Evidence record
Last verified 11 Sep 2026 · Next review 11 Oct 2026
Institution
- Name
- Kokan Mercantile Co-operative Bank Ltd.
Institution's own website · Pigmy Daily Deposit Scheme · Retrieved
- Type
- multi-state co-operative bank
Institution's own website · Pigmy Daily Deposit Scheme · Retrieved
The page states registration under the Multi State Co-operative Societies Act, 2002.
- State
- Maharashtra
Regulator · List of Insured Banks · Retrieved
- City
- Mumbai
Regulator · List of Insured Banks · Retrieved
- Website
Institution's own website · Pigmy Daily Deposit Scheme · Retrieved
Regulatory listing
- DICGC insured-bank register
- Listed as an insured bank
Regulator · List of Insured Banks · Retrieved · Source dated
Listed as “Kokan Mercantile Co-Operative Bank Ltd.” in the register updated as on 8 Sep 2026.
This is the Deposit Insurance and Credit Guarantee Corporation's own list, read on the date shown. A listing is a fact about the register on that date, not an assessment of the institution. The register covers banks only, so a credit society or Nidhi company will not appear on it.
Daily-deposit product
Filed under Pigmy / daily deposit; mapping exact. The page states a bank agent collects the money daily from the account holder's doorstep.
- Scheme name used
- Pigmy Daily Deposit Scheme
Institution's own website · Pigmy Daily Deposit Scheme · Retrieved
- Published rate
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Daily Deposit Scheme · Checked
The scheme page gives no rate; the bank's general rate page was not reviewed.
- Interest method
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Daily Deposit Scheme · Checked
- Minimum deposit
- ₹50 a day
Institution's own website · Pigmy Daily Deposit Scheme · Retrieved · Effective date not stated
- Tenure
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Daily Deposit Scheme · Checked
- Early closure
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Daily Deposit Scheme · Checked
- Collection away from the branch
- Stated: collected by an agent or staff member
Institution's own website · Pigmy Daily Deposit Scheme · Retrieved · Effective date not stated
Check for yourself before acting
- Ask the institution for the current rate in writing. Published rates change without notice.
- Ask what you would receive if the account is closed early.
- Ask how interest is calculated and when it is credited.
- Check the DICGC insured-bank list yourself on the day you decide.
Pigmity is independent and is not affiliated with Kokan Mercantile Co-operative Bank Ltd.. This is not the institution's page, not an official register, and not a recommendation.
Each fact shows its source, the date Pigmity read it, and whether the source states an effective date. “Not publicly stated” means the reviewed source was read and does not give the fact. “Not established” means Pigmity has not established it. Neither means no.
Spotted an error? Write to hello@pigmity.com with the institution and what is wrong, and a link to where the correct figure is published if you have one. The report form is closed for now, so nothing is collected through this page.
Pigmity's analysis
Kokan Mercantile Co-operative Bank is direct about who its pigmy scheme is for, and does not present it as an investment. Its page describes a bank agent collecting the money daily from the account holder's doorstep, from as little as ₹50, to help daily wage earners and small traders save toward large expenses such as a wedding or a home.
That framing is the honest one
Judged on returns, a pigmy deposit loses, and our comparison with a recurring deposit shows by how much. Judged as a mechanism, it can be the thing that works, because money left in a pocket at the end of a trading day often does not survive to the end of the week.
What the bank sells is the collector's visit. The rest of the product follows from that, including the rate, because someone has to be paid to walk the route.
What is missing
The page gives no rate, no term and no early-closure rule, and directs enquiries to a branch. 6 of the 18 institutions in our directory publish no rate for the collected product on the pages we reviewed.
Where it sits
The bank is registered under the central law for multi-state co-operative societies and operates from Mumbai. That registration decides which registrar it answers to, not whether it is a bank. It is listed in the DICGC insured-bank register updated on 8 September 2026.
Questions
- Who is a pigmy daily deposit scheme for?
- This bank says it plainly: daily wage earners and small traders, to build a savings habit and save toward a large expense such as a wedding or a house. That is the honest case for the product. It is not a high rate. It is a way of saving money that would otherwise be spent, collected by someone who comes to you.
- Does multi-state registration change anything for a depositor?
- It changes which registrar the co-operative answers to, the Central Registrar rather than a state one. It does not change the bank's banking status. Kokan Mercantile is listed in the DICGC insured-bank register updated on 8 September 2026.