FAQs - Daily Recurring Deposit (Open in Hindi)

1. What are the benefits of Daily RD offered by Shivalik Small Finance Bank?

A. Shivalik Small Finance Bank’s Daily RD is designed to support customers with unstructured saving habits by enabling small deposits on a daily basis. It encourages disciplined savings while offering the benefit of interest accrual.

2. What is the minimum and maximum tenure of Daily RD?

A. Shivalik Bank offers a flexible tenure for Daily RD that ranges from 6 months to 12 months.

3. What is the minimum initial deposit & maximum amount limit to book Daily RD?

A. The minimum initial booking amount is ₹ 100, and the maximum booking amount is ₹ 1,000.

4. What is the Top-up feature in Daily RD account?

A. The Top-up feature is available in the same Daily RD account, wherein you can enhance your contribution through interim transfers in the same deposit for a minimum of ₹ 100 and a maximum of up to 10 times of the initial deposit amount with capping of ₹ 10,000.

5. What is the scheme code for Daily RD (branch)?

A. Branch will have to use the scheme code 2009 for processing Daily RD form.

6. Where can I view the Daily rates?

A. The deposit rates can be viewed on the Bank’s website and are also displayed in our branches. To check the rates now, click here.

7. Does the Bank offer additional rates to senior citizens on deposits?

A. Yes, senior citizens aged 60 years and above can avail an additional rate of 0.50% over the regular rates on Daily RD.

8. Can all customers open Daily RD from branch?

A. Yes, but Full KYC is mandatory and also the Daily RD must be linked to the same customer’s CASA account.

9. How are daily instalments collected?

A. Daily instalments are auto debited from the customer’s linked CASA account through a Standing Instruction (SI) and credited to the Daily RD account.

10. What if there is insufficient balance in CASA account for successful SI execution?

A. If the CASA account has insufficient balance, the daily instalment will not be debited. If this continues for 15 consecutive days, the Standing Instruction (SI) will be automatically suspended.

11. Can a customer deposit extra funds in Daily RD?

A. Yes, customers with Full KYC can deposit additional funds in Daily RD through the Top-up facility, within allowed limits.

12. Can a customer modify the daily amount in Daily RD?

A. Yes, the daily instalment amount can be modified up to 5 times during the tenure, within allowed limits.

13. Is premature withdrawal facility available on Daily RD booked?

A. Yes, the premature withdrawal facility is available for Daily RD booked.

14. What is the interest rate payable if a Daily RD is withdrawn prior to maturity?

A. The interest rate payable shall be as per the tenure for which the deposit is held with the Bank and not at the contracted rate, less 1% as a premature penalty.

15. Is partial withdrawal of Daily RD allowed?

A. No, partial withdrawal of Daily RD is not allowed.