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.
Saraswat Bank at present is issuing two varieties of Rupay Platinum Credit Card, namely:
Also Check: Cibil Score for Credit Card
The following are the features and benefits of the Saraswat Bank Credit Card:
Also read How To Use Credit Card in India.
The bank provides the EMI on Credit Card facility. Here are its features:
Additional Reading: How to Improve Cibil Score fast?
The fee structure for Saraswat Co-operative Bank Credit Card is as follows:
The schedule of charges for Saraswat Co-operative Bank Credit Card is as given below:
|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)|
|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|
|Card replacement charges||200|
|Fees for retrieval of physical copies of the statement|
|Fees for a retrieval request||125|
|Fees for a balance transfer||Nil|
|Foreign currency mark-up fee||3% mark-up|
Below are the steps to apply for the Saraswat Bank Credit Card online:
For New Customers
For Existing Customers
Steps to Apply for the Credit Card through MyMoneyMantra
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.
The following eligibility criteria have to be complied with to qualify for Saraswat Bank Credit Card:
The following are the documents required for Saraswat Bank Credit Card:
The following methods have been devised for the payment of Saraswat Bank Credit Card:
Additional Reading: What is credit score?
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.
Also Check: Credit Rating Agencies in India
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.
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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.
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.
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.
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.
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.
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.
The statement can be generated from the mobile app or the web portal of the bank.