Saraswat Bank Saving Account Interest Rates

Saraswat Bank Saving Account Interest Rates

The Bank has a very humble but a very inspiring beginning. On 14th September 1918, “The Saraswat Co-operative Banking Society” was founded. Mr. J.K. Parulkar became   its first Chairman, Mr. N.B. Thakur, the first Vice-Chairman, Mr. P.N. Warde, the first Secretary and Mr. Shivram Gopal Rajadhyaksha, the first Treasurer. These were people with deep and abiding ideals, faith, vision, optimism and entrepreneurial skills. These dedicated men in charge of the Society had a commendable sense of service and duty imbibed in them. Even today, our honorable founders inspire a sense of awe and respect in the Bank and amongst the shareholders

MISSION STATEMENT
“To emerge as one of the premier and most preferred banks in the country by adopting the highest standards of professionalism and excellence in all the areas of working”

Deposit Scheme Interest Rates

1)   Interest rate on term deposits w.e.f. 16th August 2013  For Deposits below Rs.1 crore

Tenor

ROI For

 General Public

(% p.a)

ROI For

Senior Citizens

(% p.a)

15 days to 90 days

6.75

6.75

91 days to 179 days

7.00

7.00

180 days up to 1 yr

7.50

7.50

Above 1 year up to 18 months

8.00

8.00

Above 18 months up to 36 months

8.50

9.00

Above 36 months up to 60 months

9.00

9.50

Above 60 months  and upto 84 months

8.00

8.50

 

For Single term deposit of Rs. 1 cr & Above

Tenor

ROI For

 General Public

(% p.a)

ROI For

Senior Citizens

(% p.a)

15 days to 90 days

7.50

7.50

91 days to 179 days

8.00

8.00

180 days up to 1 yr

8.25

8.25

Above 1 year up to 18 months

8.00

8.00

Above 18 months up to 36 months

8.50

9.00

Above 36 months up to 60 months

9.00

9.50

Above 60 months  and upto 84 months

8.00

8.50

 

Deposits under Kalpataru Deposits scheme will be accepted for a period of 12 months to 36 months only

Deposits under Recurring Deposits scheme will be accepted for a period of 12 months to 36 months only.

Interest Rate on Madhukar Tax Scheme will be at 9.00% p.a payable quarterly.

The existing practice of charging penal interest @1% on all deposits which are prematurely closed and reinvested regardless of the residual period of deposit will continue. The existing practice of charging penal interest (1%) on premature withdrawal of deposits will also continue. 

The revised rate of interest will apply for all credits received on or after 16th August 2013. 

2)Interest rate on Savings deposit schemes w.e.f. 1st April, 2012 is 4% p.a

 

NRI Deposit Rates

1)Interest Rates on NRE Term deposits w.e.f. 5th July, 2013.

  Tenor  Rates for All Categories (% p.a)
   1 year  7.50
  Above 1 year up to 18 months  8.00
  Above 18 months up to 36 months  8.50
  Above 36 months up to 60 months  8.50

The revised deposit rates will apply only to fresh deposits and on renewal of maturing deposits.

Deposits under NRE Kalpataru Deposits scheme will be accepted for a period of  12 months to 36 months only.

Deposits under NRE Recurring Deposits scheme will be accepted for a period of 12 months to 36 months only.

The existing practice of charging penal interest @1% on all deposits which are prematurely closed and reinvested regardless of the residual period of deposit will continue. The existing practice of charging penal interest (1%) on premature withdrawal of deposits will also continue.

The revised rate of interest will apply for all credits received on or after 5th July 2013. 

2.) Interest Rates on NRO Term deposits w.e.f. 5th July, 2013

For General Public :

TenorRates for All Categories (% p.a)
15 days to 90 days

6.75

91 days to 179 days

7.00

180 days upto 1 year

7.50

Above 1 year upto 18 months

8.00

Above 18 months upto 36 months

8.50

Above 36 months upto 60 months

9.00

Above 60 months and upto 84 months

8.00

The revised deposit rates will apply only to fresh deposits and on renewal of maturing deposits.

Deposits under NRO Kalpataru Deposits scheme will be accepted for a period of 12 months to 36 months only.

Deposits under NRO Recurring Deposits scheme will be accepted for a period of 12 months to 36 months only.

The existing practice of charging penal interest @1% on all deposits which are prematurely closed and reinvested regardless of the residual period of deposit will continue. The existing practice of charging penal interest (1%) on premature withdrawal of deposits will also continue.

The rate of interest on NRO/NRE savings account will continue @ 4%p.a..

The revised rate of interest will apply for all credits received on or after 5th July 2013.

3) Interest rates on Foreign Currency (Non–Resident) Term Deposit (for period01/08/2013 to 31/08/2013

  FCNR DEPOSITS:-                                (Interest % p.a.)

  Period of Deposit  USD  EUR
  One Year and above but less than Two Years  2.67  2.47
  Two Years and above but less than Three Years  2.48  –
  Three Year and above but less than Four Years  3.78  –
  Four Years and above but less than Five Years  4.17  –
  Five Years only  4.56  –

Interest rates on Foreign Currency deposits are subject to monthly changes dependent upon the LIBOR/SWAP rates for respective currency/maturity on the preceding month. Acceptance of FCNR deposit in GBP, CAD and AUD is subject to prior approval of IBD

4) Interest rate on RFC term deposits (for period 01/08/2013 to 31/08/2013)

  RFC SAVINGS DEPOSITS (USD):  0.19 %

 

  RFC FIXED DEPOSITS:  USD  EUR
  1 Year and above but less than 2 Years  2.67  2.47
  2 Years and above but less than 3 Years  2.48  –
  3 years only  3.78  –

The existing practice of charging penal interest @1% on all deposits which are prematurely closed and reinvested regardless of the residual period of deposit will continue. The existing practice of charging penal interest (1%) on premature withdrawal of deposits will also continue.
5) Interest rate on NRE Savings deposits is 4% p.a.

6) Interest rate on NRO Savings deposits is 4% p.a.

7) Interest rate on RFC Savings deposits – USD (for period 01/08/2013 to 31/08/2013) is 0.19% p.a.

 

 

Leave a Reply

Your email address will not be published. Required fields are marked *