The Young Chronicle: For Grade 3 November 8th, 2014 | Page 4

YOUNG CHRONICLE

November 8th, 2014

Did You Know, You Could

You Should Know What The Rights of All
Children Are:

Open a Bank Account As Soon
As You Turn 10?
Prime Minister Narendra Modi has started a New scheme
called the Jan Dhan Yojhna. Jan Dhan means Money for the
People. This scheme lives up to its name, by empowering
every household with banking facilities.
What does this mean exactly? What does a
bank actually do? Why do people deposit
money in a bank?

If you are reading this, you are probably one of those
few lucky children whose parents love them no end,
and work very hard to provide you the best of
everything. However, all children are not so lucky.
That is why, the government has a mandate to take
care of every Child’s Rights. These rights are the very
basic requirements of a child, which should be offered
to him/her at all costs. Here are the broad level rights
of a child.

1)
2)

Well, a bank is a place where people put in money, so that it
is kept safely and they earn interest on it. Typically, banks 3)
offer 4-6% interest on savings. So if you deposit Rs. 1000, 4)
and keep it in a bank for a year, you could earn Rs. 60 extra 5)
if your bank gives you 6% interest. So you would have Rs.
1060 with you at the end of the year. Isn’t this cool? So if you
put in more money you could earn much more.

Right to Survival:
As soon as a child is born, the country needs to offer
basic care. This is offered through government
hospitals mostly. A child's right to survival begins
before a child is born. Hence the right to survival is
inclusive of the:

6)

1) Child’s right to be born. In India, many people kill
the girl child before she is born. This is a very bad
practice and people can be jailed if found guilty.

Now, why does a bank give you money? When you put in
money, the bank uses your money by investing in
companies, property, by giving loans to people etc (typically,
a bank charges 10-13% interest on loans). It earns more
money (using your money), and gives you a part of it.

2) Right to minimum standards of food, shelter and
clothing. A child needs to be offered basic medicines if
needed, and food even if he or she is born in a poor
household.

The idea behind the Jan Dhan Scheme is to empower people
to run businesses, manage farms, save and spend money
effectively, by making money easily accessible and
3) The right to live with dignity. For example, even if
encouraging people to deposit money in a bank and earn
a child is a girl, or is born handicapped, he or she has
good interest. This is done, by ensuring there is a bank
to be offered love and care.
branch catering to every 1000-1500 households across cities
and villages in India. This means, there will be a bank roughly
3
every 5 kilometres in the country.
3) Right to Protection:

Why Should People Make Use of the Jan Dhan
Yojhna?
A basic savings bank deposit account under the Jan Dhan
Scheme, doesn’t require people to maintain a minimum
balance in their account.
Anyone can deposit cash or withdraw money at a bank
branch or through an ATM machine or cheques and other
electronic payment channels.
The number of withdrawals would be limited to 4, but there
would be no limit on deposits.

4)
5) A child has the right to be protected. His health and
welfare needs to be taken care of. He/ she should not
be beaten, or taken advantage of at home or ay
where else.

6) Right to Participation:
7) A child has a right to participate in any decisionmaking that involves him/her directly or indirectly.
The level of involvement would differ basis the age
and maturity of the child.

All facilities would be available at No Extra Cost.
8) Right to Development:
Children have the right to education, love and care,
food, and play.

More importantly, any one over 10 years of age
can open an account.