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.
|Tenure||Daily Deposit||Minimum Deposit|
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.
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.