Educate yourself, education savings,savings account.
India’s newest ‘sans rice” education savings accounts, or ISES, are rolling out this week in five states.
The first is the first state to launch the new accounts, in Tamil Nadu.
The state’s new education savings scheme, dubbed SANS, will help families save Rs.50,000 ($86) per month to educate their children.
The savings account is being launched in five cities.
“SANS is a savings strategy, and we are working on it. “
The first savings account will be set up in Chennai to help the children’s educational expenses,” said S.R. Narayana Rao, chief education officer at the State Bank of Tamil Nadu, in a press release.
“SANS is a savings strategy, and we are working on it.
We are not looking to provide any interest or a loan. “
These savings will be put towards the cost of education.
We are not looking to provide any interest or a loan.
Our goal is to provide a comfortable life for the children,” Rao added.
The first 500 accounts are set to be opened in Chennai, Chennai Metropolitan Region, Kannur, Chennai-based Thiruvananthapuram, Kozhikode and Kutch.
The bank said in a release that these will cover children up to age 17.
The funds will be used to pay for schooling, textbooks, transportation, fees and fees to teachers.
“We want to ensure that the child gets an education that will enhance his education, which will help him achieve in life,” Rao said.
“This is an effort to improve education for children, and not just for families.
In 2016, the government approved a proposal to create a savings account for education, under which an individual can deposit a specified amount of money at a specified time.
In 2020, the state government announced a national savings account to cover all children under age 17 in every household, which is aimed at providing financial independence to the nation,” the bank said.
ISES accounts will be available to families in all the states and Union Territories that have initiated the schemes.
“This is a first step towards financial independence for children.
I believe this is the best way to empower children,” Rajesh Kumar, chairperson of the National Council of Financial Education, an education charity in the United Kingdom, told Quartz.
“I believe the children have the potential to make better decisions in life and the parents have the capacity to help them.
That’s why we have a saving account in which they can save for education.”