Pigmity
Pigmy & Daily Deposit, Simplified.
Independent, sourced information on Pigmy, daily-deposit schemes, and the cooperative institutions that offer them.
- Every fact cites its source and the date it was read
- Every bank checked against the DICGC register
- No paid placement, no sponsored listings
- Sources cited
- 116
- Institutions read
- 19
- Guides and checklists
- 29
Before you pay in
- 1Institution
- 2Terms
- 3Insurance
1. Who runs the scheme?
- Urban co-operative bank
- District central co-op bank
- Regional rural bank
- Credit society
- Souharda co-operative
- Nidhi company
For each institution Pigmity shows
- The published rate. From the institution's own page, with the date we read it.
- The register listing. Whether the DICGC insured-bank list names it.
- What is not stated. Marked as unknown, never as no.
What you can do here
Everything about a pigmy account, in one place
Find who runs a scheme, read what it pays, check the register, and work out what you will get back.
Institution directory
Banks, societies and Nidhi companies that publish a daily-deposit scheme, with every fact sourced and dated.
Open the directoryPublished interest rates
What each institution states it pays, side by side, with tenure, minimum deposit and early-closure terms.
See the rate tableVerify an institution
Check the DICGC register, the bank-or-society question, and what to ask before you hand over cash.
Start verifyingMaturity calculator
Enter a daily amount, a term and a rate to estimate the maturity value, with the method shown.
Open the calculatorAgent commission
How collection agents are paid, where commission is capped, and who bears the cost.
Read the guideThe rules behind it
RBI directions for doorstep collection, credit timelines and which banks may use agents.
Read the rules
How to check a scheme
Four checks before your first collection
- 1
Identify the institution
2 minutesBank, credit society or Nidhi company: the type decides who supervises it and whether deposit insurance can apply.
- 2
Read its published terms
DirectoryRate, tenure, minimum deposit and what happens if you close early, from the institution's own page.
- 3
Check the register
DICGCInsured banks appear on the DICGC list. Societies and Nidhi companies are not on it, and that difference matters.
- 4
Work out what you get back
CalculatorEstimate the maturity value on your amount and term, then ask the institution to confirm the figure in writing.
From the directory
One institution of each type we have read
Named, sourced and dated. A rate appears only where the institution's own page states it.
Nidhi company
Nitya Nidhi India Limited
Scheme: Daily Deposit Scheme
7.00% to 8.00%, by term
Rate publishedDICGC register: Not found in reviewed listScheme: Daily Deposit Scheme
6.00%
Rate publishedDICGC register: Not found in reviewed listScheme: Pigmy Deposit
2.00% to 5.00%, by term
Rate publishedDICGC register: ListedScheme: Pigmy Account
2.50% to 4.50%, by term
Rate publishedDICGC register: ListedScheme: New Nithya Nidhi Deposit Scheme
Nil to 4.00%, by term
Rate publishedDICGC register: ListedScheme: Vishwasanchay Yojana (Pigmy)
4.00%
Rate publishedDICGC register: Listed
Why Pigmity
Information, not a sales page
Sourced and dated
Every institution fact names its source and the day we read it, so you can check it yourself.
Unknown is not no
Where a page says nothing, we write not publicly stated. We never turn silence into a no.
Nobody pays to appear
No sponsored listings and no paid placement. Payment could not change an order or a word.
Corrections in the open
Anyone can report an error on an institution profile, and our corrections policy says how it is handled.
Start here
Start from where you stand
Savers
For anyone paying into a daily-deposit or pigmy account: how it works, whether your money is insured, what it pays, and what to check each time the agent calls.
10 answers insideAgents
For pigmy collection agents: how to be appointed, what commission is paid and capped at, the GST position, and how to run a round that stands up to scrutiny.
6 answers insideCo-operatives
For co-operative banks and societies running daily collection: RBI's position, appointing and bonding agents, software or hardware, and containing leakage.
8 answers inside
Guides
Step-by-step guides, every one sourced
- Guides
Loan against a pigmy deposit: how much, what it costs, and what you give up
Borrowing against your own daily-deposit balance instead of closing it. What institutions publish, how to work out the real cost, and the catch at maturity.
Updated 2026-10-04 · 5 min read
- Guides
When your bank merges: what happens to a pigmy account
A merger moves your pigmy balance and interest to the new bank. The name, account number, passbook and even the scheme name can change. What to check, and when.
Updated 2026-10-04 · 5 min read
- Guides
Is pigmy collection already part of your core banking system?
The pigmy account usually lives in your core banking system already. The agent's round often does not. How to tell which you have before buying anything.
Updated 2026-10-03 · 6 min read
- Guides
What "under directions" means for a co-operative bank
The Reserve Bank can restrict a co-operative bank without cancelling its licence. What directions freeze, and how they differ from failure and liquidation.
Updated 2026-09-25 · 7 min read
- Guides
What a PACS is, and what it can do with your deposit
A Primary Agricultural Credit Society is a village co-operative, not a bank. What the law lets it do, what the Ministry's model says on deposits, what to check.
Updated 2026-09-25 · 5 min read
- Guides
Is my deposit protected? How to establish it before you hand over money
Co-operative registration, a banking licence, RBI regulation and DICGC cover are four different things. What each is, what ₹5,00,000 covers, and how to check.
Updated 2026-09-21 · 11 min read
Questions
What people ask first
What is a pigmy deposit?
A savings account where an authorised agent visits you on a fixed route, collects a small amount in cash, and issues a receipt. The money earns interest and is paid out at maturity. Syndicate Bank started the scheme in Udupi in 1928. No published count exists of the institutions that run it today.
What interest does a pigmy account pay?
There is no single rate. Among the institutions in Pigmity's directory that publish one, rates read in September 2026 run from nil, for accounts closed early, to 8% a year on a two-year term. Anyone quoting a pigmy rate without naming the institution and the date is guessing.
Is my pigmy deposit insured?
It depends on the institution, not the product. Deposit insurance from the DICGC covers co-operative banks up to Rs 5,00,000 per depositor. The DICGC states that primary co-operative societies are not insured by it, so the same-looking account at a patpedhi, credit society or Nidhi company carries no such cover.
How much commission does a pigmy agent earn?
Usually a percentage of what they collect. Maharashtra capped it at 2.5% for credit co-operatives from 1 April 2026 and raised the cap to 3% in June 2026. There is no national cap, and one multi-state society advertises 4.5% plus 0.5% to recruit agents.
Does the commission come out of my deposit?
For banks, no: the bank pays the agent as its own cost, which is why the rate on the product is low. In Maharashtra's credit societies it is disputed. The chairman of the state federation says customers typically bear it, and the mechanism is undocumented. If you hold an account at a society, ask.
How quickly must my money reach my account?
For a co-operative bank, the RBI directions require cash collected at your door to be credited the same day or the next working day, depending on when it was collected, and require the bank to give you an advice stating the date of credit.