Author
LoansJagat Team
Read Time
14 Minute
05 Apr 2025
Saraswat Bank Current Account – Complete Guide to Open & Manage
Suppose you own a small business, "Spark Electronics," and you require a banking option to manage your day-to-day transactions. You opt for Saraswat Bank's Premium Current Account, and here's why:
- Free ATM Withdrawals: The first 5 withdrawals at Saraswat Bank ATMs are free per month. For subsequent withdrawals, you pay ₹10 + GST per withdrawal. Isn't it pleasant to get free withdrawals most of the time?
- No Cash Handling Fees: Deposit or withdraw up to 300 pieces of cash per day with no additional charges. Nice and easy, isn't it?
- Free Internet Banking: Pay and transfer for free via internet or mobile banking. Who wouldn't love banking without the hassle?
- Loan Discounts: Enjoy 25% discounts on processing fees for business loans. It's a little thank you for being a loyal customer!
By keeping a minimum balance of ₹50,000 every quarter, you can avail these amazing benefits. Sounds like the ideal fit for your business, doesn't it?
Motive of Saraswat Bank Current Account:
Saraswat Bank Premium Current Account is suited for companies such as SMEs, corporates, and retail businesses. The account provides effective banking services with increased withdrawal and deposit limits, convenient payment solutions, and easy access to loans.
The account is meant to simplify business transactions with contemporary technology and maximum advantages.
Importance of Current Accounts for Businesses and Professionals:
Here's the information about the importance of current accounts for businesses and professionals, presented in a table:
Aspect | Explanation |
1. Streamlined Financial Management | |
Unlimited Transactions | Current accounts allow businesses to make unlimited deposits, withdrawals, and transfers without any limits. |
Easy Access to Funds | Businesses can easily access money to pay suppliers and receive payments from customers. |
Cash Flow Management | Helps businesses track their money flow, spot spending trends, and make better financial decisions. |
Overdraft Facility | Some accounts offer an overdraft, allowing businesses to cover temporary cash shortages. |
2. Enhanced Business Operations | |
Payment Solutions | Current accounts support payments through online transfers, cheques, and debit/credit cards for convenience. |
Merchant Services | Businesses can accept payments from customers in various ways using their current accounts. |
Cross-Border Transactions | Many current accounts offer international payment services and forex solutions for global business operations. |
Financial Reporting | Detailed account statements and online banking help businesses track their spending and income easily. |
3. Building Credibility and Professionalism | |
Separation of Personal & Business Finances | A business current account keeps personal and business finances separate, making it easier to manage expenses and file taxes. |
Professional Image | Having a current account makes a business appear more professional and trustworthy to clients and suppliers. |
Access to Banking Services | Current accounts often come with extra services like cash management and a dedicated banker to help with business needs. |
4. Benefits for Professionals | |
Managing Income & Expenses | Professionals like doctors or consultants can use a current account to manage their income and expenses. |
Facilitating Payments | Current accounts help professionals receive payments from clients and pay vendors easily. |
Access to Banking Services | Professionals enjoy the same banking services as businesses, like online banking, mobile banking, and cheque services. |
Types of Saraswat Bank Current Accounts:
Regular Current Account | Saraswat Bank's Regular Current Account is for businesses and individuals who have to make a lot of transactions. Here's what you receive with this account: Key Features: Business-Oriented: For businesses or individuals with many transactions. No Cash Handling Charges: You can deposit or withdraw up to 200 pieces of cash per day without any charge. QR Sound Box: Enables safe transactions through QR codes. POS Machine: Make payments easy with a point-of-sale machine. Free Fund Transfers: NEFT and RTGS transactions are charge-free. Minimum Balance Requirements: Metro/Urban Areas: ₹5,000 (quarterly average balance) Semi-Urban Areas: ₹2,500 Rural Areas: ₹1,500 Other Benefits: Chequebook: Free cheque leaves per year. Ledger Charges: ₹100 per quarter. ATM Withdrawals: First 5 transactions per month free at Saraswat Bank ATMs. Charges thereafter. Other Bank ATMs: Free limited transactions at other bank ATMs, charges thereafter. |
