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 Deposite Account(LD). Int at 10% will be charged for the loan.