Pigmy Deposit Scheme

The amount will not be available within six months of account opening. If the account is closed within six months, an amount will be deducted at the rate of 4%. If the account is to be closed prematurely, it will not be allowed without prior written application and approval from the branch manager or the concerned officer at least one week in advance.

In case of extreme necessity, the bank’s rules allow up to 80% of the total deposited amount to be given as a loan against the deposit. The minimum loan amount will be Rs. 100. Interest on the loan will be charged at 12% or as specified by the Board of Directors from time to time.

If depositors are unable to make payments for some days due to any reason, they can resume payments later, and interest will continue to accrue on the balance amount.

Deposits will be collected by the bank’s authorized representatives at the depositor’s home or shop, and will be recorded in the passbook. A receipt should be obtained from the representative. Payments should not be made without recording as described above.

A deposit card will be given to each depositor weekly or bi-weekly. The card will be updated with the amount of deposit received daily, and the representative will sign upon acceptance. The same amount will be recorded on the card’s duplicate copy, and the depositor should verify and sign on both parts. At the end of each week or bi-weekly, the original card will be submitted to the bank officer with their signature and seal. Any complaints regarding the amount recorded in the card should be immediately reported to the bank officer for correction. Otherwise, the amount recorded will be considered correct and accepted, and no complaints will be entertained thereafter.

Each depositor has read, understood, and agreed to the rules of the Pigmy Deposit Scheme, and these rules will be binding on them.

The deposit amount will be given only to the depositor themselves.