Gullak - teaching children to use money wisely

The bank has been opened with the aim of teaching the children the habit of saving, the correct use of money and its proper management.

Patna (Bihar): The bank in Patna entirely run by the children christened “Gullak” (earthen piggy bank for coins) is shining bright every passing day.

Gullak - lone children's bank in Patna

Having been established in 2009 at the premises of Kilkari Bal Bhavan, the bank has 3855 account holders. Only children aged between 8 to 16 years can open an account with a minimum of ten rupees.

Interestingly, the children of Kilkari Bal Bhavan maintain the account and they are the one who look after the managerial part under the observation of management.

Gullak - lone children's bank in Patna

“The bank has been opened with the aim of teaching the children – habit of saving, the correct use of money and its proper management. This is a miniature form of bank and its total management is done by children, “said Punam, the manager of the bank.

For smooth functioning of the bank a committee of children has been formed which looks after the banks working and management. One month training is given to those children who take the responsibility of the management of the bank.

The children enrolled in Kilkari can become a member of ‘Gullak’ and children can deposit or withdraw Re 1/- at least.

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At the end of the financial year, 6% annual interest is given on the deposit amount by ‘Gullak’.

Similarly, at the end of the financial year Rs. 75 is given as encouragement on the balance of Rs.500 or more.

Once the child reaches sixteen years or more than his/her account gets transferred from Kilkari to a government bank mainly Indian Overseas Bank.

It was opened on the occasion of Children's' day and inaugurated by chief minister Nitish Kumar. On an average Rs, 1000 withdrawal and deposits are done at the bank

“After every three months ‘Gullak’ gives the award of ‘Best Account Holder’ and every year the employee of the bank is changed. Not to forget even pocket money is given to those who run the bank. Even we also help children who land in any financial trouble, “said Punam.

The bank has become so popular that its name got registered in Limca Book of Record in the year 2017.