Pigmy Deposit Scheme
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 five. 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.
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 a saving habits and also as a means to fund their bigger capital requirements, such as a wedding, home buying, vehicle purchase etc. The scheme is now offered by several other banks in India.
They were treated as part and parcel of the banking and trading system often carrying legitimate and confidential market and trading information within the network and contributed to the development of stock exchanges. The trading system is not complete without recognising them as the pillars of funds deposit system, in India; especially.