Pigmy
Pigmy collection is a recurring deposit scheme where a bank agent collects money from the account holder's doorstep on a daily basis. The scheme was introduced to help people, such as daily wage earners, farmers, and small traders, to save money and fund their bigger needs.
Here are some features of Pigmy collection:
- Small deposits: The amount deposited can be as small as Rs 50 per day.
- Regular deposits: The scheme is suitable for anyone who wants to save money regularly.
- Door-to-door collection: A bank agent will collect the money from the account holder's doorstep.
- Printed receipt: The agent will provide a printed receipt for the amount collected.
- Other services: The agent may also provide other services, such as loan repayment before maturity payment.
- Interest rates: Interest rates vary depending on the length of the deposit
