Purpose
The Mini Deposit Scheme encourages saving habits across all sections of society by collecting small amounts from customers' day-to-day earnings. An authorised collection agent or sub-agent gathers deposits directly from the customer's doorstep.
Who Can Open an Account
- An individual or firm, per deposit rules (a proprietor or partner may only open one in their personal name).
- Two or more people jointly, with written instructions on how payment should be made (jointly, to either, or to survivors).
- A minor jointly with an adult.
- A minor over 12, in their own name, if they can read, write, and operate the account personally, with proof of age. Maximum balance for such accounts: ₹1,00,000.
More than one account cannot be opened in the same name at the same branch on the same day without the bank's consent. Accounts can be opened with any amount in multiples of ₹5 (minimum ₹5, maximum ₹999); subsequent deposits go through the collection agent or in person.
Collection Rules
- Deposits are payable in cash, in multiples of ₹5, at any time.
- Agents collect the agreed daily instalment regularly; collecting 3–5 days' worth together is acceptable, but collections spanning more than 5 days reduce the agent's commission proportionally.
- The deposit is withdrawn at the end of the term.
Interest Rates
| Up to 1 year | 3.50% p.a. |
| 1 to 3 years | 5.00% p.a. |
| Above 3 years | 6.00% p.a. |
Interest is credited on maturity; no interest is paid if the account earns less than 50 paise in interest by maturity. The bank may, at its discretion, allow early closure with the collecting agent's prior verification (early-closure interest terms are detailed on a further page on the live site not captured here).