Evidence record
Last verified 8 Oct 2026 · 2 sources in this record · Next review 8 Nov 2026
Institution
- Name
- Sree Charan Souharda Co-Operative Bank Ltd.
Institution's own website · Pigmy Account · Retrieved
The DICGC register spells it Sree Charan Souhardha Coop. Bank Ltd.
- Type
- Souharda co-operative bank
Institution's own website · Pigmy Account · Retrieved
Stated in the legal name.
- State
- Karnataka
Regulator · List of Insured Banks · Retrieved
- City
- Bengaluru
Regulator · List of Insured Banks · Retrieved
- Website
Institution's own website · Pigmy Account · Retrieved
Regulatory listing
- DICGC insured-bank register
- Listed as an insured bank
Regulator · List of Insured Banks · Retrieved · Source dated
Listed as “Sree Charan Souhardha Coop. Bank Ltd” in the register updated as on 29 Sep 2026. Not on the de-registered list (12 Aug 2026) or the All Inclusive Directions list (31 Aug 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.
What the cover is worth, and the conditions attached to it, are in is my deposit protected?
Daily-deposit product
Filed under Pigmy / daily deposit; mapping probable. Named a pigmy account with daily payment; the page does not state collection by an agent, and also offers standing instructions for daily transfer.
- Scheme name used
- Pigmy Account
Institution's own website · Pigmy Account · Retrieved
- Published rate
Within 1 year 2.50% Above 1 year, up to 3 years 2.50% Above 3 years, up to 5 years 3.50% Above 5 years 4.50% Institution's own website · Pigmy Account · Retrieved · Effective date not stated
- Interest method
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Account · Checked
- Minimum deposit
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Account · Checked
- Maximum deposit
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Account · Checked
- Tenure
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Account · Checked
States the balance is withdrawable after one year, without a fixed term.
- Early closure
- Pre-closure permitted with a penalty
Institution's own website · Pigmy Account · Retrieved · Effective date not stated
The page states a penalty applies but not its amount.
- Collection away from the branch
- Not publicly stated on the reviewed source
Institution's own website · Pigmy Account · Checked
- Loan against the deposit
- Up to 75% of the deposit, ₹5,000 to ₹75,000, at 12% a year
Institution's own website · Pigmy Account · 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 Sree Charan Souharda 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.
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Pigmity's analysis
Sree Charan Souharda Co-operative Bank, in Bengaluru, calls this product a pigmy account, but it does not work the way the name suggests. The bank states that all payments should be routed through a savings or current account or by pay order, and that a standing instruction can be set up for a daily transfer into the pigmy account. Nothing on the page describes an agent collecting cash at your door.
A pigmy account without the collector
That matters more than it sounds. The traditional risk in daily collection is the gap between the cash you hand over and the entry that reaches the ledger, which is where collection fraud happens. A daily transfer from your own account closes that gap: every payment is a bank entry from the start. The trade-off is that you need a savings or current account with money in it each day, which is not how a daily-wage earner paid in cash usually saves.
The bank is a Souharda co-operative bank, a category created by Karnataka's Souharda co-operative law; our glossary entry on Souharda co-operatives explains what that means.
How the rate works
The bank publishes 2.5% a year within one year and up to three years, 3.5% above three years and up to five, and 4.5% above five years. The money can be drawn after one year. The page does not say how interest is calculated or credited, so ask whether the higher rate applies to the whole balance once the account passes a threshold, or only from that point on.
Closing early and borrowing
Pre-closure is allowed with a penalty, the amount not stated. The bank also lends against the deposit: up to 75% of the actual pigmy deposit, at 12% a year, from ₹5,000 to ₹75,000. Our guide to a loan against a pigmy deposit explains how to compare that with closing.
Deposit insurance
Sree Charan Souharda Co-operative Bank appears on DICGC's list of insured banks. Our guide to whether your deposit is protected explains what that covers.