Daily Deposit

Daily Deposit

Bank deposits consist of money placed into banking institutions for safekeeping. These deposits are made to deposit accounts such as savings accounts, checking accounts and money market accounts.

Deposit Scheme

Tenure Daily Deposit Minimum Deposit
1 Year 12% 18,250
1 Year 12% 36,500
1 Year 12% 54,750
1 Year 12% 73,000

A daily deposit is a type of term deposit, where the interest earned is credited directly back to the investors account per day. This is a fixed deposit that earns an interest in much the same way as a regular fixed deposit does with a few differences.

  • With some banks, there is a minimum and a maximum amount that can be deposited in these accounts.The interest is generally paid at a discounted rate for daily payout FDs.

  • The duration of these deposits can go all the way up to 10 years.
  • Tax Deducted at Source ( TDS ) is applicable on daily deposits. If interest earned on daily deposits exceeds Rs. 10,000 a year, TDS at the rate of 10 per cent would be deducted by the bank. With some banks, no TDS is deducted by the banks on the interest earned.


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    View our 2017 scheme prospectus brochure for an easy to read guide on all of the services offer.