Saraswat Bank

Saraswat Bank  Credit Card

Apply Saraswat Bank  Credit Card

About Saraswat Bank

The Saraswat Co-operative Bank Ltd. was started as The Saraswat Co-operative Banking Society in the year 1918 with a noble purpose to help families in distress with funds to pay off debts, for medical emergencies, and for any other temporary requirements. The Society was founded by a team comprising of Shri J K Parulkar, Shri N B Thakur, Shri Shivram Gopal Rajadhyaksha, and Shri P N Warde. In the year 1988, the RBI gave a scheduled status to the bank. The business of the bank crossed 700 crores by the year 1992. At present, the bank has a crossed business of 58525.77 crores and has widened its network by 281 branches and ATMs in 6 states of the country.

They have completed a century in the business and yet performing with the same commitment and energy that existed during the inception. They are dealing with numerous retail and corporate banking services and products. The banking products of the bank include Credit Cards that pamper you with attractive offers and benefits. The whole process of obtaining a Credit Card from the bank is hassle-free with minimum documentation, and the fees and charges for the cards are kept nominal, which is the added attractive feature of the card. Saraswat Bank Credit Cards pamper you with a host of benefits and rewards.

Types of Saraswat Bank Credit Cards

Saraswat Bank at present is issuing two varieties of Rupay Platinum Credit Card, namely:

  • Saraswat Bank Credit Card
  • Saraswat Bank Secured Credit Card

Features and Benefits of Saraswat Bank Credit Card

The following are the features and benefits of the Saraswat Bank Credit Card:

  • A provision to convert the purchases over 2,500 to EMI, which can be paid 3/6/9/12 months instalments. 
  • An interest-free period is available for 45 days. The billing cycle for the card is from the 11th of the previous month until the 10th of the current month. The billing statement will be dated 10th of the current month and the payment has to be made within the 25th of the current month. The purchases made from the 11th of the previous month until the 10th of the current month payable on the 25th of the current month will be interest-free until the payment due date. If not paid within the due date, i.e., the 25th of the current month, interest will be charged from the 26th of the current month till the payment of the dues.
  • A revolving facility is available wherein a minimum amount due, which is a percentage of the outstanding balance as per the billing statement, has to be paid on the due date and the balance can be carried over to the next billing cycle.
  • If you are paying heavy interest on the credit cards of other banks, you have the option to transfer the balance on those cards to Saraswat Co-operative Bank credit card at a considerably lower interest. The balance so transferred can be paid in easy instalments. No processing charges will be collected to affect such balance transfers.
  • Secured Card will be issued against the Term Deposit at any Saraswat Bank branch and not against any tax-saving FDs or Deposits in the name of Minor/ HUF/ Companies/ Trust/ Society/ Firms.
  • You can get welcome gifts on joining and earn rewards and cashback on your purchases.
  • 24X7 concierge service is available for all the bookings
  • There is also a comprehensive insurance cover for the primary cardholder
  • Add-on card facility is provided for the family members of the primary cardholder
  • Get 100 Welcome Bonus Points as reward on card issuance
  • Earn more Reward Points on every transaction
  • You can get several benefits on purchases/transactions on airlines, hotels, dining, shopping, and e-commerce at merchant partners.
  • Saraswat Bank uses Green PIN for Credit Cards and does send any physical PIN mailers to the card users. You can generate your Green PIN and access/manage your Credit Card by login to creditcards.saraswatbank.co.in
  • Saraswat Bank Credit Card Mobile App can be downloaded from Google Playstore

EMI on Credit Card Facility

The bank provides the EMI on Credit Card facility. Here are its features:

  • The facility can be utilised to convert the purchases over 2,500 to EMI, which can be paid 3/6/9/12 months instalments. 
  • Request for this facility should be submitted within 30 days from the transaction date. The interest charged for such a conversion is 1.25% p.m. The request for conversion can be made through email on creditcards@saraswatbank.com or by sending a written request to any of the Saraswat Bank branches, mentioning the transaction details and tenure to be opted.
  • Cash withdrawal, fuel and its surcharge, jewellery purchase related transactions cannot be converted into EMI.
  • The facility can be pre-closed by repayment of the entire amount and sending a request for closure/ reversal of the EMI facility via sending an email on creditcards@saraswatbank.com or submitting a written request to any of the Saraswat Bank branches.

