Syndicate Bank relaunches 'Pigmy deposit'

Syndicate Bank on Thursday relaunched its oldest deposit scheme, Pigmy, with many new features. The bank has named it as Pigmy Plus 2007. It will also continue the earlier scheme as Pigmy 1928.

Announcing the launch of the new scheme here, bank's chairman and managing director C P Swarnkar said, "We hope that Pigmy Plus 2007 will help us shore up core deposit base of the bank. We are aiming at a deposit of at least Rs 2,000 crore annually through both the schemes."

The bank has been collecting an average Rs 1,000 crore through the earlier pigmy deposit scheme.