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Classes I-XII students in government schools must open accounts in banks

All school students from Classes I to XII studying in government schools will now have to open bank accounts.

bank accounts

Sentinel Digital DeskBy : Sentinel Digital Desk

  |  18 Oct 2020 1:25 AM GMT

STAFF REPORTER

GUWAHATI: All school students from Classes I to XII studying in government schools will now have to open bank accounts. The move aims at training children on the management of financial skills and inculcating good financial habits on savings.

Mission Director of Samagraa Siksha, Assam B. Kalyan Chakravarthy through an official letter directed the Inspectors of Schools and also the District Elementary Education Officers (all districts) to take necessary action to ensure reopening of bank accounts by following all COVID-safety protocols. Chakravarthy further said that it would be a massive exercise and the entire process will be completed by November 30, 2020.

As per the modalities prepared by the State Education department, a natural or legal guardian can open the bank account either on behalf of a minor or jointly with the minor. For accounts of minors below 10 years, the guardians will have to operate the accounts. Those above 10 years can operate their accounts by themselves. Accounts will be opened with zero balance.

Students will have to open their accounts preferably at the nearest accessible branches of any nationalized/scheduled commercial banks with core banking facility.

The State Government has made it mandatory for banks to give accidental benefits to students who have opened their accounts. Banks will have to give benefits such as Internet banking, mobile-banking service, free debit card and joint account holder facility to accounts holders.

Even though the State Government has made it clear that the move aims at training of children on management of financial skills and inculcating good financial habits on savings, majority of parents are queuing up at different banks particularly the State Bank of India (SBI) with an expectation of getting financial benefits.

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