Pigmy Account
Small amounts, saved daily, collected at your door.
A pigmy account is a daily deposit. You decide a small amount you can set aside each day. In areas where the society runs collection, an agent picks that amount up at your door, so you do not have to visit the branch every day.
The published interest rate on pigmy deposits is 5%. The account suits daily earners, shopkeepers, and homemakers who want a saving habit. It is not a fixed deposit and it is not the monthly recurring deposit. After regular collection, members may also ask about a pigmy deposit loan.
Why members choose this
Doorstep collection
The society collects pigmy deposits at the doorstep in areas covered by the branch.
A small daily amount
Save what you can each day. The branch agrees the daily amount with you.
5% interest
The published interest rate on pigmy deposits is 5%.
A route to a loan
A pigmy deposit loan asks for at least 45 days of regular collection. The account has to stay active.
Who it is for
Daily earners
People whose income comes in by the day and who want to save a part of it.
Homemakers
A simple daily saving without a trip to the branch each time.
Shopkeepers
A small amount from the day's collection, picked up at the shop.
Documents to bring
- Identity proof, such as Aadhaar
- Address proof
- A passport-size photograph
- Nominee details
Terms and conditions
- Pigmy is a daily deposit with collection, not a lump-sum fixed deposit.
- The published interest rate on pigmy deposits is 5%.
- Doorstep collection is offered in areas the branch covers. Confirm that your address is on a collection route.
- The daily amount should be one you can continue. The branch records what was collected.
Frequently asked questions
What is a pigmy account?
A daily deposit scheme. You save a small amount each day, and the society's collection service picks it up where doorstep collection is available.
Is collection done at home?
Yes, in areas covered by the Kotoli branch. Ask the office whether your street or village is on a collection route.
What is the interest rate?
The published interest rate on pigmy deposits is 5%.
Can I get a loan against pigmy?
A pigmy deposit loan is a separate product at 15%. The applicant needs at least 45 days of regular pigmy collection. See the pigmy deposit loan page for documents and terms.
Related services
Start a pigmy account
Ask the branch for daily collection. They will confirm your area, the daily amount, and the form.
Contact the branch