Andhra Pradesh

Andhra Bank revives Kiddy bank

Catch them young: Medak district Collector B.Venkatesam handing over Kiddy bank to a school girl in Sangareddy on Friday. DGM of Andhra Bank, K.G.Srinivasa Rao is also seen.

SANGAREDDY: Andhra Bank revived the Kiddy bank savings plan for children here on Friday by opening accounts for eleven students of the Carey Baptist high school. District Collector B.Venkatesam handed over the famous Kiddy bank saving dolls to the students at the school premises. The bank, which allows only minors to open an account under this scheme, has added options like accident insurance coverage up to Rs.one lakh and life insurance coverage to the parent up to 55 years of age.

Addressing the gathering the Collector wanted Andhra bank to extend its financial inclusion programme to Medak, parts of which were being covered by State Bank of India. He said that the financial needs of women self-help groups could be met from a single bank if the programme was implemented in the district. The Collector suggested that the nationalised banks should provide low interest loans to poor people. He commended the Bank for reviving the Kiddy bank scheme and wished that all children learned the habit of saving for a rainy day.

Senior deputy general manager of the bank, K.G.Srinivasa Rao said that the bank re-launched the programme to create rapport with young account holders so that they could one day become a valuable customer of the bank. The bank would offer loans to study abroad, vehicle, housing and personal loans to the Kiddy bank account-holders in the future. Girl students could avail the 0.5 percent concession in the interest rate for education loans, the DGM said.

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