This is the all-time favourite of business community, specially small retailers, who can very easily spare a little amount every day and wish to accumulate handsome amount over a period of time, say 1 year, 2 year or more.
This is the most convenient method of saving your money because you don't even have to visit the bank to put your money into your account. Bank's representative calls on you with a Micro ATM machine provided by the bank, and offers following services to you:
Thus, the bank's representative is fully equipped to offer you banking services at your doorstep. He completes the formalities for opening a Door to Door Deposit Account and starts collecting daily installment from you by visiting your shop / residence everyday as per your convenience. And that's all!
When you pay your daily instalment (Min. Rs. 20/- and max. Rs. 5,000/- per day in multiples of Rs. 10/-) , you get a printed receipt for your money from the Daily Collection Agent appointed by the Bank which is generated by bank's machine connected to the Bank's servers. Thus, the receipt is a valid proof of your payment made to the Daily Collection Agent of the bank. You are advised to keep these daily receipts given to you safe in case there is ever any confusion or mistake on the part of anyone. In any calendar month, not more than 40 times of daily agreed instalment will be accepted by the bank.
The Door-to-Door Deposit Account is opened for 12 months and interest is paid @ 2% p.a. on the daily balance held with the bank. There is no lock-in period for the deposit and pre-mature closure is allowed in the account. However, in the event of pre-maturity closure of account, the rate of interest is reduced depending upon the time for which the account has run.
Loan also is allowed against the deposit.