Pigmy

Members can utilize pigmy scheme for saving of MONEY at attractive terms even with small amounts which can be deposited on a daily basis. This account can be opened by an individual, jointly with another individual, by a guardian on behalf of the Minor, Trusts, Associations and Societies after becoming the member of the organization.

Rules of Business

Objectives :

Pigmy scheme provides the scope for saving of MONEY at attractive terms even with small amounts which can be deposited on a daily basis.

Who can open the Account :

Pigmy account can be opened by an individual, jointly with another individual, by a minor by guardian, Associations, Trusts and the Societies after becoming a member. In case of minor /s accounts their date of birth and age should be furnished at the time of opening of the account.

Introduction :

This account should be introduced by a person well-known to the Bank.

Amount of Deposit :

This account can be opened with a minimum sum of Rs 50/-

Rate of Interest:

Presently there is an attractive rate of interest at 4 % P.A which however is subjected to change by Reserve Bank of India.

Nomination :

The account holder/s may nominate a person to receive the amount at credit of the account in the event of the demise of the accounts holder/s.

Closure of Account :

The account can be closed only by the account holder / jointly by all the account holders.

Bank's Right to Alter the Rules :

The Bank has got the right to alter the rules in this behalf and the account holder is bound by such alterations in the rules.

Collection Facility:

The Bank agent will go and collect the deposit money on daily basis from the depositor.