Pigmy Deposit Scheme is a monetary deposit scheme introduced by Syndicate Bank, India. ... 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. There is no limit. But as per banking practice and instructions from IT authorities you have to give PAN if you're depositing Rs fifty thousand or more. Further, in case the cash deposit is Rs. ten L