School In Mysuru Has It's Own Bank

Mullur village's Government Lower Primary School is attempting to teach the young with its 37 wards. The school uses actual, practical examples to simplify ideas relevant to the banking sector.

SBM, or School Bank of Mullur, is a bank that has been established at the school which also appears that their endeavour was effective. Navya MY, a fifth-grade student at the school who is learning about money management, stated that he used to splurge on junk food with the little cash my parents provided me. But now she collect all the pennies and deposit them in the school bank.

Savings incentives are important to this little bank. Pencils will be given to individuals who deposit Rs 100 with SBM, while a pen will be given to those who save more than Rs 200. For children who can save up to Rs 300, a notepad is given. That's not all, though. Children who save up to Rs 500 will earn 5% interest on their savings. It's no surprise that SBM has a large number of enthusiastic depositors, reported The News Indian Express.

A teacher stated that every pupil gets their own locker and is provided a handcrafted passbook as well as checks. They have also appointed banking workers among the children who fill up the passbooks.

He further stated that if a youngster saves up to Rs 1000, the entire amount will be sent online to the child's actual bank account. If they want to withdraw their money, they must fill out a challan for a cheque withdrawal. Meanwhile, it's worth noting that both the challan and the check were made by the pupils. One thing is certain: as these children grow up to be adults, they will have excellent money management abilities.