About Pigmy (Daily Collections)
- The Pigmy deposit scheme is designed keeping in mind to help the small traders/business men/petty shop keepers/shg members etc.
- Daily amount is collected at their door step for this purpose the persons from respectable family background and honest are appointed as Pigmy agents to collect the amount daily.
- Electronic machines are provided to these agents to give valid receipts to the depositors on daily basis these receipts are being issued on the spot on tendering cash.
- Pass book also being issued to verify the balance in the account at regular intervals.
- These Pigmy accounts opened generally for 12 months.
- 3% int on outstanding (average) balance is being paid at the time of maturity.
- Premature closure is permitted but no int is paid if closed before 6 months.
- And commission paid to the agents will be recovered from the account holder.
- Loan facility also available on the Pigmy amount. Int at 10% will be charged for the loan.