The Saraswat Bank online account opening process is facilitated by the bank and the user interface of the online portal i.e. the official website is very easy. You can simply visit the website and apply for a savings account under the suitable scheme. Students going abroad for studies can open an account with the bank from the comfort of their home. Saraswat Bank is a scheduled cooperative bank and as per the guidelines of RBI, it also provides interest on savings subject to terms and conditions. Let’s check all the major features of the savings account in Saraswat Bank.
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Saraswat Bank Online Account Opening: Key Highlights
Opening an online account with Saraswat Bank is a seamless and easy process. Students and individuals can visit the bank’s official website, fill out the necessary forms, and upload required documents such as identification proof, address proof, and a photograph. The digital process of Saraswat Bank online account opening is user-friendly and you don’t need to visit a branch. Check some major highlights of the Saraswat Bank savings account:
- No annual maintenance charge on a Rupay/Visa Debit Card for the first year
- You will get free internet banking and mobile banking services
- All NEFT/RTGS transactions are free both online and at branches
- No annual maintenance charges on the Demat account for the first year
- No cash handling charges for up to 200 pieces per day (terms and conditions apply)
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Average Quarterly Balance for Savings Account
Average Quarterly Balance (AQB) is the average amount of funds maintained in a bank account over a quarter (three months). It is calculated by summing the daily balances for each day of the quarter and then dividing that sum by the number of days in the quarter. This metric is used by banks to determine eligibility for certain account benefits, to assess fees, or to evaluate the financial stability of account holders. Check the AQB of Saraswat Bank below:
| Category | Minimum AQB w.e.f 01.09.2019 |
| Individuals – including Minor / NRE/ NRO | – Urban/ Metro branches: INR 2000/- – Semi-Urban branches: INR 1000/- – Rural branches: INR 500/- |
| Non- Individuals – Foundation, HUF, etc | – Urban/ Metro branches: INR 2000/- – Semi-Urban branches: INR 1000/- – Rural branches: INR 500/- |
| Senior citizens, Pension accounts and Self Help Group (Bachat Gat) | – Urban/ Metro branches: INR 1000/- – Semi-Urban branches: INR 500/- – Rural branches: INR 250/- |
Saraswat Bank Online Account Opening Eligibility Criteria
To open an online account with Saraswat Bank, the students must meet the eligibility criteria specified by the bank. Individuals must be at least 18 years old and possess valid identification documents, such as an Aadhaar card, PAN card, or passport. They should have a permanent address in India and an active mobile number and email ID for communication purposes. Check some of the major eligibility criteria for Saraswat Bank Online account opening:
- The student shall be 18 years of age
- Valid KYC documents such as PAN, Aadhaar or driving license shall be there
- There should be a guarantor who must introduce the individual to the bank
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Saraswat Bank Savings Account Service Charges
Saraswat Bank offers a range of savings accounts which also require some specific service charges. These charges may include fees for non-maintenance of minimum balance, issuance of chequebooks, SMS alerts, and additional transactions beyond the free limit at ATMs. Check the details of savings account charges below:
| Category | Charges (INR) |
| Charges for non-maintenance of Average quarterly balance (AQB) for general account holders | – Urban/ Metro branches: 150.00 – Semi-Urban branches: 75.00 – Rural branches: 35.00 |
| Charges for non-maintenance of Average quarterly balance (AQB) for Senior citizens, Pension accounts and Self Help Group (Bachat Gat) | – Urban/ Metro branches: 75.00 – Semi-Urban branches: 35.00 – Rural branches: 15.00 |
| ATM transactions | – For Saraswat Bank ATM: INR 10/- +GST per financial transaction after 5 free transactions – For other bank ATMs: INR 20/- per transaction after 3 in metro and 5 transactions in non-metro |
| Account Closure Charges | – For accounts aged above 14 days up to 6 months: INR 300/- and INR 5/- per unused cheque + GST |
Documents Required for Saraswat Bank Online Account Opening
Documentation is one of the most important stages of Saraswat Bank’s online account opening. Always keep all the required documents handy and it should be appropriate so that your account can be opened quickly without any hassle. Check the complete list of documents below:
- One latest passport-size photograph
- PAN card
- Any of the below officially valid documents (OVD):
- Proof of possession of Aadhaar
- Passport
- Driving license
- Voter’s Identity Card
- NREGA Job Card
- Letter issued by the National Population Register
These were some of the most important details on the Saraswat Bank Online Account Opening. Always check the terms and conditions, schedule of charges and eligibility criteria before opening an account with Saraswat Bank. Check some FAQs based on the Saraswat Bank Online Account Opening below:
FAQs
To open an online account with Saraswat Bank, visit the bank’s official website. You will need to fill out the necessary forms and upload required documents such as identification proof, address proof, and a passport-size photograph.
The documents required for opening an online account with Saraswat Bank include one latest passport-size photograph, a PAN card, and any officially valid documents such as proof of possession of Aadhaar, passport, driving license etc.
Saraswat Bank savings accounts have specific service charges like fees for non-maintenance of the average quarterly balance, issuance of chequebooks, SMS alerts, and additional ATM transactions beyond the free limit. For example, non-maintenance charges vary based on branch location, with urban branches charging INR 150, semi-urban branches INR 75, and rural branches INR 35.
Opening a savings account with Saraswat Bank comes with several benefits such as no annual maintenance charge on a Rupay/Visa debit card for the first year, free internet banking and mobile banking services, free NEFT/RTGS transactions both online and at branches, no annual maintenance charges on the Demat account for the first year, etc.
The minimum average quarterly balance (AQB) requirement for Saraswat Bank savings accounts varies by branch location and account holder category. For individual accounts, the AQB is INR 2000 for urban/metro branches, INR 1000 for semi-urban branches, and INR 500 for rural branches.
To know more about education loans, the best bank accounts for students, forex and banking experience for global students or international money transfers, reach out to our experts at 1800572126 to help ease your study abroad experience.
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