Saraswat Bank Credit Card Fee Details

The fee structure for Saraswat Co-operative Bank Credit Card is as follows:

  • There are no joining fees for both the primary card and add-on cards
  • An annual fee of 500 from the 2nd year onwards will be charged
  • There is no fee levied on an Add-on Card

Saraswat Bank Credit Card Charges Details

The schedule of charges for Saraswat Co-operative Bank Credit Card is as given below:

Joining fees

NIL

Annual fees

500 from second year onwards

Minimum repayment amount

5% of total outstanding amount, minimum 200 + applicable taxes + EMI (for EMI-based transactions) + over limit amount (if any)

Finance charges

 

  • For Extended Credit (EMI): 1.50% p.m. (APR 18% p.a.)
  • For Cash Advance: 1.75% p.m. (APR 21% p.a.)
  • For Overdues: 1.75% p.m. (APR 21% p.a.)

Penalty for late payment

250

Charges for the usage of the card beyond the sanctioned credit limit

500

Cheque bounce charges

500

Charges for cash payment processing or payment of bill in cash

  • Up to 5,000: Nil
  • Above 5,000: 125

Card replacement charges

200

Fees for retrieval of physical copies of the statement

  • For statement up to 3 months: Nil
  • For statement beyond 3 months: 100

Fees for a retrieval request

125

Fees for a balance transfer

Nil

Foreign currency mark-up fee

3% mark-up

How to Apply for Saraswat Bank Credit Card?

Below are the steps to apply for the Saraswat Bank Credit Card online:

For New Customers

  • Visit Saraswat Co-operative Bank's website and go to the Credit Cards page
  • Provide your contact details and personal details
  • On verification, a bank representative will contact you and guide you through the process.
  • You will need to submit the documents for address proof, photo ID proof, and income proof for checking the eligibility criteria for the card issuance.

For Existing Customers

  • Go to the Credit Card page on the bank's website of the Saraswat Co-operative Bank
  • Provide your net banking customer ID and mobile number
  • You can directly apply for the Credit Card online

Steps to Apply for the Credit Card through MyMoneyMantra

  • To begin with, visit the MyMoneyMantra website
  • Choose the Credit Card menu and select the card you intend to apply
  • Fill in all the details required for applying for Credit Card
  • Once the filling of the application is complete and the process is initiated, our representatives will contact you and guide you through the process.
  • On approval of your application, the card will be dispatched to your address. Card and the pin will be despatched separately.

Steps to Apply for the Card Offline

To apply for the card offline, you have to visit the nearest Saraswat Co-operative Bank branches and apply for the Credit Card by submitting the relevant documents.

Eligibility Criteria for Saraswat Bank Credit Card

The following eligibility criteria have to be complied with to qualify for Saraswat Bank Credit Card:

  • Salaried individuals employed in proprietorship firms, partnership firms, limited companies, body corporate.
  • Directors of the company and firm's partners
  • Private aided schools, colleges, trusts, proprietorship firms, partnership firms, and LLPs
  • Self-employed individuals, professionals, proprietors, and businessmen
  • The age of the salaried individuals should be in the range of 21 years to 60 years and the age of self-employed individuals, professionals and businessmen should be in the range of 21 years to 65 years.
  • The salaried individuals should have a minimum net take home salary of 25,000
  • For self-employed individuals, professionals and businessmen, the minimum annual gross income should be 1.50 Lakhs.
  • The minimum card limit will be 25,000 and the maximum card limit will be 5 Lakhs
  • Nominal Membership of 100 will be charged for Card Limit of up to 1,00,000
  • Regular shareholding of 500 will be charged for Card Limit of above 1,00,000

Documents Required for Saraswat Bank Credit Card

The following are the documents required for Saraswat Bank Credit Card:

  • The prescribed application form for the Credit Card
  • Latest photographs of the applicant
  • Applicant's address proof, such as Aadhar Card, Passport, Driving Licence, Utility bills, Rental Agreement, etc.
  • Proof of identity of the applicant, such as Aadhar Card, Voter's ID Card, Passport, Driving Licence, and PAN Card.
  • Income proof for salaried employees: Income Tax Returns or Form 16 of the latest one year, or salary slips for the last 3 months.
  • Income proof for self-employed individuals, professionals, and businessmen: Latest Balance Sheet, Profit & Loss, and ITR copy.

