MADIKERI: Teach 'em young, they said. And that is exactly what the Government Lower Primary School of Mullur village is trying to do with their 37 wards. The school is breaking down concepts related to the banking system in their simplest form using live, practical examples.
A bank has been launched at the school dubbed SBM or School Bank of Mullur. And their attempt seems to be successful. “I often used to spend the petty cash my parents gave me on junk food. But now I collect all the coins and deposit them in the school bank,” shared Navya MY, a fifth grade student of the institution who is learning how saving money works.
This little bank believes in incentives for those who save. Pencils for those who deposit Rs 100 with SBM, and a pen if savings cross Rs 200. A notebook is gifted for kids who can save up to Rs 300. That's not all. Kids who save up to Rs 500 receive five per cent of interest on their deposit. No wonder why SBM has eager depositors.
“Every student has a locker and has been given a handmade passbook along with cheques. We have also appointed banking staff among the kids who make the passbook entries,” said Satish, a teacher at the school. The bank's administration is in the able hands of Tanvi MA, Punya, and Vidya ML, who discharge their duties efficiently as manager, accountant, and cashier, respectively.
It is not merely real-life simulation here --- there are 'real' aspects, too. If a child manages to save up to Rs 1000, the entire amount will be transferred online to the actual bank account belonging to the child, Satish confirmed. If they want to withdraw their money, they have to fill a challan to withdraw it by cheque. What's interesting is that the challan and cheque are both handmade by the students. Well, one thing is for sure, these kids, when they grow up to be adults, are bound to possess sound money management skills.