There is no single pigmy deposit interest rate. Every bank, co-operative and Nidhi company that runs a daily-deposit scheme sets its own, we have found no rule that sets a common band, and we have found no official index of them. The table below is built from the institutions' own pages, one at a time, with the date each was read.
Treat it as a record of what was published on those dates, not a quotation. Institutions change these rates without announcement, and often without a visible date on the page. Confirm the current figure with the institution before you open an account, or before you judge one you already hold.
How the table is built
A pigmy deposit is a daily-collection savings scheme, and knowing what one is does not tell you what any particular one pays. The rows come from Pigmity's directory: institutions whose own scheme pages we have read and whose terms we have recorded, each fact dated and sourced in the institution's evidence record. A rate appears only where the institution's own page states it, never where it came from a directory, a news report or a search snippet.
Of the 18 institutions in the directory, as read up to , 12 publish a rate for the product and 6 do not, on the pages we reviewed. Both are in the table, because a scheme that withholds its rate is information too.
What institutions publish
| Institution | Scheme name | Rates as published | Tenure | Minimum deposit | Interest method | Last verified |
|---|---|---|---|---|---|---|
| Nitya Nidhi India Limited Nidhi company | Daily Deposit Scheme | 7.00% (365 days); 7.50% (548 days); 8.00% (730 days) | Minimum 1 year, maximum 2 years | ₹100 or multiples | Quarterly compounding | |
| Sahayog Multistate Credit Co-op Society Ltd. credit co-operative society | Daily Deposit Scheme | 6.00% (1 year) | Typically 1 year | ₹50 a day | Not publicly stated | |
| Latur Urban Co-Op Bank Ltd urban co-operative bank | Pigmy Deposit | 2.00% (After 1 year); 3.00% (Up to 2 years); 5.00% (3 years) | 12, 24 or 36 months, depositor's choice | ₹10 a day | Not publicly stated | |
| Shiv Sahyadri Patpedhi Ltd. credit co-operative society | Daily Deposit | 2.50% (6 to 11 months); 5.00% (12 months) | Minimum 1 year | ₹20 or multiples | Not publicly stated | |
| Sree Charan Souharda Co-Operative Bank Ltd. Souharda co-operative bank | Pigmy Account | 2.50% (Within 1 year); 2.50% (Above 1 year, up to 3 years); 3.50% (Above 3 years, up to 5 years); 4.50% (Above 5 years) | Not publicly stated | Not publicly stated | Not publicly stated | |
| Karnataka Grameena Bank regional rural bank | New Nithya Nidhi Deposit Scheme | Nil (Before 12 months); 1.00% (12 to under 18 months); 2.00% (18 to under 36 months); 3.00% (36 to under 59 months); 4.00% (60 months, at maturity) | 60 months | ₹50 | Not publicly stated | |
| Shivdaulat Sahakari Bank Ltd. co-operative bank, category not stated | Vishwasanchay Yojana (Pigmy) | 4.00% (Balance held at least 3 continuous months) | Not publicly stated | ₹50 to open | Calculated daily | |
| Andhra Pradesh Mahesh Cooperative Urban Bank Ltd urban co-operative bank | Mahesh Daily Deposit Scheme | Nil (Under 12 months); 2.50% (12 to 25 months); 3.50% (Above 25 months) | 12 to 36 months | ₹50 a day | Not publicly stated | |
| Indrayani Co-operative Bank Ltd co-operative bank, category not stated | Daily Deposit | 3.50% (As published) | Not publicly stated | Not publicly stated | Daily product basis, credited quarterly | |
| Cosmos Bank urban co-operative bank | PIGMY Deposit Scheme | 3.00% (12 months) | 12 months | ₹100 a day | Not publicly stated | |
| Canara Bank public sector bank | Nitya Nidhi Deposit | 2.00% (63 months) | 63 months only | ₹50 a month | Not publicly stated | |
| Chikmagalur Dist Co-Op Central Bank Ltd. district central co-operative bank | Pigmy Deposit | 1.00% (12 to 60 months) | 12 to 60 months | ₹100 | Not publicly stated | |
| Bellary District Coop Central Bank district central co-operative bank | Pigmy Deposit | Not publicly stated | Minimum 12 months | ₹10 to open; instalments of ₹5 or multiples | On monthly products of the daily closing balance | |
| Kerala Gramin Bank regional rural bank | Daily Deposit | Not publicly stated | Not publicly stated | Not publicly stated | Not publicly stated | |
