The Features Of Daily Recurring Deposit

Banks not only provide safe-keeping facility for money and other valuables. They also provide quality short-term and long-term investments so that the urgent and hefty financial needs of all customers are met, in return for the idle money deposited in the banks. Banks provide resourceful and highly beneficial investment options, such as fixed deposits, recurring deposits, and daily recurring deposits.

What is a daily recurring deposit?

Daily recurring deposit is the facility by different banks and other financial institutions, that enables you to earn extra funds, in the form of interests monthly or over the year as, per the terms mutually set for which you are to pay small interests daily ranging from Rs.10/- to 20/-, 30/- etc until maturity or the decided tenure.

Let’s take a look at the amazing features that this facility provides us!

Savings- Starting a daily recurring deposit account is a good start towards making saving a habit and having a highly financially secure future.

Fixed amount- This banking instrument offers you a fixed amount of funds for your set maturity tenure ranging from six months to ten years.

Marginal payments- Under the daily recurring deposit, you are to pay only a nominal amount daily ranging from a minimum of Rs.10/- and so on, at your convenience.

Customization- When you open a daily recurring deposit account, you can set your desired investment amount and the tenure of investment and interest earnings.

Any Time- You can deposit different amounts at different times of the tenure, it is not fixed on a monthly or yearly basis or any fixed amount of tenure.

Searching for the most reliable daily recurring deposit facility providers!

Shri Vinayak Sahakari Bank Ltd has paved a well-established name in the banking sector of the economy by providing the best in class, reliable, secure, and efficient banking services, providing varied loaning facilities and investment options powered by the resourceful complimentary digital banking services. We also provide nomination facilities to all account holders and special benefits for senior citizens. We are a professional financial institution benchmarking transparency, credibility, and innovation in the financial sector.

Svsbl recurring deposit is the ideal option to go for if you wish to open a daily recurring deposit account. We offer transfer of recurring deposits directly to the existing customer’s savings/current account. We also offer the daily recurring deposit account facility for minors.