Minimum amount of deposit Rs.100/- per day can be saved daily/weekly/monthly.

Period of Deposit for 12 Months.

Amount Payable on Maturity with interest.

Benefit of this scheme is for small shopkeeper, salesman, hawkers, etc.

No penalty even if depositor is unable to pay contribution regularly.

Deposit account can be closed prematurely subject to certain conditions.

Nomination facilities is available for this scheme.

Deposit upto Rs.5.00 Lakhs (Rs. Five Lakhs Only) is insured with DICGC.

As per changes in Finance Bill,2015 TDS on deposits is also applicable to members(shareholders) at bank level (instead of branch level).

Loans can be availed upto a maximum of 80% of the balance in the Pigmy account.

As per section 206AA, every person who is in receipt of tax deductible income shall furnish PAN, failing to which TDS deductible at 20% (instead of 10%).

Form 15G/15H can be submitted to avoid TDS deduction if income chargble to tax does not exceed basic exemption limit.