Daily Deposit
Daily Deposit Scheme
Daily Deposit scheme is a financial instrument where an investor gives a certain sum of money to a bank or a financial institution (company) and the entity pays interest for the duration of the deposit. The rate of interest paid varies depending on the amount and tenure. Investor’s, especially conservative investors, prefer to openmonthly income scheme, as it is a safe investment option and it can be opened easily and quickly. The account can be opened by individually or jointly.
The reasons why daily deposit scheme deposits is an ideal form of investment are as follows:
-
Guaranteed returns:
Unlike investment in the stock market or commodity market, fixed deposits are not a risky investment as they do not depend on fluctuating market rates. Investors can rest assured that his investments are safe and he will be getting back a guaranteed monthly interest amount without disturbing his principal amount to carry his daily needs.
-
Easily withdrawable:
The amount that is invested daily deposit scheme can be withdrawn at any time for a small penalty. The investor may have a financial emergency to meet financial needs during marriage, sickness or when his business is in loss. The penalty is less than that of selling stocks or real estate as the asset cannot be sold easily because of its high value and if you are in a distressed situation, you will sell it for a much lower rate. Whereas, fixed deposits can be withdrawn at any time and all you lose is a certain interest income. -
Flexible in nature:
Daily deposit scheme deposits can be taken for tenure of 1 year or 2 years based on your needs and for whatever amount that you can invest monthly income scheme can be invested for tenure of your choice. If you have planned for a big event in 5 years, then you can have a fixed deposit kept for 5 years to meet your financial requirement in 5 years. You can have various fixed deposit accounts to save for different goals. - Higher interest rates
| Time Period | Rate Of interest |
|---|---|
| 12 Months | 8.00% P.A |
| 24 Months | 9.00% P.A |