Students opened their first savings account by depositing Rs 50 of their pocket money
Dheshmitha, a class 2 student of Naranaya school in Arumbakkam, with her piggy bank and post office passbook. (Photo: DC)
Chennai: On Tuesday, 30 students of a private school at Arumbakkam turned thrifty. They decided to deposit their pocket money in a savings account with the local post office instead of spending it.
In an initiative launched by the Chennai circle of India Post to encourage savings among school students, Post Master General (Chennai Circle) Mervin Alexander gave passbooks to 30 students of Narayana e-Techno Schools at Arumbakkam at a function held here.
The students opened their first savings account by depositing Rs 50 of their pocket money to their teachers. All future deposits will also be made through the school. The officials from the postal department said that as part of this special initiative, a representative from the local post office will visit the school regularly and collect the savings amount along with the passbooks.
“The money will be deposited and the passbook updated and returned to the school. However, the account holder will have to visit the post office when they have to withdraw money,” said a senior postal department official.
Speaking on the initiative, Post Master General Alexander said that they had received direct orders from the Prime Minister’s Office to aggressively campaign in schools and open more savings accounts. “We will continue this campaign in as many schools within our circle as possible,” he said.
India Post presently offers savings accounts with a minimum deposit of '50, recurring deposits with a minimum deposit of Rs 10 as well as a time deposit which is the equivalent of a fixed deposit in banks.
( Source : dc correspondent )
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