Kumaram is a small town in the municipality of Vadipatti in Tamil Nadu.
As a national bank, the State Bank of India owns the most branches in the country.
It was rated as the second best in terms of savings programs and access to people in the country.
Thanks to the initiative of the branch manager Mr. Prince Israel, the bank was able to attract hundreds of individuals, mainly farmers and food sellers, including owners of small shops.
In order to raise awareness of droughts and uncertainties due to climatic and social conditions, Mr. Israel and his team introduced the Triple E plans (tax exemptions). These are flexible in terms of the date of payment, the amount of interest, and the tax exemption on interest. Most importantly, the offers create awareness of the challenges of the rural areas, whose closest city, Alanganallur, is known for Jallikattu.
Plan “wealthy son”’ and “wealthy daughter” – an offer from the central government of India:
- Financial security for the children’ education, their marriage and workplace
- Save up to Rs.1000/month and receive up to Rs. 5 Lakhs (min. 7 years, max. 15 years)
- Deposit Rs 12,500 of savings per month and receive up to Rs 65 Lakhs (min.7 years, max.15 years)
- No age limit for the application
- No tax deduction; the government guarantees the full payment of the amount
- Use of this offer is also possible for pension needs
- Small savings add up to a large ocean
The Bank’s initiative to ensure the safety of farmers and the livelihood of their children is a solution for emergencies, educational costs and unforeseen health conditions. After a brief discussion with Mr. Israel, we would like to highlight the benefits for the families.
As an aid organisation, we are proud to offer our support.
A small contribution of CHF 14 per month can be a great opportunity for a child. The figure below shows the cumulation of interest as a reward for the small savings.
If you are interested in making a contribution, or if you have any further questions, please do not hesitate to contact us.