The Ankola Urban Co-Operative Bank LTD offers a Pigmy Deposit scheme, which is a type of small savings daily deposit account.
Key features of Pigmy Deposits (generally):
- Daily Deposits: Allows you to deposit small amounts of money on a daily or very regular basis.
- Doorstep Collection: Typically, a bank agent collects the deposits from your home or business.
- Convenience: It's a convenient way to save small sums regularly without needing to visit the bank.
- Habit of Saving: Encourages the habit of regular saving.
- Flexible Amounts: The deposit amount can be as low as ₹5 per day in some banks.
- Tenure: Schemes can range from 12 months to 63 months or other fixed periods.
- Interest: Interest is earned on the deposited amount at rates determined by the bank.
- Loan Facility: Some banks offer loan facilities against the balance in the PIGMY account.
- Nomination: The Nomination facility is usually available.
For specific details regarding the Ankola Urban Co-Operative Bank LTD's Pigmy Deposit scheme, such as the current interest rates, minimum and maximum deposit amounts, tenure options, and other terms and conditions, it is recommended to visit the nearest branch of the bank or check their official website.
