THIRUVANANTHAPURAM: Finance minister Dr T. M. Thomas Isaac has always attempted to accumulate as much money as he can in the State Treasury. He has asked government departments, public sector units and autonomous bodies to deposit their money in the Treasury. He has also made the Treasury interest rate attractive so that employees will retain their salaries in their treasury account. Isaac’s strategy is sound: A Treasury loaded with money means the state need not seek costly funds from outside.
Now, as part of the ‘nourish the treasury’ project, the Finance Department has decided to start a Students’ Savings Scheme. Under the Scheme, each school can open an account in the Treasury Savings Bank. The money accumulating in the account of the bank, it is said, can be used to subsidise education of needy students and also for the development of school facilities. It is estimated that at least Rs 100 crore would be deposited in the Treasury under the scheme within a year.
As a first step, a trust will be formed in each educational institution with the head of the school, two members of parents, two teachers and two students as members. The Trust will then convene a meeting, decide on the amount to be collected as savings. The Trust will then open savings bank accounts in the name of all the children (between eighth and twelfth standards) interested in savings in the Treasury under the Scheme. An application form needs to be filled up by each student to open an account. Subsequently students can deposit money, even as low as '10. Deposit and withdrawal forms similar to the one used in banks and post offices are used for deposits and withdrawals. Like in case of banks each student is given a pass book similar to the pass book which lists all the deposits and withdrawals. All deposits and withdrawals will be supervised by the Trust. The students will also get interest for their deposits.
