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Daily Deposit (DD)

Daily Deposit (DD) is a simple savings option where you deposit a small fixed amount every day and earn guaranteed interest over a chosen tenure. It’s ideal for traders, shopkeepers, and individuals with daily income who want to build disciplined saving habits with assured returns.

What is DD?

Daily Deposit (DD), also known as a Pigmy Deposit, is a savings scheme offered mainly by cooperative banks and small financial institutions where customers deposit a small fixed amount daily through bank agents. These deposits are collected every day and at the end of the chosen tenure, the depositor receives the total amount saved along with the interest.

It is designed especially for small traders, shopkeepers, daily wage earners, and businesses who prefer saving in small amounts on a daily basis rather than monthly or yearly.

Benefits of DD

1. Daily Savings Habit

Encourages people to save small amounts daily, making saving easier for those with daily income.

2. Assured Returns

Provides guaranteed interest at the end of the tenure, making it a safe and low-risk savings option.

3. Flexible Investment

You can start with very small daily amounts, making it accessible to traders, shopkeepers, and small businesses.

4. Easy Collection

Bank agents visit and collect deposits directly, saving time and effort for account holders.

5. Short- to Medium-Term Tenure

Tenures usually range from 1year to 5 years, allowing flexibility based on financial goals.

6. Ideal for Small Businesses

Helps daily earners and business owners systematically save from their everyday cash flow.

FAQs

Q1. What is a Daily Deposit (DD) account?

A Daily Deposit account is a savings scheme where you deposit a small fixed amount every day and earn interest at the end of the tenure.

Q2. Who can open a Daily Deposit account?

It is mainly designed for traders, shopkeepers, daily wage earners, and small business owners with regular daily income.

Q3. What is the tenure of a Daily Deposit account?

The tenure generally ranges from 1 year to 5 years, depending on the scheme offered by the bank.

Q4. Can I withdraw money before maturity?

Yes, premature withdrawal is allowed, but it may attract reduced interest or penalty as per policy.
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