Thenkoodu Children Bank
The habit of saving is a best gift to provide to children. A little money grows bigger and bigger step by step in their Thenkoodu (Beehive) bank encourages children to grow in self reliant and confident. Children from age 6 to 17 (1st std to 12th std) who attend the evening supplementary holistic education centers are saving in the bank.
The first objective of savings bank is to help the children learn about the importance of saving and managing money. Instead of sparing the money available to the children, they are practiced to realize the value of money and are motivated to save their pocket money voluntarily and not by any pressure.
Another main objective of the savings bank is to encourage children to take self responsibility in their educational expenses at the starting of school year and reducing the financial burden of parents. . It is an effort to harmonize the children who have aspiration to save for their own needs.
The children get back their saving with 20% interest which is 4 times bigger than normal interest rate in banks during the start of their school every year. Since Madurai Seed couldn’t provide scholarship for every students and the starting of the school year comes with some expenses, these savings assist them at a right time.
The children are provided with individual pass books to enter their saving. They can pay minimum from 1 rupee, and pay daily, weekly, or monthly and whenever they can. The volunteers are taking care of the registers and passbooks. It is an innovative initiative getting great response from children and parents year by year.
From 2008 to 2018 in the last ten years, an amount of Rs. 2, 65,809 with an interest amount of Rs. 51, 791, totally Rs. 3,17,600 have been distributed to children. Children’s interest in saving is growing year by year, every year the highest saving child from each class is appreciated with special gifts.
Young People Saving Scheme
The Young People Saving Scheme is for the group of college going students, full time working volunteers and part time working volunteers. It has been set up for college students and other young people to meet their most pressing economic needs. The aims of this scheme are to promote the habit of savings, to help each other economically, to learn to fulfill their needs since their every academic year demands them more fee. The members are saving Rs.100 per month.