PIGMY ACCOUNT

For the small saver, this seems a wonderful method. It would work well with domestic servants and owners of small businesses.
Pigmy Deposit Scheme The Bank's authorised Agent collects the savings at your doorsteps at regular intervals. And your money silently grows over 12-24 months into a lumpsum for meeting your future commitments.

Salient features of the scheme are:
  • Amounts as low as Rs.10/- per day can be saved daily / weekly / monthly.
  • No penalty even if depositor is unable to pay instalments regularly
  • Deposit account can be closed prematurely subject to certain conditions
  • The rates of interest are as fixed by the BVN from time to time

    Regular Pigmy A/c (P-R)
  • • A minimum amount of Rs. 10 / Day has to be kept on Pigmy account.
  • • The minimum and maximum period of deposit will be 12 and 24 months.
  • • Minimum 10 shares.
  • •loan facility is provided against Pigmy account. Up to 50% of Deposit.
  • • Rate of Interest 6% p.a
  • **As per demand

    Flexi Pigmy A/c (P-F)
  • • A Flexi Pigmy deposit is a type of term deposit which allows you the flexibility of varying Daily instalments.
  • • Minimum Daily instalment amount is Rs 10/-
  • • Minimum 100 Shares.
  • • Maximum instalment amount is 10 times of the first instalment amount.
  • • The minimum and maximum period of deposit will be 12 and 24 months.
  • • Standing instruction facility will enable automatic transfer of instalment amount from your savings account
  • • Rate of Interest 5% p.a.Any time you can withdrawal up to 50% deposited amount.2 % Processing charge will be on withdrawal Amount.
  • **As per demand

    Special Pigmy A/c(P-S)
  • • This is a special Pigmy Account for a daily working people who need money every day for developed Business,
  • • Minimum Daily instalment amount is Rs 500/-
  • • Minimum 200 Shares.
  • • The minimum and maximum period of deposit will be 12 and 24 months.
  • • Rate of Interest 5.25% p.a.
  • • Standing instruction facility will enable automatic transfer of instalment amount from your savings account
  • • Interest cannot be withdrawn before deposit becomes mature and interestis paid on maturity on quarterly compounding basis
  • • Any time you can withdrawal during Quarterup to 50% deposited amount.
  • • Loan facility available.
  • • When Your Deposit Is more than 10000 then you will apply for 18,000 loan
  • **As per demand