There are different accounts in the Savings Account category which are serviced by the Saraswat Bank. These accounts are:
- Regular Savings Account – a simple and convenient account which is available to anyone.
- CUBS Account for Kids – an account meant for kids which also offers a personalized cheque book for the child
- My money Savings Account – another type of savings account
- Campus Account for College Students – as is apparent from the name, this account is meant for college students aged 14 years to 26 years.
- Akshay Salary Account – a salary saving account with zero balance facility given to salaried employees up to 55 years of age
- Suvidha Savings Account – an account with zero balance maintenance facility.
- Janhit Account – an account which can be opened by any individual even if he belongs to the lower income strata of the society by depositing only Rs.250 and maintaining a balance of Rs.100
Elite Accounts – three different accounts are offered to premium customers under the category of Elite Accounts. These accounts give unmatched features and benefits to accountholders. The accounts in this category are:
- Elite Savings Account – an account with a quarterly balance requirement of a minimum of Rs.5000
- Elite Silver Savings Account – under this account an average quarterly balance of Rs.25, 000 has to be maintained as the minimum requirement.
- Elite Gold Savings Account – the most premium of all accounts in its category, the minimum balance requirement is Rs.1 lakh on an average every quarter.
Every account in this category is subjected to an interest rate of 4% p.a. on the balances maintained
The bank offers fixed deposit schemes, recurring deposit schemes and tax-saving deposit schemes to individuals. The schemes are briefly detailed below:
- Fixed Deposits – these deposits are of two types. One is the term deposit scheme which would pay the interest earned for the period monthly, quarterly or half-yearly. The other is the Kalpataru Deposits where interests are not paid but are reinvested with the principal to earn a higher compounded rate on the investments. The minimum amount of deposits required is Rs.1000 and thereafter any amount can be deposited if it is a multiple of Rs.1000. The period for which the deposit should be held ranges from 1 to 3 years only.
- Recurring Deposits – monthly deposits which can be made with as little as Rs.5 and the deposit can be made for 12 months to 36 months.
- Madhukar Tax Saving Deposits – a scheme which saves income tax under Section 80C up to the limit of Rs.1.5 lakhs. One can invest a minimum of Rs.5000 or a maximum of Rs.1.5 lakhs for a fixed period of 5 years. The deposits pay an interest rate of 7.80% p.a.