Making the Payment of Saraswat Bank Credit Card Payment

The following methods have been devised for the payment of Saraswat Bank Credit Card:

  • Internet banking: The customers of Saraswat Co-operative Bank can make the Credit Card payment by logging in to the net banking facility with user ID and password.
  • Mobile App: The card payment can be done through their mobile App GoMo. The payment can be done either by IMPS, NEFT or transfer from the account.
  • NEFT/RTGS: If payment has to be done from other bank accounts, then NEFT/RTGS is the best option. The beneficiary account for NEFT/RTGS will be the 16-digit Credit Card number.
  • Cheque: Payment can be done through a cheque drawn on Saraswat Co-operative Bank or on any other bank. The payee's name should be the 16-digit Credit Card number. The name of the cardholder and the registered mobile number has to be mentioned on the reverse of the cheque.
  • Cash: Payment can be done by depositing cash at any of the branches of Saraswat Co-operative Bank.

Why Use Your Credit Card Prudently?

Credit Cards come with come legal contracts. Therefore, it is important to be aware of their terms and conditions before you sign up for them.

  • Please read your Saraswat Bank Credit Card application carefully to understand your card's features and associated Terms & Conditions thoroughly.
  • Even small information mentioned in the document may have a big impact on your charges and usage conditions.
  • While some Terms & Conditions are similar on all cards, there may be some particular to the ones you are applying for. So it is recommended to go through all of them.
  • Keep your Credit Card details safe and secure, including card's number, PIN number, the expiry date of the card, and CVV (security code). Never share your card details and OTP with any known or even an unauthorised person.
  • Make sure that your current mobile number is updated with the bank for receiving the transaction alerts through messages timely.
  • While traveling abroad, stay informed about the benefits your card offer, loss or theft of the card, card insurance plans, etc.
  • Check your card statements and transaction alert SMSs carefully for any suspicious transactions. On noticing any unsolicited transaction, always report the same immediately.

How to Apply for Saraswat Bank Credit Card?

Below are the steps to apply for the Saraswat Bank Credit Card online:

For New Customers

  • Visit Saraswat Co-operative Bank's website and go to the Credit Cards page
  • Provide your contact details and personal details
  • On verification, a bank representative will contact you and guide you through the process.
  • You will need to submit the documents for address proof, photo ID proof, and income proof for checking the eligibility criteria for the card issuance.

For Existing Customers

  • Go to the Credit Card page on the bank's website of the Saraswat Co-operative Bank
  • Provide your netbanking customer ID and mobile number
  • You can directly apply for the Credit Card online

Steps to Apply for the Credit Card through MyMoneyMantra

  • To begin with, visit the MyMoneyMantra website
  • Choose the Credit Card menu and select the card you intend to apply
  • Fill in all the details required for applying for Credit Card
  • Once the filling of the application is complete and the process is initiated, our representatives will contact you and guide you through the process.
  • On approval of your application, the card will be dispatched to your address. Card and the pin will be despatched separately.

Steps to Apply for the Card Offline

To apply for the card offline, you have to visit the nearest Saraswat Co-operative Bank branches and apply for the Credit Card by submitting the relevant documents.

Eligibility Criteria for Saraswat Bank Credit Card

The following eligibility criteria have to be complied with to qualify for Saraswat Bank Credit Card:

  • Salaried individuals employed in proprietorship firms, partnership firms, limited companies, body corporate.
  • Directors of the company and firm's partners
  • Private aided schools, colleges, trusts, proprietorship firms, partnership firms, and LLPs
  • Self-employed individuals, professionals, proprietors, and businessmen
  • The age of the salaried individuals should be in the range of 21 years to 60 years and the age of self-employed individuals, professionals and businessmen should be in the range of 21 years to 65 years.
  • The salaried individuals should have a minimum net take home salary of 25,000
  • For self-employed individuals, professionals and businessmen, the minimum annual gross income should be 1.50 Lakhs.
  • The minimum card limit will be 25,000 and the maximum card limit will be 5 Lakhs
  • Nominal Membership of 100 will be charged for Card Limit of up to 1,00,000
  • Regular shareholding of 500 will be charged for Card Limit of above 1,00,000

Documents Required for Saraswat Bank Credit Card

The following are the documents required for Saraswat Bank Credit Card:

  • The prescribed application form for the Credit Card
  • Latest photographs of the applicant
  • Applicant's address proof, such as Aadhar Card, Passport, Driving Licence, Utility bills, Rental Agreement, etc.
  • Proof of identity of the applicant, such as Aadhar Card, Voter's ID Card, Passport, Driving Licence, and PAN Card.
  • Income proof for salaried employees: Income Tax Returns or Form 16 of the latest one year, or salary slips for the last 3 months.
  • Income proof for self-employed individuals, professionals, and businessmen: Latest Balance Sheet, Profit & Loss, and ITR copy.

