Daily Deposit Scheme (DDS)

Tenure of Payment

The tenure of the account is 12 months and above.

Mode Of Payment

• All payments to the SNDL shall be made either in Cash/ Neft/ Rtgs/ Electronic wallet against the receipt countersigned by its authorized signatory - payments by any mode other than mentioned above is not entertained/ accepted.
• Installments are to be paid regularly in each working day. The member account holder will have to deposit 30 days payment in the month.

Passbook

A passbook will be issued to every SIDL Account Holder. Account Holder shall get the pass book updated at regular intervals. If any discrepancy or difference in the amount is found between the entries made in the passbook and receipts duly countersigned by the authorized signatory of the branch office bearing seal. Payment shall be made on the basis of receipts only.

Maturity

The Account Holder shall surrender the passbook and duly signed maturity form to the SDNL and the maturity shall be paid along with interest as per the above mentioned Chart. No additional interest would be paid on the maturity amount, if taken after the scheduled period

• Maturity payment of regular accounts.

On deposit of regular Amount shall be paid to the Account Holder within 7 days from the demand made with the SDNL as per the chart (for daily mode). 

• Maturity Payment of irregular accounts.

The account when the Account Holder has not continued the account regularly, as specified in clause above would be treated as irregular Account. SDNL will treat the account irregular and the deduction / penalty will be charged either from the interest no charge will be deducted from the principal amount. (deposit installments in time and the resultant loss of investment opportunity).

Pre-Maturity

Pre-Maturity is not allowed at any point of time but member can avail loan facility.