Financial Literacy 2

savings account

• An account for daily transactions

• An account that earns interest on deposits

• An account for business purposes

• An account that requires a minimum balance

Vijaya Explains - Bank is also called as ..........

• loan vendor

• financial institution

• place to deposit

• Educational institution

Fixed Deposit

• Can be deposited occationally

• Deposit a sum of amount for a period

• take money and deposit whenever needed

• For minors under 18 years

Vijaya Explains the benefit of online banking is to get

• Limited access to funds

• Convenience of managing accounts from anywhere

• Higher fees for transactions

• In-person assistance only

piggy bank is a

• home savings bank

• clay bank

• locker bank

• children bank

To help prarthana to save money, we can

• ask prarthana to save money in bank

• ask prarthana to save money in piggy bank

• tell prarthana to have a savings account

• suggest different options to save

Children alone can go and open an account

• a facilitator have go with a child to help them to open account

• anyone who has account in the bank can go with the child to open an account

• Child alone can go to the bank

• Parents / Guardian must go with the child to open an account

The transactions other than cash

• digital transaction

• virtual transaction

• internet banking

• monetary transaction

When Prarthana asks ''Amma, all the digital transactions are safe?". Vijaya responds...

• Yes, you can do it safely on digital

• you have to check weather it is a safe ID to transact

• no, it is all about being safe with money itself

• No, you have to ensure the correct pin

We can share personal information but not pins

• Sharing personal information does not cause any harm, only pin does

• sharing pin is safe than personal information

• we can share anything with our parents / gaurdian

• it is not safe to share any information