Nitya Nidhi India daily deposit scheme

Nitya Nidhi India Limited publishes the highest daily-deposit rates in Pigmity's directory: 7% a year over 365 days, 7.5% over 548 days and 8% over 730 days, on quarterly compounding, from a minimum of ₹100 or multiples. It also carries no deposit insurance at all.

Both of those come from its own pages, and holding them together is the point of this profile.

A rate at the top of the directory

Of the institutions in our directory that publish a rate, the range runs from nil on early closure to 8% here. Our rate guide sets them side by side, and it is worth reading the spread rather than the top of it: an institution paying more is not paying more for no reason, and the reason is rarely published.

The compounding matters too. Quarterly compounding on a balance that grows daily is not the same calculation as simple interest at maturity, which is what several institutions in the directory state. 8 of the 18 institutions state a method at all, and the methods they state differ, so two schemes quoting the same percentage can pay different amounts.

A Nidhi company is not a bank

This is the fact that changes what the rate means. A Nidhi company is incorporated under company law and supervised as a company; it is not licensed as a bank, and it does not appear in the DICGC register of insured banks we reviewed. Deposit insurance covers deposits at insured banks up to ₹5,00,000 per depositor. It does not reach here.

So the comparison a saver actually faces is not 8% against a bank's 3%. It is 8% without insurance against 3% with it, and that is a judgement about risk this site will not make for anyone. What we can say is which of the two facts each institution publishes prominently, and it is usually the rate.

If the institution were to fail, there is no insured floor and no DICGC claim to make: our guide on what happens if an institution fails covers what applies to banks and what does not reach companies and societies.

What the page leaves unanswered

The scheme page states a rate, a method, a term of one to two years and a minimum. It states no early-closure term, no maximum, no loan against the balance, and nothing about who collects the money or where. For a two-year commitment, the exit terms are the part a depositor most needs and this page does not give. Our comparison of early-closure terms shows how differently institutions treat leaving early, and how many publish nothing about it.

Before opening an account anywhere, our checklist starts with the question that decides everything else here: bank, society, or company?