Saving Deposit Account
A flexible, zero-balance savings account with higher interest than regular
Saving Deposit Scheme
Your Everyday Savings Account — Smarter & Better
The NMD Society Saving Deposit Account is a flexible savings scheme similar to a traditional savings bank account, but with significantly higher interest rates and greater freedom. It is designed to encourage the habit of regular saving among our members while keeping their money easily accessible at all times.
Unlike bank savings accounts that offer as low as 2.5–4% interest, NMD Society’s Saving Deposit Account offers a 6% interest per annum on your daily balance — ensuring your idle money keeps growing even while sitting in your account.
Zero Balance Account — No minimum balance requirement. Open your account with as little as ₹100 and deposit in multiples of ₹100. Interest is calculated and credited on your maintained balance.
Whether you are a homemaker managing household savings, a student building your first financial habit, or a working professional wanting a flexible emergency fund — the NMD Saving Account is the ideal choice for everyday savings management.
The account comes with a physical passbook, nomination facility, and the freedom to deposit or withdraw at any time during branch working hours.
NMD Saving Account vs. Regular Bank Savings
See how the NMD Society Saving Deposit Account stacks up against a regular savings account at a nationalised or private bank.
| Feature | NMD Society Best | Nationalised Bank | Private Bank |
|---|---|---|---|
| Interest Rate (p.a.) | 6% | 2.5% – 3.5% | 3% – 4% |
| Minimum Balance | Zero Balance | ₹500 – ₹5,000 | ₹5,000 – ₹25,000 |
| Minimum Deposit Amount | ₹100 | ₹500+ | ₹1,000+ |
| No TDS on Interest | ✓ Yes | ✗ TDS applicable | ✗ TDS applicable |
| Passbook Facility | ✓ Yes | ✓ Yes | Digital only |
| Anytime Withdrawal | ✓ Yes | ✓ Yes | ✓ Yes |
| Nomination Facility | ✓ Yes | ✓ Yes | ✓ Yes |
| Member-Centric Governance | ✓ Yes | ✗ No | ✗ No |
* Bank interest rates are approximate market averages as of 2025. NMD Society interest rates are subject to change as per Society policy. Please contact your nearest branch for current rates.
How Much Will Your Savings Earn?
Enter your average monthly balance and see exactly how much interest you earn with NMD Society's 6% p.a. saving account.
Saving Account Details
Interest Summary
Everything Your Savings Account Should Offer
The NMD Society Saving Deposit Account is built around your convenience — maximum flexibility with maximum returns.
6% Interest Per Annum
Earn a guaranteed 6% interest annually on your maintained balance — nearly double or triple what most banks offer on savings accounts, with no hidden conditions.
Zero Balance Account
No minimum balance stress. Your account remains active even at zero balance. No penalties, no charges for maintaining a low balance — ever.
Anytime Deposit & Withdrawal
Deposit or withdraw your money any time during branch working hours. No lock-in, no restrictions — complete freedom to access your savings whenever you need.
No TDS on Interest
Interest earned on your NMD Society Saving Account is not subject to Tax Deducted at Source (TDS). You receive the complete interest amount — nothing deducted.
Passbook Provided
Every account holder receives a physical passbook recording all transactions — deposits, withdrawals, and interest credits — giving you a clear record of your financial activity.
Nomination Facility
Register a nominee for your Saving Account to ensure your balance is transferred seamlessly to your chosen family member in case of any eventuality.
Low Minimum Deposit
Start saving with as little as ₹100 and top up in multiples of ₹100. Designed to be accessible to absolutely everyone — from daily wage earners to business owners.
Safe & Registered
NMD Society is a registered co-operative society under the Co-operative Societies Act, supervised by the Registrar of Co-operative Societies. Your savings are always secure.
Fully Computerised Records
All account transactions are maintained in a fully computerised system with complete transparency and accuracy, giving you confidence in every transaction.
How to Open a Saving Deposit Account
Opening your NMD Saving Account is quick, simple, and completely hassle-free. Here's how:
Become a Member
You must first become a member of NMD Society. Visit any branch with your KYC documents to complete membership in minutes.
Visit the Branch
Walk into your nearest NMD Society branch. Our staff will provide you with the Saving Account opening form and assist you throughout.
Submit Documents
Submit the filled application form along with your KYC documents (Aadhaar, photo, address proof) and 3 passport-size photographs.
Make Initial Deposit
Deposit a minimum of ₹100 to activate your account. Your passbook will be issued on the same day — your account is ready!
Start Saving
Begin depositing and withdrawing freely. Interest gets credited to your account as per the Society's schedule. Watch your savings grow!
Documents Required
Keep these documents handy for a smooth and fast account opening experience.
🪪 Identity & Address Proof
- Aadhaar Card (mandatory)
- Voter ID Card
- PAN Card
- Passport (optional)
- Electricity or Water Bill (address proof)
- Rent Agreement (for tenants) + Landlord's ID
📸 Additional Requirements
- 3 recent passport-size photographs
- Completed Account Opening Form (from branch)
- Active NMD Society Membership details
- Nominee details (name, relationship, Aadhaar/ID)
- Mobile number for SMS notifications
- Initial deposit of minimum ₹100
📢 Important Notice
NMD Society never asks for OTPs, passwords, or advance fees to open an account. All transactions must be conducted only at official NMD Society branches. Beware of fraudsters claiming to represent NMD Society.
