 lakhs DICGC insurance cover applicable on Saraswat Bank FD?

Yes, DICGC (Deposit Insurance and Credit Guarantee Corporation) insurance cover of ₹5 lakhs is applicable on Saraswat Bank FD.

Does Saraswat Bank offer a Sweep Facility for FDs?

Saraswat Bank provides a sweep-in or sweep-out facility that facilitates flawless fund transfers to the FD account. You can avail of this facility under the Elite Silver Saving Account.

Can renewal instructions be changed to an active fixed deposit?

Yes, you can change the renewal instructions of your active term deposit. Renew fixed deposit option is available under General Services → Service Request → New request → Deposits.

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