It is imperative that the idea of small savings and limited spending is instilled among school children and youth, felt Finance Minister K M Mani.
‘’It will contribute towards nation- building and will also lead to life of contentment for all,’’ he said, while launching the Professional Educare Chit scheme of the Kerala State Financial Enterprises here on Tuesday. Applications of subscribers to the scheme and distribution of deposit boxes were also held.
The professional educare chit scheme will be open to students studying from classes V to X. With a monthly remittance varying from Rs 1,000 to Rs 5,000, the corpus will be from Rs 1 lakh to Rs 5 lakh respectively.
For a Rs 1000 per month valued chit, the average amount to be remitted minus interest share from the chit will be Rs 850 only. If a subscriber is lucky to win a draw of lots or claim the chit amount through auction before the maturity period, it can be deposited in the KSFE itself and the interest earned will be adjusted to the chit amount on monthly basis.