Pigmy Deposit Scheme is a monetary deposit scheme .Money can be deposited into an account on daily basis. The amount may be as small as Rupees five. It can be called a recurring deposit scheme, as the money is deposited almost daily. The unique characteristic of this scheme is that a bank agent collects the money daily, from the account holder's doorstep.
Recurring Deposit is a special kind of Term Deposit offered by banks in India which help people with regular incomes to deposit a fixed amount every month into their Recurring Deposit account and earn interest at the rate applicable to Fixed Deposits
A fixed deposit (FD) is a financial instrument provided by banks which provides investors with a higher rate of interest than a regular savings account, until the given maturity date. It may or may not require the creation of a separate account.
Monthly Income Scheme (MIS) is an investment scheme of financial institution service. It promises the investor guaranteed returns per annum in the form of fixed monthly income.
Account opening
Deposit Receipt printing.
Interest calculation and posting.
Closing before maturity (Pre Closure).
Closing on maturity.
Transfer of Term Deposit Interest to SB, RD.
Deposits Renewals.
Reports.
Deposit Maturity Report.
Interest Provisions.
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