Pigmy Deposit

Pigmy Deposit

1. This scheme is for the small and determined depositors. The depositor agrees to deposit certain amount either on daily basis or on weekly basis. The bank in turn provides a service to collect the amount from his / her doorsteps on daily or  weekly basis. The bank appoints individuals (called Pigmy Deposit Agents) on commission basis who render this collection service. 2. Very similar to the Recurring Deposit Scheme (wherein the installment is on monthly basis), the depositor agrees for a definite period of 12 months, 24 months or 36 months. The depositor is entitled for interest at 4 % pa in case of  12 months period, 5% pa for 24 months and 6% for 36 months period. 3. The depositor is not entitled to withdraw the deposited amount before the maturity date. However, in view of the banks liberal customer relations policy, the bank may consider request for premature repayment after one month from opening of the account with certain proviso. The bank may repay the deposit, without any interest and with penalty of 3% commission, if the deposit is with the bank for period more than 1 month but less than 9 months. In case the deposit is with the bank for more than 9 months but less than one year, then the deposit is repaid without interest and without penalty. 4. Alternatively, the bank may consider grating advance to the extent of of 80% of the accrued deposit, minimum Rs.100/ to meet urgent monetary requirements. Such request for loan against deposit may be considered once in a quarter. The Board will decide the rate of interest applicable on such loan, from time to time. 5. The Pigmy Deposit accounts are opened by any Individual or Jointly by Individuals. 6. In case an account is to be opened in the name of a minor, then the natural Guardian Father has to sign Account Opening Form. The Birth Date of the minor  should be substantiated by the copy of the Birth certificate/ Aadhar Card/ School Enrollment Card etc. The date when the minor attains majority should be noted on the account opening card. If the date of attainment of majority predates

maturity of the deposit, then the balance has to to be repayable to the deposor  and not to the NGF. In case, NGF has expired, then the Natural Guardian Mother  (NGM) may open the account by making the declaration to that effect. In case both the parents have expired then the account may be opened and operated upon by the Guardian appointed by the Court. 7. Now the bank has issued

handheld electronic devices to the Pigmy Deposit

 Agents. Whenever, the Agent has collected any amount from the depositor, a receipt is immediately generated. This receipt indicates the name of the depositor, the account number, the amount received on the date and the total accrued deposit in the account. The depositor is expected to carefully preserve these receipts to establish the claim. 8. The Agent daily calls on the branch and connects his handheld instrument with the computer system. Entire data about the collections made in each account is updated in the bank’s system and in turn the balances are revised in the

instrument. 9. The depositor has an option to get his / her passbook updated if he/ she desires so.