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Postal dept launches scheme to encourage school kids to save money

Schoolchildren aged under 10 can open their own accounts and deposit the money given by their parents into them
Last Updated : 10 September 2022, 21:15 IST
Last Updated : 10 September 2022, 21:15 IST

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India Post, in association with DH and Prajavani, will hold awareness programmes in 10 schools in Bengaluru to inculcate the spirit of saving in schoolchildren.

The Department of Posts has created a record by adding all its post offices to the Core Banking Service (CBS). It runs the world’s largest financial service network and provides several services to millions of people.

Between 2011 and 2016, the percentage of women with savings accounts in developing countries stagnated at 9%. Due to this, many women were unable to have control over their own lives. Gender discrimination was lower in countries with more mobile bank accounts. Keeping these factors in mind, the Department of Posts has emphasised women empowerment by opening accounts. It has already introduced a deposit scheme called ‘Sukanya Samruddhi’ for 10-year-old girls wherein a maximum of Rs 1.5 lakh can be deposited per year. The deposit will fetch a 7.6% interest.

The department has also come forward to encourage school children to open accounts in order to instill in them the habit of saving from the early years and provide information about the future benefits of saving. School children aged under 10 can open their own accounts and deposit the money given by their parents into them. They can download the mobile app and spend online whenever needed. After 18 years, they can independently manage their account.

“The scheme will be launched in Bengaluru and will be extended to rural areas. Postal staff will go to school and collect money or children can deposit the money from their parents’ mobile phones,” said Chief Post Master General S Rajendra Kumar.

During the Azadi Ka Amrit Mahotsav, the Department of Posts organised several programmes and released more than 100 special covers recognising freedom fighters.

Rani Abbakka, Karnad Sadashiva Rao, Neelkanthaiah, Kadidal Manjappa and many other personalities from the state were commemorated. It also collaborated with the Department of School Education and Literacy to distribute 75 lakh postcards. Post offices in Karnataka sold 10 lakh flags as part of the Har Ghar Tiranga campaign.

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Published 10 September 2022, 19:05 IST

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