|
PIGMY Deposit :
|
|
The Scheme was originally introduced to help daily wage earners, small traders and farmers to inculcate 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.
|
|
Terms and conditions :
|
|
1. Minimum period of deposit : 6 months
|
2. Interest will be calculated on product basis
|
|
|
|
|
1. Less than 6 Months : no interest will be credited.
(Charges will apply for pre closure or withdrawal)
|
|
|
|
|
|
2. 12 Months to 24 Months: Interest rate will be 5% .
|
|
|
|
|
|
3. 24 Months to 36 Months: Interest rate is 6%.
|
|
|
|
|
|
3. Above 36 Months: Interest rate is 7%.
|
|
|
3. Loan facility: Loan is available up to 80 % of the outstanding balance and interest
fixed by the Bank from time to time.
|