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Term Deposit
Home » Personal » Deposit Schemes » Term Deposit

Best Fixed Deposit Rates in Cooperative Banks

Term Deposit

Fixed Deposits
Savings has been an essential part of all the earnings, we at Saraswat Bank, help you earn more on your savings by offering savings schemes which come with suitable tenures and attractive interest rates.
Term Deposits
A term deposit is an Interest Payout savings scheme which offers interest at half yearly, quarterly and monthly basis.
Kalpataru Deposits
The Kalpataru Deposit scheme is a cumulative interest scheme, this means that interest earned at the end of every quarter is invested along with the principal helping you make the most of your money.
Features & Benefits :
  • TDS applicable Form 15H/15G required to be submitted for exemption of TDS.
  • Nominal member of the bank will also be exempted from TDS. If you are exempt from paying tax, you need to present Form 15H when you open a Fixed Deposit and subsequently at the beginning of the following financial year.
  • A minimum amount of Rs. 1000/- and further rise in multiples of Rs. 100/- is required to open Term Deposits Account.
  • Deposits under this scheme will be accepted for a period of Above 12 months up to 36 months only.
Individuals (singly or jointly), Minor by guardian, Organizations, Co-op. Societies.
Download the Fixed Deposit Account Opening Form
Recurring Deposits
Just like little drops make an ocean, see your small investments every month turn into a huge amount at maturity by investing in our Recurring Deposit scheme.

Features & Benefits :
  • Invest little sums every month
  • Facility of Standing Instruction through which the amount can be debited from your savings account.
  • NO TDS
  • Attractive Interest Rates
  • Scheme applicable for 12 months to 36 months
  • Amount of installment once fixed, cannot be changed.
  • Recurring deposits are accepted in equal monthly installments of minimum Rs 5
  • Deposits will be accepted for a period of Above 12 months up to 36 months only.
Individuals (singly or jointly), Minor by guardian, Organisations, Co-op. Societies.
  • Penalty for delayed monthly installment Rs. 1.50 per Rs.100 p.a. In case of payment before maturity, Interest upto 15 days will be Nil.
  • Above 15 days 1% less than applicable rate of Interest for the actual period for which deposit is kept with the Bank.
Download the Recurring Deposit Account Opening Form
Madhukar Tax Saving Deposits

Money does not grow on trees. But by saving and investing wisely one can make money hands over fist. With this intention Bank has come out with a scheme which allows you higher returns compared to other tax savings schemes. Investments under Madhukar scheme offered by Saraswat Bank are exempted under Sec 80C of Income Tax Act.

In the Finance Bill of 2006, the government had announced Tax benefits to Bank Term Deposits which are of over 5 year tenure u/s 80C of IT Act, 1961 vide Notification Number 203/2006 and SO1220 (E) dated 28/07/2006.

Features & Benefits :
  • Invest minimum Rs 5000 and in multiples of Rs 100. Maximum amount being Rs 150000 during the financial year.
  • Maturity Period of the term deposit is minimum 5 years
  • Deposit can be kept in a single name or in joint names. Tax benefit under Sec 80C shall be available only to the first holder.
  • Interest on the term deposit is payable Quarterly at 6.40% p.a. payable quarterly
  • The term deposit cannot be pledged to secure loan/overdraft or as security to any other asset neither they can be withdrawn prematurely.
  • **The tax on interest earned is deductible in accordance with the provisions of section 194A or section 195 of the Income Tax Act 1961.

Download the Madhukar Deposit Account Opening Form