Al-Khair Co-operative Credit Society Daily Deposit (DD) Account

Al-Khair's core doorstep savings product: a recurring daily or weekly deposit account opened with a minimum of INR 50 (multiples of INR 10 thereafter) into which an authorised society collector gathers savings at the member's shop or home, recording each collection on a signed card held by the member and a matching book entry. Joint accounts of up to two persons are allowed, both must be shareholders. Withdrawals open only after the next calendar month from deposit, up to deposits made through the previous-to-last month, with a minimum balance of INR 50; the passbook must be presented monthly and withdrawals happen at the branch counter. A regular DD history is the gateway to Al-Khair's loan products. No interest is paid on any deposit (crawled alkhairsociety.com 2026-08-06).

Al-Khair's DD account is the workhorse of India's interest-free cooperative model: savings collected at the member's doorstep, zero return paid, and the balance doubling as loan collateral and eligibility proof. As a savings vehicle it pays nothing by design; its value is discipline plus access to fixed-charge financing. The honest trade-offs are cooperative-sector ones: no deposit insurance, month-delayed liquidity and a 3-year share lock. For its target member, that beats the documented alternative of 60%-plus moneylender debt.