DAILY SAVINGS ACCOUNT

Daily Savings (DS) Even the smallest savings count on a rainy day. Daily Deposit Scheme is a popular product which works on the same philosophy. With as low as 10 per day, you can save enough money through DD scheme along with earning an impressive interest as well. It is popularly known as Pigmy Deposit.

Deposit Value Rs.100
Period Rate of Interest
100 Days Free ins(0%)
180 Days 1.5% ins
360 Days 6.5% ins
2 Years 8.5% ins
3 Years 10% ins

All payments to the company shall be made either in cash or by cheque/draft against the receipt countersigned by its authorized signatory payments by any mode or media other than mentioned above shall be at the member account holder’s own risk. The cheque/draft shall be credited in the name of member Account Holder subject to clearance by the bank. Out station cheques shall not be accepted.
Installments are to be paid regularly in each working day. The member account holder will have to deposit 30 days payment in the month.


FAQ

What is the tenure of a Daily Deposit Scheme?

The minimum tenure is 1 year and maximum tenure is 2 years for a Daily Deposit Scheme.

How much is the minimum investment amount for Daily Deposit Scheme?

The minimum amount of investment is Rs. 10 for Daily Deposit Scheme and after that, in multiples of Rs. 5/-.

How much interest can members earn in Daily Deposit Scheme?

The interest rate of the product is 8% for 1 Year and 10% for 2 Years.

Is there any facility for prematurity in Daily Deposit Scheme?

Premature facility is available based on the following rules:-
(A) DDS 01 Year:-

  • <= 03 months → Not available
  • > 03 to 05 months → Allowed without interest, deduction of service charge- 3% and Rs. 30/- stationary charge
  • >5 to 7 months → Allowed without interest, deduction of Rs. 30/- stationary charge
  • >07 to 09 months → Allowed with 3% interest, deduction of Rs. 30/- stationary charge
  • >09 T=to 11 months → Allowed with 4% interest, deduction of Rs. 30/- stationary charge
  • >11 to 12 months → Allowed with 5% interest, deduction of Rs. 30/- stationary charge

(B)DDS 02 Years:-

  • <= 13 months → Not available
  • >13 to 18 months → Allowed with 3% interest, deduction of Rs. 30/- stationary charge
  • >18 to 24 months → Allowed with 4% interest, deduction of Rs. 30/- stationary charge

Is there any facility for loan in Daily Deposit Scheme?

Yes! Loan facility is available against Daily Deposit Scheme. Members can avail maximum 60% loan against their investment amount in DDS (Minimum Deposit Balance Rs. 1000/-). Interest rate will be applicable as per rules of the Society.

Are there any special benefits in the rate of interest for senior citizens and women?

No! Rate of interest is fixed in this product, so no special benefits available for senior citizens and women.

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