The Post launches a program to encourage school children to save money

India Post, in association with DH and Prajavani, will conduct outreach programs in 10 schools in Bengaluru to instill the spirit of savings in school children.

The Post Office Department has created a record by adding all of its post offices to the Core Banking Service (CBS). It operates the largest financial services network in the world and provides several services to millions of people.

Between 2011 and 2016, the percentage of women with a savings account in developing countries stagnated at 9%. For this reason, 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 focused on empowering women by opening accounts. It has already introduced a deposit scheme called ‘Sukanya Samruddhi’ for 10-year-old girls in which a maximum of Rs 1.5 lakh can be deposited per year. The deposit will earn 7.6% interest.

The department also proposed to encourage school children to open accounts in order to instill in them the habit of saving from the earliest years and to inform them of the future benefits of saving. Schoolchildren under the age of 10 can open their own account and deposit the money given by their parents. They can download the mobile app and spend online whenever needed. After 18, they can manage their account independently.

“The program will be launched in Bangalore 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,” Postmaster General S Rajendra Kumar said.

During the Azadi Ka Amrit Mahotsav, the Post Department organized several programs and issued over 100 special covers recognizing freedom fighters.

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