At a glance
- Institution in our directory
- Andhra Pradesh Mahesh Cooperative Urban Bank Ltd, Hyderabad
- Scheme
- Mahesh Daily Deposit Scheme
- Rates published
- Nil under 12 months; 2.50% to 25 months; 3.50% beyond
- Minimum deposit
- ₹50 a day
- State cap on agent commission
- None found
- Pages read
- 10 and 11 September 2026
Daily collection is usually written about as a Karnataka and Maharashtra practice. Telangana is one reason that description is too narrow.
Andhra Pradesh Mahesh Cooperative Urban Bank Ltd, headquartered in Hyderabad and operating in Telangana despite its name, runs the Mahesh Daily Deposit Scheme. Its page states that amounts can be credited to the account through an authorised agent, which is collection away from the branch under a different label.
What is published, and why it stands out
The bank states three rates rather than one: nil under 12 months, 2.50% a year from 12 to 25 months, and 3.50% above 25 months. The minimum is ₹50 a day and the term runs from 12 to 36 months.
Publishing the nil line is the unusual part. 6 of the 18 institutions in our directory publish no rate for the collected product on the pages we reviewed. Here a saver can work out before opening the account that eleven months of payments earn no interest.
The vocabulary problem
The word pigmy is regional. The same kind of product appears as Nithya Dhara at a coastal Karnataka district bank, as Bachat Nidhi at a Sangli bank, and here as a daily deposit scheme.
That matters for anyone trying to establish how widespread the practice is: searching for the Karnataka word in a state that does not use it produces an apparent absence. Our guide to the co-operative credit structure sets out the institution types to look at instead, because the type is a better guide than the product name.
Where the protection sits
AP Mahesh is listed in the DICGC insured-bank register updated on 8 September 2026. A credit society in Hyderabad offering an identical daily-collection account would not be on that register, which lists banks only.
What we could not establish
- How many Telangana institutions run daily collection. We found one by searching bank websites directly; nobody publishes a register of the practice.
- Whether any state rule governs agent commission in Telangana.
- Whether Andhra Pradesh differs, which we have not examined.
Questions
- Is daily-deposit collection practised in Telangana?
- Yes. Andhra Pradesh Mahesh Cooperative Urban Bank, headquartered in Hyderabad, runs the Mahesh Daily Deposit Scheme with collection through an authorised agent. It is not called pigmy, the Karnataka and Maharashtra word, but the mechanism is the same: a fixed daily amount collected away from the branch.
- Does Telangana cap pigmy agent commission?
- We found no state cap. Maharashtra has capped commission across credit co-operatives by government order, and Karnataka has seen litigation on agents' employment status. We found no equivalent for Telangana, which is an absence of evidence rather than confirmation that none exists.