17,000 members, Rs 16 crore in deposits with 6 percent interest, This children's co-op bank has created revolution in Gujarat
By Lokmat English Desk | Updated: August 25, 2023 13:12 IST2023-08-25T13:12:39+5:302023-08-25T13:12:39+5:30
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Being a parent to a little bundle of joy is wonderful. At the same time, it is a big responsibility. They look up to you for care, support and guidance. It is natural to feel protective and concerned for the well-being of your child. While you cannot predict the future, you can start preparing for the important steps in your child’s journey to adulthood. As a responsible parent, you can ensure that your children have a sound financial stepping stone in future.
Teach your kids to value and save money as early as possible - this has been the mantra of a kids' cooperative bank in Gujarat since its formation in 2009.
Located in Idar, Bal Gopal Bank strives to teach children to set aside their pocket money and use it with prudence. After turning 18, when the child needs money for higher education or for fulfilling other goals, the bank provides their savings with interest.
The bank was even given a mention by Union Minister Parshottam Rupala at Rajya Sabha during the passage of Multi-State Cooperative Societies (Amendment) Bill, 2023. Lauding the efforts of the bank, Rupala said, “You will be surprised to note that today around Rs 16 crore is deposited in the bank.”
A membership fee of Rs 110 needs to be paid to admit the child and a free piggy bank is provided. The concept of saving is slowly introduced to kids from the age of five.
According to the report in Times of India, the agents of the bank visit the children's home every month and open piggy banks in the presence of the parents.
A receipt is given for the money collected. The bank pays 6 percent interest to its members and offers loans at 12 percent.
According to the Bal Gopal Bank website, chairman of the cooperative society Ashwin Patel said the organisation believes in teaching children the concept of living an independent life.