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

HistorySyndicate Bank, established in 1925 in Udupi by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India....
, India
India

India, officially the Republic of India , is a country in South Asia. It is the List of countries and outlying territories by total area country by geographical area, the List of countries by population country, and the most populous liberal democracy in the world....
.

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
Syndicate Bank

HistorySyndicate Bank, established in 1925 in Udupi by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India....
 headquartered at Manipal
Manipal

Manipal is a university town situated in the state of Karnataka in India. It is a suburb within Udupi city and is administerd by Udupi City Municipality....
, Udupi district of India
India

India, officially the Republic of India , is a country in South Asia. It is the List of countries and outlying territories by total area country by geographical area, the List of countries by population country, and the most populous liberal democracy in the world....
.






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

HistorySyndicate Bank, established in 1925 in Udupi by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India....
, India
India

India, officially the Republic of India , is a country in South Asia. It is the List of countries and outlying territories by total area country by geographical area, the List of countries by population country, and the most populous liberal democracy in the world....
.

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
Syndicate Bank

HistorySyndicate Bank, established in 1925 in Udupi by Upendra Ananth Pai, Vaman Srinivas Kudva and Dr. T. M. A. Pai, is one of the oldest and major commercial banks of India....
 headquartered at Manipal
Manipal

Manipal is a university town situated in the state of Karnataka in India. It is a suburb within Udupi city and is administerd by Udupi City Municipality....
, Udupi district of India
India

India, officially the Republic of India , is a country in South Asia. It is the List of countries and outlying territories by total area country by geographical area, the List of countries by population country, and the most populous liberal democracy in the world....
. 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... 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.

See also

  • Tonse Madhav Ananth Pai


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