Daily Recurring Deposits (Pigmy Deposit)

Money in amounts as small as fifty rupees can be deposited into an account on a daily basis, by a bank agent collecting the money from the account holder’s doorstep. The scheme was introduced to help daily wage earners, small traders and farmers begin saving, as a means to fund their bigger capital requirements such as weddings or purchases of homes or vehicles.

  • Pre- maturity of FD/RD/pigmy is not permitted
  • Minimum lock in period 6 month
  • For FD/RD Deposits, pre-closure after 6 month and before maturity,2% interest will be deducted from the mentioned interest rate.
  • For pigmy Deposits, pre-closure within 6 months – 3 % will be deducted from the deposit.
  • For pigmy Deposits, pre-closure after 6 months & before 12 months, no interest will be given