How is Piggy Wallet different from Recurring Deposits?

My Piggy Wallet

  • Provides safest Saving plans for all your Dreams.
  • Create Smart and Quick saving goals for your long-cherished dreams in a few simple steps.
  • My piggy wallet Allows you to make  Deposits of any amount (under 1,00,000) at any time.
  • Surprising rewards on minimum Savings of Rs.1000 in a month (minimum) or more.
  • The customer is free to change the Saving amount as the deposits are Flexible.
  • Instant and Hassles free withdrawals just in a few Tap.
  • You can make a deposit minimum of Rs.100 and maximum up to Rs.100000 Daily/Weekly/Monthly as per your comfort.
  • Customers have options for deposit,i.e. Automatic payment method OR you can choose the Manual Payment Method.

Recurring Deposits

  • Interest Rates in recurring deposits are lower when compared to Fixed Deposit. 
  • Processing in Recurring Deposits takes a long time.
  • It gives guaranteed but low returns when compared to other popular saving schemes like Mutual Funds and SIPs.
  • If the interest amount exceeds Rs.10,000 a year -A TDS of 10% gets deducted from the interest in Recurring deposits under section 194A. if the interest amount exceeds Rs.10,000 a year.
  • Making Withdrawals before the end of tenure may attract a penalty or lower the interest rate in an RD Account.
  •  No Sudden/Instant withdrawals are possible in case of a financial emergency.
  •  The customer will not be able to change the investment amount if the RD is not Flexible.