Saraswat Bank’s Madhukar Tax Saving Deposit is the perfect savings scheme to do away with your tax troubles. 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:

  1. Invest minimum of Rs. 5,000 and in multiples of Rs 100, Maximum amount being Rs 1,50,000 during the financial year
  2. Maturity Period of the term deposit is minimum of 5 years
  3. 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
  4. Interest on the term deposit is payable Quarterly at 5.50% p.a. payable quarterly w.e.f. 15th February 2021.
  5. The term deposit cannot be pledged to secure loan/overdraft or as security to any other asset neither they can be withdrawn prematurely
  6. The tax on interest earned is deductible in accordance with the provisions of section 194A or section 195 of the Income Tax Act 1961

Mile yahan, Dono Jahan

True to its new tag line, "Mile Yahan Dono Jahan", Saraswat Bank is committed to bridging the gap between technology and tradition by bringing to its customers the best of both worlds.

Keeping tradition intact and embracing technology, the Bank has matched strides with India's digital revolution by offering various digital banking services designed to make banking more easy and convenient like mobile banking, internet banking, international VISA EMV and RuPay chip cards, etc. Simultaneously, through its emphasis on personalized attention, the Bank has maintained its personal touch with customers. Agility of the small bank with the ability of the large bank has been Saraswat Bank's enduring heritage new.

Contact Saraswat Bank

Corporate Office
Saraswat Co-operative Bank Limited
Ekanath Thakur Bhawan 953, Appasaheb Marathe Marg, Prabhadevi. Mumbai- 400 025
Tel: [+91] (022) 6600 5555