SANCHAYIKA - School Banking In India

Saving money as a student crucial for financial stability and future security. Smart spending habits and exploring cost saving opportunities can improve student financial wellbeing. Sanchayika  is a scheme introduced in Indian schools to encourage students to save money and savings habits at early age. Teach students the operation of banking and other related in a practical way. 

                    The head of institution should take permission government for operating scheme and open a SB account in the name of school in the nearby Post Office Bank. An application form needs to be filled up by each student to open an account. Then students can deposit rupees and when they save. Each account holder is given a pass book which list all the deposits and withdrawals. The Sanchayika account holder is also paid monthly interest on the balance amount. The head of institution shall remit the amount collected weekly or monthly from students, to the school account opened in the Post office. Similarly students can withdraw money from the Sanchayika account when there is an emergency for students or when they close the account. Account is closed on student leaving the institution. 

                     Students get pocket money from their parents or families and can deposit in school banks . This also opportunity for parents to save money for children . This savings can be used for higher education after the school and also buy their dreamy objects. Saving scheme in schools teach students about financial literacy and financial responsibility.