Deposits

Eligibility: Individuals / Joint Accounts / Minors / Co-operative Societies / Organizations / Institutions, etc.

• Production of simple KYC and resolutions, rules, and bye-laws wherever applicable.
• Interest is paid along with the principal at maturity; can also be paid monthly, quarterly, half-yearly, or annually according to the convenience of the depositor.
• Depositors who already have SB accounts need not submit KYC photos again.
• Nomination facility is available.
• Premature closure is permitted on request.
• Loan facility is available on the balance outstanding with accrued interest at the time of granting the loan.
• TDS will be deducted as per applicable rules.
• Accounts can be opened by minors represented by a guardian, illiterates, physically handicapped persons, widows, etc.
• Preferential interest of 0.5% above the applicable rates is available for senior citizens, widows, physically handicapped, and ex-servicemen.
• Double scheme: 6 years 6 months (78 months) for general depositors, and 6 years (72 months) for senior citizens.

Eligibility: Individual / Joint / Either or Survivor / A Guardian on behalf of a minor / HUF / Partnership / A Company / Association / Co–operative Institutions / Any other Institutions

• Investment: Minimum - Rs.100/- , Maximum - No ceiling
• Interest Rate: Depending upon the period of the deposit as prevailing from time to time. Visit our Deposits Interest Rate Page
• Special Rate for Senior Citizens: 0.50% extra for SENIOR CITIZENS (60 Years & above) for all deposit periods
• Application & Documents:
  - Application in Souharda’s prescribed form
  - Copy of PAN Card / Form 60 or 61 (if customer does not have PAN)
  - Two recent photographs
  - Proof of identity and address as per KYC norms
  - Any other related documents as applicable to proprietorship concern, Partnership Firm, Company, HUF, Co–operative Institutions, etc.

Eligibility: Individuals / Joint Accounts / Minors / Co-operative Societies / Organizations / Institutions, etc.

• Double scheme: 6 years 5 months (77 months) for general depositors, and 6 years 2 months (74 months) for senior citizens.
• Production of simple KYC and resolutions, rules, and bye-laws wherever applicable.
• Interest is paid along with the principal at maturity; can also be paid monthly, quarterly, half-yearly, or annually according to the convenience of the depositor.
• Depositors who already have SB accounts need not submit KYC photos again.
• Nomination facility is available.
• Premature closure is permitted on request.
• Loan facility is available on the balance outstanding with accrued interest at the time of granting the loan.
• TDS will be deducted as per applicable rules.
• Accounts can be opened by minors represented by a guardian, illiterates, physically handicapped persons, widows, etc.
• Preferential interest of 0.5% above the applicable rates is available for senior citizens, widows, physically handicapped, and ex-servicemen.

The Pigmy Deposit Scheme is designed to help small traders, businessmen, petty shopkeepers, and SHG members save regularly.
A trusted Pigmy agent collects a small amount from the depositor at their doorstep daily.

• Trusted Agents: Selected from respectable and honest community members.
• Instant Receipts: Electronic devices provided to issue receipts immediately on cash collection.
• Account Tracking: Passbook issued to track the account balance at regular intervals.
• Account Period: Generally opened for 12 months.
• Interest Rate: 4% on average outstanding balance, paid at maturity.
• Premature Closure: Allowed, but no interest is paid if closed before 6 months.
• Agent Commission: Any commission paid to agents is recovered from the account holder.
• Loan Facility: Loans available on Pigmy Deposit Accounts (LD) at 18% interest.