Elite Current Account | Saraswat Bank's Elite Current Account provides superior service at no additional cost, which can be availed with a minimum balance of ₹10,000. It has such features as internet and mobile banking, Easy Pay Facility, and so many more. Features & Benefits: Free Personal Accident Insurance: Avail one-year coverage of ₹2,00,000 for the first account holder. The amount payable after one year is ₹26 per annum (including taxes). Cheque Leaves: 200 cheque leaves are available free of cost every year. Subsequently, ₹5 per cheque. Free DD/PO: You can obtain a maximum of 5 Demand Drafts/Pay Orders for free every month, each with a maximum amount of ₹25,000. Debit Card Fee Waiver: No Annual Maintenance Charge (AMC) on your Rupay/Visa Debit Card for the first 5 years. Free Online Services: Free internet banking and mobile banking, and free NEFT/RTGS transfers. ATM Transactions: The initial 5 financial transactions at Saraswat Bank ATMs are free every month. Subsequently, there is a fee of ₹10 + GST per transaction. Non-financial ATM transactions are free. No Cash Handling Charges: No fees for up to 300 pieces of cash per day (terms and conditions apply). Eligibility: Individuals Businessmen Organisations Housing Societies Commercial Complexes |
Premium Current Account | Saraswat Bank Premium Current Account is suitable for small and medium enterprises (SMEs), companies, and retail outlets. By holding a minimum average quarterly balance of ₹50,000, you can avail all the features of this account, such as state-of-the-art technology and an Easy Pay Facility. Features & Benefits: Debit Card AMC Waiver: No fee for Rupay/Visa debit cards for the initial 7 years. Free QR Code: No fee for creating a QR code. Discount on QR Sound Box: 25% discount on the price of the QR sound box machine. Free Accident Coverage: Personal Accident Death Cover of ₹5,00,000 for the initial 5 years for the Proprietor. Cheque Leaves: 250 cheque leaves free per year. Subsequently, ₹5 per cheque. Free Online Banking: Free internet and mobile banking. Free Online Fund Transfers: No NEFT/RTGS transaction charges. Free DD/PO: Avail 5 Demand Drafts/Pay Orders free per month, up to ₹50,000 each. Discounts on Loans: 25% reduction in processing fees for Car, Housing, and Education loans for the Proprietor, Firm, Partners, or Directors. Eligibility: Individuals HUF/Trust Partnership Firms Proprietorship Concerns Companies (Body Corporate) Commercial Complexes Co-operative Housing Societies |
Platinum Current Account | Saraswat Bank's Platinum Current Account provides you with the best-in-class services and plenty of banking benefits. It's crafted to give you the finest banking experience. Features & Benefits: Lifetime free AMC on Rupay/Visa debit cards. Free QR Code. 50% discount on QR sound box machine charges. Free Personal Accident Death Cover of ₹20,00,000 for the initial five years for the account holder. Sweep In Sweep Out Facility available. Balance Certificates and Solvency Certificates are free of charge. 50% reduction on processing charges on car, housing, and education loans for the company, owner, partners, or directors. Forex special rates are offered post-consultation with the International Banking Division (IBD). Cheque Bounce covers up to ₹2,00,000 for Metro/Urban branches and up to ₹1,00,000 for Semi-urban/Rural branches. 300 free cheque leaves per financial year. Thereafter, it's ₹5 per leaf. The first 5 banking transactions at the bank ATM per month are complimentary. Thereafter, ₹10 + GST per transaction. Internet Banking and Mobile Banking are free. |
Society Value Current Account | This account is for Co-operative Housing Societies and Housing Complexes. It has an associated Housing Society Management Application for managing day-to-day expenses, maintenance charges, and society accounting. Eligibility: Housing Societies Commercial Complexes (Premises Societies) Condominiums Minimum Balance: ₹25,000 for opening the account and Average Quarterly Balance (AQB). Features: 5 free Demand Drafts (DD) or Pay Orders (PO) per month, up to ₹50,000 each. No charges for NEFT/RTGS online transactions. Free Corporate Internet Banking. Free monthly account statement mailed to your registered email. No cash handling fee for up to 500 pieces a day (terms apply). 250 free cheque leaves annually. Subsequently, it's ₹4 per leaf. |
Eligibility Criteria to Apply for Saraswat Bank Current Account:
To get a Saraswat Bank current account opened, you must satisfy these minimum requirements:
- Indian Resident: You should be an Indian resident.
- Age: You must be at least 18 years of age.
- Mobile Number: Your mobile number should be Aadhaar-linked.
- KYC Verification: You need to submit documents for KYC verification.
