Pigmy Deposit Scheme :
- Little drops of water make the mighty ocean –we believe in this dictum for our Daily Deposit (Pigmy) scheme. This deposit scheme is suitable for the needs of one and all, viz. businessmen, professionals, wage earners, teachers, salaried personnel, traders, housewives, etc. Under this scheme, you can save money with us regularly as per your convenience. What’s more? You need not visit the Bank for doing so either. Our authorized Agent collects your savings at your doorstep at regular intervals. Subsequently, your money silently grows over a period into a lump sum for meeting your future commitments like daughter's marriage, children's education, family functions, household and personal purchases, payment of insurance premium, yearly taxes, etc.
Salient features of the scheme are :
- Choice to opt for Scheme Period from 12, 24, 36 months.
- Amount as low as Re.10.- per day can be saved daily/weekly/monthly.
- Benefit of this scheme is for small shopkeeper, salesman, hawkers, etc.
- No penalty even if depositor is unable to pay contribution regularly.
- Deposit account can be closed prematurely subject to certain conditions.
- Loans can be availed upto a maximum of 85% of the balance in the Pigmy account.
- Nomination facility available.
- No tax will be deducted for the interest on the deposit. (for Members Only)
- The rates of interest are as fixed by the Bank from time to time.
- If the amount is withdrawn before 6 months then premature deduction @ 5% will be made from the deposit amount.
- Account Holder can withdraw the amount after 6 months without penalty. After completion of 1 year, interest at 2% p.a., Upto 2 year interest 3% p.a., for 3 years interest 5% p.a. will be paid to the account holder.