| Kokan Mercantile Co-operative Bank Ltd. multi-state co-operative bank | Pigmy Daily Deposit Scheme | Not publicly stated | Not publicly stated | ₹50 a day | Not publicly stated | |
| Nagarik Samabay Bank Ltd urban co-operative bank | Pigmy Deposit | Not publicly stated | Not publicly stated | Not publicly stated | Not publicly stated | |
| Sangli Urban Co-operative Bank Ltd. urban co-operative bank | Bachat Nidhi (Pigmy) | Not publicly stated | 1 year | ₹25 | Simple interest | |
| The South Canara District Central Co-Operative Bank Ltd. district central co-operative bank | Nithya Dhara Deposit | Not publicly stated | 12 to 60 months | ₹10 to open; instalments of ₹5 or multiples | On monthly products of the daily closing balance |
"Not publicly stated" means we read the page and it does not give the figure. "Not established" means we have not established it. Neither means the answer is no.
The spread is the finding
We do not average these into a market rate, and you should be wary of anyone who does. An average of a Nidhi company's scheme, a regional rural bank's tiered product and a district co-operative bank's flat rate describes nothing a real depositor experiences.
The rates that are published run from nil, for accounts closed early, to 8.00% on a two-year term at Nitya Nidhi India Limited, a company whose name follows the Nidhi company form and which does not appear on the DICGC insured-bank register. The same daily habit, at a different institution, can return a very different amount, under very different protection.
A daily-deposit rate is also not an ordinary deposit rate. Where we have set a daily product against the same bank's term deposits, in our comparison with a recurring deposit, the daily product paid less.
Why the headline figure is not the whole answer
The method. 6 of the 18 institutions state how interest is calculated or credited, and the methods they state differ: quarterly compounding, a daily product basis credited quarterly, monthly products of the balance, daily calculation, and simple interest. Two institutions publishing the same headline number can pay different amounts.
The day count. Daily collection means an institution holds many small sums for different numbers of days. None of the pages we read sets out how those days are counted for interest.
Leaving early. A published rate assumes the deposit runs its course. Several institutions publish what happens if it does not: nil interest inside 12 months at AP Mahesh, Chikkamagaluru DCC and Karnataka Grameena banks, and a 5% deduction from the deposit before six months at Latur Urban. A rate that looks generous can return less than was paid in if the account does not reach its term.
So the useful comparison is not which figure is largest. It is what a specific institution would pay you, on your amount and your term, if you ask in writing.
How the table stays current
Every fact behind the table has a review date: 60 days after it was read for product terms, and 30 days for register listings. The table is rebuilt from the records each time the site is built, and any fact past its review date is marked on the institution's profile. Our methodology sets out the cycle.
Nothing on this page is financial advice, and Pigmity does not sell, recommend or rank any institution named above. It is a record of what each has published, and when.
What we could not establish
- The terms of Davanagere DCC Bank, Aditya Anagha Multi-State Co-operative Credit Society and Soulful Nidhi Limited. We read each one's own pigmy or daily-deposit page again on 11 September 2026. Davanagere's describes the scheme in one sentence, Aditya Anagha's sets out what it offers collection agents, and Soulful Nidhi's describes doorstep collection. None states a rate for depositors, so none is in the directory yet.
- Andhra Pragathi Grameena Bank. A Gazette of India notification amalgamated it into Andhra Pradesh Grameena Bank from 1 May 2025. The successor bank's deposit pages, read on 11 September 2026, list no daily-deposit product.
- The terms of Shimoga District Co-operative Central Bank's Shree Account (Pigmy). The scheme page has a heading and no terms, in English and in Kannada, and the bank's deposit-rate page gives no rate for it, so the bank is held back from the directory.
- How any institution counts daily sums for interest. No page we read sets it out.
- Any official index of daily-deposit rates. We found none.