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STUDENTS BANK OF INDIA ― a small savings scheme for students

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Summary: An initiative to understand the banking system and encourage the habit of saving money amongst students. This scheme also has the real-life application of facilitating classroom learning

The banking system plays a major role in the development of our nation. Every individual needs to visit a bank at least once in a month. So, as a teacher, I wanted my students to know about functions of a bank from a young age. But, I did not have any idea about how I could go about doing this. One of my friends, who works in a different school tried to do the same in his school, and he had succeeded. So, I just emulated his idea and implemented a few changes to have the same result in my class. I prepared a passbook and a challan for each student, and I suggested well before to my students that they should save money for this purpose. My only aim was to create awareness and cultivate knowledge amongst the students about certain banking activities.

How the scheme works?

I fixed every Tuesday to be the ‘Banking Day’ in order to carry out all the banking transactions in my class room. The students were given a separate passbook to deposit or withdraw money from their account. For this purpose, they would first have to fill a challan properly. As of this moment, 21 students from class 5 have been participating in this program.

Two of my students were given the responsibility to take care of all the passbooks and the challans. One student was appointed for collecting the money, and is the other was responsible for maintaining the challan. It was their duty to take care of all those things. Students were required to make a queue and wait for their turn to deposit or withdraw money, just as things happen in the banks. The students were very excited to deposit money in their own accounts. My students had already planned to collect money from their relatives during the Pongal celebrations.

In the initial days of this exercise, I explained to my students how a challan and a passbook was to be filled. But now, the students are able to do it by themselves, and they are able to mention the denominations correctly as well.

Interest to create Interest:

It occurred to me that merely asking my students to save money in a bank account would not be enough. And, I also wanted to sensitize them about the transactions that take place in a bank. Banks are able to generate profit by making further transactions of the deposited money in the form of investments or loans. This profit is given to the customers as interest. However, in our exercise, we are not making any profit. So, I decided to give a small sum of money as interest to my students from my own pocket to generate enthusiasm among the students. I had decided that I would give 5% of interest, once every three months, on the amount they deposited. My students were surprised to hear it when I told them that I would be paying them an interest. This made the students deposit more money into their accounts. Currently, students deposit about 20 rupees on an average.

This whole activity is a good learning tool as well. It gives an opportunity to the students to apply what they learn in language and math in a real-life situation. If they want to deposit money, they have to fill a form, which includes all their personal details. They learn to perform calculations of addition and multiplication while writing down the denominations.


  1. Cultivating a habit of saving money.
  2. Getting to know about a number of banking activities and terms, such as deposit, withdrawal, challan, interest, etc.
  3. Learning to wait for their turn while standing in a queue patiently.
  4. Cultivating the habit of spending unnecessarily on other items, such as roadside snacks, etc.
  5. Getting the opportunity to apply math and language in a real-life situation.

An Interesting Incident:

Some of my students go for tuitions near their house, and they have talked about their small savings account there. It was noted by their tuition teacher, who works in a private school, and she asked my students to thank me for this good activity. She also assured the students that she would start the same activity in her school soon. There is nothing to feel shy or be shameful for emulating good work done by someone. I never hesitate to emulate some good work done by a person, and I also to share my work with others. As teacher, it should be our aim to develop the multiple potentials that a student may have. For that, we have to do whatever is possible.

Experience with parents:

In the first week, as per the wishes of my students, I decided to allow my students to take their passbook home. However, I did warn them to return the passbook safely. My students showed their passbooks to their parents. One of my students shared the conversation he had with his mother. It was quite interesting. I would like to narrate exact conversation here:

Mother: Why does your sir always do this kind of unnecessary activities?

Student: Mom! My sir started this because I could save money and withdraw it whenever it is needed. Also, I will learn how to write a challan. Then, I will be able to help you while going to a bank.

I was really surprised to hear about these conversations from my students.

Recognition from the students:

Recognition from the students is the most crucial part of every teacher’s life. Students will enjoy a lesson and actively participate in classes once they recognize their teachers. I am delighted to say that I am recognized by my beloved students.

My future plans:

In the next term, I would like to start a “Student-Teacher Activity’. In this activity, one student will be the teacher for a period. Every student will get the chance to become a teacher in one day. In that particular day, the student teacher would be required to handle a class for a period and will have to take a lesson on pre-mentioned topic in their own way. No mistakes or complaints will be shared. Only suggestions will be made to the student teacher. All the students will participate during the time for suggestions. Students will have the freedom to choose their favorite topics to teach to the class.

Expected outcome:

  1. It can inculcate the quality of leadership among students.
  2. It can create the interest among students to learn more and strive to have more knowledge.
  3. It can improve a student’s confidence to stand in front of a crowd and facilitate a discussion.
  4. It can boost the active participation of students in classroom activities.
  5. It can break the monotony faced by the teacher of only having to teach a class.

There are a number of ways to make our classroom be a creative and an interesting place. But, what we lack is initiative and effort. Let’s do it!


A student’s pass book

Form for depositing money

Teacher: Senthamizhselvam, PST, GHS Thirubhuvanai

1, 2, 4, 5

English, EVS

Term: Term 3

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