Pigmy Deposit Scheme

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

Money can be deposited into an account on daily basis. The amount may be as small as Rupees Ten. It can be said as a recurring deposit scheme, but money is put almost daily. The unique characteristic of this scheme is that an agent from respective bank collects money to be deposited on daily basis, from door steps of account holder of the scheme.

This scheme was introduced by Syndicate Bank headquartered at Manipal, Udupi district of India. The scheme was introduced to help daily wage earners, small traders and farmers to inculcate saving habits and also as a way of funding their bigger capital requirements like wedding, buying of house, vehicle etc.. It has given impetus to saving of money among illiterate people, who would have otherwise spent their wages on liquor and other bad habits. The scheme has now been copied by other banks in India. It has provided many employment opportunities as agents and dream realizations of lakhs of people.