General Features of a Pigmy Deposit Scheme:
♦ Doorstep Collection: A key feature of these schemes is that a bank agent, often called a "Pigmy agent," visits the depositor's home or business on a daily or regular basis to collect a small amount of money.
♦ Encourages Small Savings: The scheme is designed to help daily wage earners, small traders, and others with small daily incomes to develop a habit of saving.
♦ Flexible Deposits: You can deposit a small amount of money, often as little as a few rupees, without a fixed monthly or yearly commitment.
♦ Loan Facility: Many banks offer a loan facility against the accumulated Pigmy deposit, allowing depositors to borrow a certain percentage of their savings.
♦ Maturity Period: These deposits typically have a fixed maturity period, such as 12, 24, or 36 months, after which the depositor receives the total deposited amount along with the accrued interest.
♦ Interest Rates: The interest rates for Pigmy deposits are generally lower than those for regular fixed or recurring deposits, as the bank incurs a cost for doorstep collection.
♦ Nomination Facility: Nomination facilities are available, allowing you to appoint a nominee to receive the funds in the event of your death.
To get the most accurate and up-to-date information regarding the "Ganapathi deposit (Pigmy)" scheme at the Sri Ganapathi Urban Co-Operative Bank Ltd., including the minimum deposit amount, interest rate, tenure, and any other specific terms and conditions, you should:
