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4.10 Sanchayika (School Banking):


In order to open a bank or post office account in his name the person has to be major. Because of this rule, school going children are not exposed to banking.

As early in 1970 itself, Government of India has made provision for Banking in school called Sanchayika under National Savings. Sanchayika can be termed as a bank run by students for students


Objectives of the scheme:


1.      Encourage the habit of savings among students at an early age and

2.      Teach students the operation of banking and other related subjects in a practical way

3.      The students learn basic things about to running a small set up


Who are the depositors? They are students studying in schools and colleges (from 8th to 12th standard)


Procedure and the operations:


1.      A School committee needs to be formed consisting of students and teachers.

2.      The committee needs to approve a resolution permitting the opening of Sanchayika in the school

3.      The head of the institution should take permission from Government for operating the scheme

4.      The head of the institution should open a SB account in the name of the school in the nearby Post Office

5.      The head of the institution is responsible for day to day operations of Sanchayika (He is the a link between Post Office and Depositors)


An application form needs to be filled up by each student to open an account. Subsequently students can deposit  as small as few rupees as and when they save. Deposit and withdrawal forms similar to the one used in Banks and Post offices are used for deposits and withdrawals. Like in case of Banks each account holder is given a pass book similar to the pass book of Banks which list all the deposits and withdrawals. Like in Savings Bank account, the Sanchayika account holder is also paid monthly interest on the balance amount subject to some rules.

The head of the institution shall remit the amount collected periodically (daily or weekly) from Sanchayika students, to the School account opened in the Post office. Similarly he can withdraw the amount from the school account maintained in Post office, when there is a need to pay students who withdraw the money from Sanchayika or when they close the account

Account is closed on student leaving the institution.

It is also possible for School account in post office to earn extra income which can be used for welfare of the students


4.10 Summary of learning




Points learnt


School Banking


Operation of Sanchayika accounts



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