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Hyderabad March 15 Syndicate Bank has launched a new scheme called Pigmy Plus 2007, a `no frills' savings deposit with a minimum contribution of Rs 5 per occasion and a deposit period of 72 months.

The deposits can be converted into a term deposit at the customer's option after 12 months of opening the account, provided the balance outstanding in the account is Rs 5,000 or more.

Announcing the scheme at a function here, the General Manger of the Bank's Hyderabad Region, Mr A. Vasudevan, and the Director, Mr Bhaskar Rao, said the `save money at your convenience' scheme would reach the doorstep of the people.

The agents of the bank will carry an electronic machine to punch the collections made and the receipts generated immediately will be handed over to the accountholder. The collection will be on a daily basis or at the convenience of the customer, they said. The scheme also provides for loan, tax deduction at source and other advantages. The bank plans to employ more pigmy agents. At present, it has 3,200 and intends to add about 2,000 more.

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