Making the Payment of Saraswat Bank Credit Card Payment

The following methods have been devised for the payment of Saraswat Bank Credit Card:

  • Internet banking: The customers of Saraswat Co-operative Bank can make the Credit Card payment by logging in to the net banking facility with user ID and password.
  • Mobile App: The card payment can be done through their mobile App GoMo. The payment can be done either by IMPS, NEFT or transfer from the account.
  • NEFT/RTGS: If payment has to be done from other bank accounts, then NEFT/RTGS is the best option. The beneficiary account for NEFT/RTGS will be the 16-digit Credit Card number.
  • Cheque: Payment can be done through a cheque drawn on Saraswat Co-operative Bank or on any other bank. The payee's name should be the 16-digit Credit Card number. The name of the cardholder and the registered mobile number has to be mentioned on the reverse of the cheque.
  • Cash: Payment can be done by depositing cash at any of the branches of Saraswat Co-operative Bank.

Why Use Your Credit Card Prudently?

Credit Cards come with come legal contracts. Therefore, it is important to be aware of their terms and conditions before you sign up for them.

  • Please read your Saraswat Bank Credit Card application carefully to understand your card's features and associated Terms & Conditions thoroughly.
  • Even small information mentioned in the document may have a big impact on your charges and usage conditions.
  • While some Terms & Conditions are similar on all cards, there may be some particular to the ones you are applying for. So it is recommended to go through all of them.
  • Keep your Credit Card details safe and secure, including card's number, PIN number, the expiry date of the card, and CVV (security code). Never share your card details and OTP with any known or even an unauthorised person.
  • Make sure that your current mobile number is updated with the bank for receiving the transaction alerts through messages timely.
  • While traveling abroad, stay informed about the benefits your card offer, loss or theft of the card, card insurance plans, etc.
  • Check your card statements and transaction alert SMSs carefully for any suspicious transactions. On noticing any unsolicited transaction, always report the same immediately.

Saraswat Bank Credit Card Customer Care Number

For any queries relating to the Credit Card of the Saraswat Bank, you can call at their toll-free customer care number, i.e., 1800229999.

Frequently Asked Questions - Saraswat Bank Credit Card

What is the information that has to be collected from the bank before applying for a Credit Card?

The applicant has to ask the bank about the terms and conditions relating to charges, fees, rate of interest, billing cycle, interest-free period, treatment of the overdues, renewal and termination procedures before applying for the Credit Card.

What is the process for the activation of the card?

The card will be activated once the PIN is generated. The PIN can be generated using the Green PIN option at the ATM, or through the mobile application or the web portal of the bank.

What is the cash limit available against the Credit Card?

The cash limit permitted will be 40% of the credit limit of the card. The eligible cash limit will be mentioned in the card statement, as well as, in the welcome letter.

What is the billing cycle for the Credit Card?

The billing cycle is nothing but a one -month cycle set to record the transactions on the Credit Card. The billing cycle for Saraswat Co-operative Bank is from the 11th of the previous month to the 10th of the current month. The due date for payment of the bill, which will be dated the 10th of the current month will be the 25th of the current month.

How is the Minimum Amount Due calculated?

The Minimum Amount Due will be 5% of the total outstanding amount plus applicable taxes, and EMI wherever there is an EMI option and the limit used over and above the sanctioned limit.

The total amount due constitutes of the outstanding balance of the previous month + the purchases made on the card during the billing cycle + EMI for the current month (if opted for EMI) + interest charges and other charges, if any - the payment made during the billing cycle.

What are late payment fees and when is it charged?

If the payment of the Credit Card dues is not done on the due date, a fee will be collected as a penalty for the non-payment. This is the late payment fee.

Late payment fee is charged when the minimum amount due or the outstanding balance as per the statement (depending on the facility opted for) is paid after the due date. If the payment made is less than the minimum amount due, then also late payment fee will be collected.

How can the cardholder generate the Credit Card statement for the previous months?

The statement can be generated from the mobile app or the web portal of the bank.

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