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PIGMY Deposit :
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The scheme was originally introduced to help daily wage earners, small traders and
farmers to inculcate saving habits and also as a means to fund their bigger capital
requirements, such as a wedding, home buying, vehicle purchase etc. The scheme is
now offered by several other banks in India.
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Terms and conditions :
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1. Minimum Contribution per occasion: 50/-
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2. Period of Deposit: 6 Months to 60 Months
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3. Interest will be calculated on product basis
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1. Less than 12 Months: no interest will be credited.
(Charges will apply for pre closure or withdrawal)
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2. 12 Months to 24 Months: Interest rate will be 4% .
(If premature, interest rate will be 2%)
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3. 24 Months to 60 Months: Interest rate is 4%.
(Interest will be fixed by the Bank from time to time)
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4. Withdrawal facility: up to 50% can be withdrawn after completing one year of
period. (Minimum time interval between withdrawals will be 3 Months).
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5. Loan facility: Loan is available up to 80 % of the outstanding balance and interest
will be 4% to 6% (as fixed by the Bank from time to time).
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