Pigmy Deposit

The scheme:
This Scheme is designed to attract small savings of all categories of depositors, whether big or small, poor or rich having the income either daily weekly, monthly or even though through uncertain source of income.

1. Who can open the account:
   An adult singly or jointly with suitable repayment clause.
   
2. These deposits are colleted by PD agents appointed by the Bank for meeting the respective depositors daily or at any other regular interval convenient to the depositor at his residence or place of business.
3. How to open an account and operate:
   

   The agent will take the necessary application form duly completed and signed by the depositor indicating the period for which the account will continue with the bank.
   The period should be for minimum 12 months .
   The minimum deposits to be obtained from the depositor is Rs.10/-, while opening the account and Rs.5/- or on multiples thereof towards further installments.
   Every time while paying the amount to the collecting agent the depositor should see that the necessary entries are made in the daily collection memo and the agent should hand over receipt for the amount collected during the previous week duly signed by the bank officer.
   The collecting agent has got the authority from the bank to collect the deposit only for the PD account and is not authorized to collect any amount that is payable and receivable to the bank.
   If the depositor has to obtain repayment or the loan amount on the security of PDaccount from Branch and under no circumstances the agent can deal with such transactions.

4. Interest:
   Interest will be paid as per the monthly products of the amount to the credit of the account as on end of the day.
5. Nomination facility:
   

   Nomination facility available and necessary application obtained from the depositor is recorded in the Bank.

6. Loan on Pigmy Deposit:
   The Bank may grant loans on the security of Pigmy deposit accounts upto 75%of the amount of deposit including interest occurred on the loan account. Interest will be levied at12%
   p.a. higher than the rate of interest paid on the deposit.