Normally create date and last modified date field of Custom records, Support Cases, Transactions, Item Demand Plans and Item Supply Plans are stored in GMT time zone.
For saved searches, the Date / Time follows the User Preferences Time Zone.
To convert the Time Zone to a different one, use the sample below on saved searches:
1. Add Formula (Text) field under Results tab
2. Formula = to_char(new_time({datecreated}, 'GMT', 'EST'),'MM/DD/YY HH:MI AM')
The formula above converts the Date Created value to Eastern Standard Time and sets the format to MM/DD/YY HH:MI AM