Documents Required to Apply for Saraswat Bank Current Account:
Identity Proof (any one of the following):
- PAN Card
- Passport
- Voter ID Card
- Driving License
- Aadhaar Card
Address Proof (any one of the following):
- Passport
- Voter ID Card
- Driving License
- Aadhaar Card
Additional Documents:
- PAN Card: A PAN card is needed to open the account.
- Form 16: In case you do not have a PAN card, you will be required to provide Form 16.
- Recent Passport Size Photographs: Recent passport-sized photographs are to be submitted.
- Business Proof: In case you are opening an account for a business, you might be required to provide business-related documents.
How to Apply For Saraswat Bank Current Account Online?
- Visit your nearest Saraswat Bank Branch
- Click on ‘Business Banking’ 2nd option in the navigation bar.
- Select ‘Current Accounts’ from the drop-down menu.
- Select the type of current account you want to open (like a regular current account, elite current account, or premium current account).
- Click on ‘Apply Now’ under the account you want to open.
- On the next page, fill in the details like (name, email, address, city, branch, pincode etc), and click on the ‘Submit’ button.
- Upload the required documents such as business registration, PAN card, and other KYC documents.
- The applications will need a video call for KYC verification, follow the instructions to arrange a call with a bank representative.
- Carefully review all the information you have entered before you submit your application.
- Monitor the status of your application, and reach out to the bank if you require any updates.
How to Apply For Saraswat Bank Current Account Offline?
Here's an easy step-by-step guide:
Visit your nearest Saraswat Bank Branch.
2. Request the application form to open a current account (for individuals or companies, as required by your needs).
3. Fill out the Application Form, and enter all the necessary details accurately, including your details, business information (if required), and contact details.
4. Submit the Application form along with the required documents.
5.The bank representative will verify your documents and assist you in the process.
6. When the bank checks everything, your present account will be opened.
7.You'll get your account number and chequebook.
Benefits of Saraswat Bank Current Account:
Here’s the information about the benefits of Saraswat Bank’s current account for businesses, presented in a table:
Benefit | Description |
Convenient Business Transactions | Designed for businesses, allowing easy deposits and withdrawals to manage cash flow. |
No Interest | Current accounts don’t earn interest, as they focus on making transactions easier. |
Free Online Banking | Access and manage your account through free internet and mobile banking. |
Free NEFT/RTGS | Transfer funds online via NEFT and RTGS without any extra charges. |
Free ATM Transactions | Free transactions at Saraswat Bank ATMs; limited free transactions at other ATMs. |
Free Cheque Leaves | A certain number of free cheque leaves every year. |
No Cash Handling Charges | No charges for handling up to 200 cash pieces per day (terms apply). |
AMC Waiver | Waiver of Annual Maintenance Charges (AMC) for the first 3 years on Rupay/Visa Debit Cards. |
No Penal Charges | No penal charges if paid within 14 days of the due date. |
Fees and Charges on Saraswat Bank Current Accounts:
Here’s the information about the fees and charges for Saraswat Bank's current accounts in a table:
Fee Type | Description |
1. Non-maintenance of Minimum Average Quarterly Balance (AQB) | |
Regular Current Account | Urban/Metro branches: ₹1000 per quarter Semi-urban branches: ₹600 per quarter Rural branches: ₹500 per quarter |
Society Value Current Account | ₹1200 + applicable tax per quarter |
Elite Current Account | ₹150 per quarter |
2. Account Closure | |
Within 14 Days | No charges |
Above 14 Days up to 6 Months | ₹2000 + GST |
Above 6 Months up to 1 Year | ₹1000 + GST |
Unused Cheques | ₹2 per cheque + GST |
3. ATM Transactions | |
Saraswat Bank ATM | First 5 transactions free per month After that: ₹10 + GST per transaction |
Other Bank ATM | Metro: 3 free transactions per month Non-Metro: 5 free transactions per month After that: ₹20 per financial transaction, ₹10 per non-financial transaction (excluding GST) |
4. Other Service Charges | |
Cheque Leaf | ₹5 per leaf after the free limit (e.g., 250 leaves for Premium Current Account) |
Cash Handling Charges | No charges for up to 500 pieces per day (terms apply) |
Ledger Folio Charges | ₹100 per quarter (minimum) or ₹50 per folio of 25 entries, whichever is higher |
SMS Charges | ₹0.25 per SMS, maximum ₹25 + GST per quarter for CA/OD Account |
Withdrawal Charges | |
Home Branch | Withdrawal > ₹100,000: ₹5 per ₹10,000 or part of the amount |
