Country HolidaysSeptember

SANCHAYIKA DAY: School Banking Day in India

Celebrating Sanchayika Day in India -15th September

The Sanchayika Day or the school banking day is celebrated in India every 15th of September each year. This day aims to promote the habit of saving money among students. The primary organizer of this event is the Directorate of Small Savings, UT Chandigarh at the Girls Government College. Both the Chandigarh Center and the National Savings Institute participate in this movement.

Learn about Sanchayika Day

The Sanchayika Day means school banking day. It is celebrated all over India. The day highlights the importance of Sanchayika Banks. The initiative of schools during this day is to teach students the art of saving money, which is important to be started as early as possible.

This holiday is always celebrated on the 15th of September each year. This means that the upcoming Sanchayika Day will be celebrated on  September 15.

Sanchayika Day

The primary aim of this day is to promote saving cash among children. Majority of schools participate. Principals spearhead the event while teachers teach students as well as their parents the benefits of saving money as well as the reasons why saving should be started at an early age. According to reports, about 42 schools have already participated in this event. More and more are joining in the celebration. There are also awards given to schools and students who make great contributions towards the Sanchayika Scheme.

What is a Sanchayika Bank?

The Sanchayika is a term that denotes the bank run by students themselves. The scheme encourages students to start a saving habit at an early age. They are also taught with the principles of banking operations in realistic ways. They are also encouraged to open their own bank accounts or post office acocunts. It was in the early year of 1970 when the government of India made a provision for students to have their own banking facility called the Sanchayika, which is categorized under National Savings.

What is the Sanchayika Scheme?

The Sanchayika Scheme is a money saving system launched by the Indian Government for students in schools. Currently, the Sanchayika Scheme is being operated in almost 17 UT schools with around 9,826 students saving cash directly from their pocket money. From 2010 to 2011, the total savings of students amounted to 50.56 lakh. In general, money saved by students from all over India totals to 266,000 crore.

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What are the procedures of the Sanchayika Scheme?

  • The committee of the school is composed of students and teachers.
  • The committee of the schools need to be permitted to be able to open a Sanchayika.
  • The government is the one to give permission for a school to operate the Sanchayika scheme.
  • The head of the school must open an SB account with the name of the school in the nearest post office.
  • The head of the school is the one responsible for the daily operations of the Sanchayika.
  • A savings account can be closed when a student leaves the institution.

History of Sanchayika Day

Unfortunately, even with extensive research about the Sanchayika Scheme, we are not sure how the celebration of the Sanchayika Day started. We are not sure how it started and also who founded the celebration. But still, we can make a good guess as to why this event started: perhaps some people thought that the Sanchayika Scheme has become an integral part of the lives of people, especially students and so a special day must be dedicated for it. Such day aims to encourage people to save cash through the Sanchayika.

Why Celebrate Sanchayika Day

The regional director of National Savings Institute Chandigarh Centre has explained the importance of celebrating the Sanchayika day. In particular, he said that the celebration can teach students the reasons why money saving is important and why it is effective to start saving at an early age. According to statistics, about 29,000 students from schools are already participating in the Sanchayika Scheme. To make this scheme successful, the government of India has declared the banking facilities of schools as part of the national savings.

The following are the objectives of celebrating this day:

  • To encourage the habit of saving money among students at an early age.
  • To make students knowledgeable about banking facilities and operations.
  • To teach students banking arrangements and money management as early as possible.

How to Celebrate Sanchayika Day

The following are the best things to do to make your celebration of the Sanchayika Day as best as it can be:

Start Saving Money

A good way to celebrate this day is to start saving money yourself. If you still don’t have money saved in your bank, then it would be a really good idea to start saving now. The day is a good motivation for you to start it. For sure, you will get used to saving cash that in the future, you will be happy that you did so.

Promote Saving Money

Another good way to celebrate this day is to promote saving to other people. Perhaps you are a good saver yourself. Maybe you can pass around your knowledge of saving to other people. Some people may need your help. It would be good to teach them.

Celebrate On Social Media

You can also take your celebration of the Sanchayika Day on social media. You can, for instance, use the hashtag # SanchayikaDay to let your friends and followers know that you are also participating in the celebration of this day.

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