Deposit Schemes

1.    Current/Spot Deposits:

These deposit accounts are like current deposit accounts in a bank. However, unlike in banks, these accounts are serviced daily by the Society’s Pigmy Deposit Agents through electronic collection machines at the doorstep of the depositor. The minimum amount to be deposited is Rs. 50/-. No withdrawals are permitted for one month from the date of opening of the account. Thereafter, withdrawals can be made from the concerned branch office against withdrawal slip. But, a minimum balance of Rs. 500/- should always be maintained in the account.

2.    Saving Deposits :

These deposit accounts are like saving bank accounts in a bank. The minimum amount to be deposited is Rs. 500/-. Unlike in banks there is no limit on number of withdrawals to be made in a week. However, a minimum balance of Rs. 500/- is always to be maintained in the account.

3.    Recurring Deposits :
These are term deposit accounts serviced through the Society’s Agents in which a minimum amount of Rs. 100/- is to be deposited every month. The Account should be continued for a term of two to three years without withdrawals before the date of maturity. However, the account-holder can avail of a loan against the balance in his account in case of emergency.

4.  Haj - Umrah Deposits 
Haj Umrah deposit scheme is a special type of deposit account which enables a member particularly in fixed income group to save by depositing into the account an agreed fixed sum of money daily or weekly or monthly over stipulated period. Person eager to perform Haj may build-up savings through Haj Umrah Deposit Scheme. The idea is to make a person enable to perform Haj / Umrah with his own micro-savings deposited on daily basis with the Society after a stipulated time period.