Slum girls get their own Bank Accounts

A little while ago, the beneficiaries of Life Skills Empowerment were taken on an exposure visit to a bank to show them just how important it is to have a personal savings account for each individual and what are the other benefits of a bank. Over the past few weeks, the girls then went back home and explained to their parents about the same as well, since many families in the slums do not have a bank account. