December Activity – Piggy Bank to Formal Bank – Instructions for Students
Savings play a significant role in an individual’s financial well being. It helps us secure our future against unforeseen financial stress. It helps us lead a dignified and secure life. The importance of savings cannot be emphasised more, particularly after the havoc caused due to the Covid-19 pandemic. On the other hand, investments help us grow our wealth. Investments are of several types, based on the risks and expected returns associated with them. Making rational choices for proper investment needs an in-depth study. One should also consult an investment specialist, if required.
As a well-informed citizen of the country, we should know what are the different tools and techniques of savings and investment. It not only helps us get better returns but also helps the country with the finances required for infrastructure development.
Section 2 –Survey, Research and Opening/Maintaining Savings Account
There are three steps for the students in this monthly activity: Survey, Research and Opening /Maintaining a Savings Account. Students should follow the steps given below.
Step 2 – Research
Based on the responses students get during the survey, you can pick any 2 tools and techniques, like Fixed Deposits, Mutual Funds, Public Provident Fund (PPF), Share Market, Systematic Investment Plan (SIP), Small Savings, etc. for the research. The research should be done under the following three headings-
- Features
- Advantages
- Disadvantages
Step 3 - Opening/Maintaining Savings Account (This is an Optional Step which the student can follow in case they don’t have an account in the bank.)
Opening a savings account is the first step in the right direction. If you already have a savings account, you can maintain it by depositing/withdrawing money from the account. Considering protocols in your local areas, this can be done offline by visiting the nearest bank/post office branch or can be done online.
- Open a Savings Account in the nearest bank/post office. You can also open a zero balance account under the Pradhan Mantri Jan Dhan Yojana (PMJDY). Details of PMJDY have been given in the Information Handout.
- If you already have an account, deposit/withdraw money from that account.
- Write down the details of the account: Type (Savings/Sukanya Samriddhi/Minor etc.), Frequency of deposit (present/expected in future), etc.
Step 4 – Preparing Document for Submission
At the end, you are expected to submit a report in the form of a Word document containing the Survey, research work and details of your account. Please do not share any passwords or login details of your account with us or with anyone else.
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