Who can open an account:
Any member of the Co-operative Society, farmer, labourer, student, small trader, self-help group, trust, firm or institution can open a Pigmy Deposit Account. Joint accounts are also permitted as per society rules.

Mode of opening an account:

The account can be opened by submitting the prescribed application form along with photograph, identity proof, address proof and initial deposit amount as required by the society.

Period of Deposit:
Deposits may be collected daily, weekly or monthly for the period fixed by the Co-operative Society.

Interest:
Interest shall be paid at the rate decided by the Co-operative Society from time to time.

Repayment on Maturity:
On maturity, the depositor will receive the deposit amount together with applicable interest.

Premature Closure:
Premature closure of the deposit account is permitted as per the rules of the Co-operative Society. Reduced interest may be applicable for premature withdrawal.

Renewal of Matured Deposits:
The matured deposit may be renewed for a further period on request of the depositor.

Loan against deposits:
Loan facility against Pigmy Deposit may be sanctioned according to the rules and eligible limit prescribed by the Co-operative Society.

Nomination facility:
Nomination facility is available. The depositor may nominate any person to receive the deposit amount in the event of death of the account holder.