DNA: 227 students of a primary school in Navsari district have saved Rs2.45 lakh: April 18, 2008

Students of Bhatha primary school in Gandevi taluka of Navsari are like any other children. The only difference is that besides learning the usual science, maths and Gujarati, these kids are also learning something else that is also very important at their school.

Courtesy a scheme run by their school, these children have learnt the importance of saving at a very young age. All 227 students of the school, studying from class I to VII, have a savings account of their own. They have collectively saved Rs2.45 lakh so far.

“The scheme is named ‘Baal Sanchayika Yojana’ and it is being run since 2001. We have opened individual banks savings accounts for each of our student under the scheme,” says Dhirubhai Patel, the school principal.

The process is very simple. “The students hand over whatever money they can to their teacher, who makes an entry in their name. The money is then passed on to the principal, who deposits it in the students’ Bank of Baroda accounts. The students are also given a pass-book, which is updated after every transaction,” the school officials said, adding that the money is returned when the student leaves the school after clearing the Class VII exams.

The scheme, which has changed the way children look at money, has a very interesting story behind its origin.

“When I was studying in school, the principal had launched a similar scheme, but it did not run for long, due to lack of support from parents. I decided to follow my principal’s dream, and started the scheme after I became principal of the school in 2001. The scheme is very popular and we are getting full support from students, parents and staff,” Patel says.

He said the interest earned by the students’ deposits was utilised for the school’s development.

“The government aid is not always timely, nor is it sufficient. We utilise the interest generated by students’ deposits for development of the school. Students too feel they have done something for the school, which makes them more responsible,” he says further.

Parents are also happy with the scheme. Parul Patel, mother of class VII student Dhaval, who saved Rs11,720 and was handed over the money when he left the school, says, “I was thinking to discontinue Dhaval’s education due to poor financial condition. But the amount saved over the last seven years has allowed my son to pursue his studies.”

The scheme’s success has motivated other schools in the area too, and many of them are planning to implement it.

“If every school, especially in backward areas, implements such a scheme, the incidence of students discontinuing studies owing to financial problems, can be controlled. The scheme is excellent, and no school can ignore it,” says Prakash Patel, principal of Pathri primary school in Navsari, which is also planning to implement the scheme.