Overview/Introduction.

Who can open Daily Deposit (DDS)

Daily Deposit Scheme is a monetary deposit scheme introduced to help daily wage earners, small traders and farmers etc., to inculcate saving habits.

Money in amounts as small as Rs.100/- (Rupees One hundred only) can be deposited into an account on a daily basis, Which grows over a period into a lump sum amount.

This deposit scheme is suitable for the needs of businessmen, professionals, wage earners, teachers, salaried personnel, traders, housewives, etc. Under this scheme, one can save money with the Bank regularly as per their convenience. They need not visit the Bank for doing so as the authorised agent collects their savings at the account holder’s doorstep at regular intervals.

Individuals, Proprietorship or Partnership firms, Clubs and Associations

Account under this scheme may be opened by individuals either in single name or in joint names. Accounts may be opened in the name of minors, duly represented by their guardians, with a declaration of the minor’s date of birth by the guardians.  An application cum signature card prescribed by the bank has to be signed by the applicants for opening the DDS account.

The authorised agents are not permitted to open DDS account in their own names

Minimum & Maximum Contribution.

Minimum Rs.100.00 and in multiples of Rs.100.00. However, daily collection per day per account shall not exceed Rs. 5000/- (Maximum Rs.150,000/-  in a month). In case, there is a break in collection of amounts and the depositor wants to deposit higher amount to compensate for the absence period, the amount can exceed per day cap of Rs.5000/-.

Documents required.

Identity Proof and Address Proof: Passport/Aadhar card/ Driving Licence/voter ID card

PAN card

Photographs- 2

Note : Aadhar card is mandatory to open account

Mode of Payment.

Payments to the account can be made by the depositor either by personally calling at the Bank or through an authorised agent of the Bank.  The authorised agent of the Bank will call at the depositor’s door, daily/ at least once a week, for collection of the deposits and for issue of Daily Deposit Scheme (DDS) cards.

 Time period.

Choice will be given to the customers opt for 12 months, 24 months, 36 months, 48 months and 60 months.

 Nomination.

Nomination Facility is available.

Loan on DDS account.

In times of need, the depositor may take a loan not exceeding 75% of the Daily Deposit Scheme (DDS) on the security of the amount at credit subject to a minimum loan of Rs.500/-. Loans will carry interest at 7 % per annum subject to change as per the Directives of the Reserve Bank. If the depositor fails to pay half yearly interest on the loan amount, the deposit account will be closed immediately and adjusted to the loan account and the balance be refunded to the depositor.

 Rate of Interest.

Premature/Withdrawal Closure.

If a depositor so desires, he/she may be permitted to withdraw the deposit. However, premature withdrawal of deposit will be permitted only if the deposit has completed at least 3 months period. 

If the DDS account is closed before 6 months a penalty of 3 % shall be levied, i.e., balance lying in the DDS account less 3 % of the balance shall be paid to the account holder and no interest shall be paid.

If the DDS account is closed after 6 months but before 12 months, no penalty will be charged, i.e., the amount lying in the account shall be paid and no interest shall be paid.

If the DDS account is closed after 1 year, interest applicable for the relevant period shall be paid to the account holder.