The Saraswat Bank is an urban co-operative based with headquarters based in Maharashtra. It has been in operations since 1918. The bank received its scheduled states from the Reserve Bank of India in 1988. The Saraswat Bank is known to be the first co-operative bank in India to provide Merchant Banking services.

The bank has over 200 branches across six states and holds a relationship with over 125 banks across 45 countries. The states serviced by the bank are Gujarat, Goa, Maharashtra, Delhi, Karnataka, and Madhya Pradesh. The Saraswat Bank has also installed over 200 24-hour ATM’s around the country.

sarawat bank fd

Saraswat Bank offers very competitive interest rates for various deposit schemes. Currently the bank only services the resident sector. For fixed deposits of INR 3 crore and above, Saraswat Bank offers one of the best interest rates available across the country. Saraswat Bank also accepts deposits under the Kalpataru Deposits Scheme for tenor from 12 months up to 36 months.

Saraswat Bank Interest rates for domestic deposits:

Maturity TimeDeposit Below 1 crore

(% p.a.)

Deposit 1-3 crore

(% p.a)

Deposit above 3 crore

(% p.a.)

 7-30 days 4.00 4.00 4.00
 31-90 days 4.75 4.75 4.75
 90-180 days 5.25 5.25 5.25
 180 days – 1 year 6.75 6.75 6.75
 12-24 months 7.75 7.75 7.75
 24-36 months 7.80 7.80 7.80
 36-60 months 7.80 7.80 7.80
 60-120 months 7.60 7.60 7.60

NRO Deposit Rates:

 Maturity TimeBelow Amount 1 crore

(% p.a.)

Amount 1-3 crore

(% p.a.)

Amount above 3 crore

(% p.a.)

 7-30 days 4.00 4.00 4.00
 30-90 days 4.75 4.75 4.75
 90-180 days 5.25 5.25 5.25
 180 days – 1 year 6.75 6.756.75
 12-24 months 7.75 7.75 7.75
 24-36 months 7.80 7.80 7.80
 36-60 months 7.80 7.80 7.80
 60-120 months 7.60 7.60 7.60

NRE deposit rates:

 Maturity time Interest rate

( % p.a.)

 1 year 6.75
 12-24 months 7.75
 24-36 months 7.80
 36-60 months 7.80

Table Updated: 4 July, 2016

Important notes:

  • Kalpataru Deposits Scheme is applicable for a period in between 12-36 months only.
  • IMadhukar Scheme interest rate will be at 7.80% p.a. which is payable quarterly.