Non-Home Branch | Withdrawal > ₹100,000: ₹10 per ₹10,000 or part of the amount |
Saraswat Bank Accounts vs Competitor Banks:
Here’s a simple comparison of Saraswat Bank's current account features with those of other major banks:
Feature | Saraswat Bank (Regular Current Account) | Axis Bank | HDFC Bank | ICICI Bank | PNB Bank | SBI Bank |
Free Cheque Leaves | 50 free leaves every financial year | Varies based on account type | Varies based on account type | Varies based on account type | Free with certain conditions | Free with certain conditions |
Debit Card | AMC waiver for first 3 years (Rupay/Visa) | Business Classic Debit Card | Business Debit Card | Business Debit Card | Free ATM cum Debit Card | Free ATM cum Debit Card |
Free ATM Transactions | First 5 financial transactions per month free at Saraswat Bank ATMs | Unlimited transactions digitally | Free at home location (specified limits) | Free at home location (specified limits) | Free at home location (specified limits) | Free at-home branch ATMs |
Cash Handling Charges | No charges for up to 200 pieces per day (T&C apply) | Varies depending on the branch | Limited to the home branch | Anywhere deposit/withdrawal | Free for a certain number of pieces | Free withdrawals at all branches |
Free Services | Free Internet Banking, Mobile Banking | Free Cheque Book, DD/PO, Alerts, Standing Instructions, Certificate of Balance | Free Cheque Book, Standing Instructions | Mobile/Internet Banking, Email Statements | Free Internet & Mobile Banking, Standing Instructions | Free Internet & Mobile Banking |
Minimum Balance Requirement | Varies by branch type and account type | ₹15,000 monthly average balance | Higher minimum balance than savings accounts | Varies depending on account type | Varies depending on account type | Low minimum balance requirement |
Other Benefits | First 5 NEFT/RTGS transactions per month free | Unlimited NEFT/RTGS, unlimited cash withdrawals | Non-interest bearing, specified limits on free deposits and withdrawals | Multi-location fund transfers, periodical email statements | Fast fund transfer via NEFT/RTGS | Free cash withdrawal from the home branch |
Customer Care Details Related to Saraswat Bank's Current Accounts:
For any queries or customer care related to Saraswat Bank's current accounts, you may contact them via the following options:
Contact Numbers:
- 18002665555
- 1800229999
24/7 Phone Banking:
- Saraswat Bank offers phone banking services 24/7.
Missed Call Services:
- Balance Enquiry: Dial 9223040000 to retrieve your balance details for max 5 accounts.
- Last Five Transactions: Dial 9223501111 to get details of the last five transactions for your main account.
- Temporary Blocking of Card: Dial 9595637637 to block all cards associated with your mobile number temporarily.
- Unblocking of Card: Dial 9595638638 to unblock all cards associated with your mobile number.
WhatsApp Banking:
- Chat with the Bank: You may also chat with the bank on WhatsApp for balance enquiries, the last 10 transactions, and more.
- To Register: Just send "Hi" on WhatsApp to 9029059271 to register for the service.
Conclusion:
Saraswat Bank's current accounts have some wonderful features for business owners, professionals, and individuals alike. With free ATM withdrawals and handling of cash to easy online banking and discounts on loans, the accounts are conceived to simplify money management and be convenient.
From various account schemes like Regular, Elite, Premium, and Platinum, there's something to match every requirement. And the easy application process online and offline means you can begin quickly with the least hassle. Opt for Saraswat Bank to experience hassle-free banking and excellent value for your business or personal requirements!
FAQs related to Saraswat Bank's Current Accounts:
Q1: Why is a Current Account important?
A Current Account is essential for managing financial transactions, whether you're a small business owner or part of a large organisation.
Q2: What are the drawbacks of a Current Account?
Current accounts have a few disadvantages, such as no interest on the balance, limits on free checks and demand drafts, occasional high service fees, and the absence of automated bill payment services.
Q3: Is a Current Account subject to tax?
Typically, a current account itself is not taxable.
Other Bank Current Accounts | |||
About the Author
LoansJagat Team
We are a team of writers, editors, and proofreaders with 15+ years of experience in the finance field. We are your personal finance gurus! But, we will explain everything in simplified language. Our aim is to make personal and business finance easier for you. While we help you upgrade your financial knowledge, why don't you read some of our blogs?
Quick Apply Loan
Subscribe Now
Related Blog Post
