PIGMY Deposit Scheme Syndicate Bank

Hello sir would you please provide me information about Pigmy Deposit Scheme of Syndicate Bank???

[Kiran Chandar]

Syndicate Bank was established in 1925, and this scheme was launched in 1928 by Dr.T.M.A.Pai,

This Pigmy Deposit Scheme suits the needs of everyone viz. businessmen, professionals, wage earners, teachers, salaried personnel, traders, housewives etc.

Pigmy Deposit Scheme:
Salient features of the scheme are:

Period of the scheme: 63 months

Amount as low as Rs.5/- per day can be saved daily / weekly / monthly.

No penalty even if depositor is unable to pay installments regularly.

Deposit account can be closed prematurely subject to certain conditions.

Loans upto a maximum of 75% of the balance in the Pigmy account available.

Nomination facility available

No tax will be deducted for the interest on the deposit.

The rates of interest are as fixed by the Bank from time to time.

Contact detail:
Syndicate Bank
Naya Bazar, Ajmer,
Rajasthan 305001
Phone:0145 242 9080

Hello Sir myself Khush, I want information of PIGMY Deposit Scheme of Syndicate Bank, so please provide the info?

[pawan]

Hello Khush, Pigmy Deposit Scheme is a monetary deposit scheme introduced by Syndicate Bank, India.

Money can be deposited into an account on daily basis.
It can be called a recurring deposit scheme, as the money is deposited almost daily. The unique characteristic of this scheme is that a bank agent collects the money daily, from the account holder's doorstep.

It is learned from reliable sources that the Pigmy System is being introduced overseas and U.A.E has given it a modern name "mobile banking.

Pigmy Deposit
Minimum Amount of deposit - 5/-
Amount may be deposited daily/weekly/monthly
Period of Deposit – 63 months
Premature withdrawal permitted with certain conditions
Authorized Agent i.e. “Pigmy Agent‟ collects money for deposit into Pigmy Deposit
A/c at your door steps

Period of Deposit
72 months
For more info I am providing PDF
PIGMY Deposit Scheme Syndicate Bank






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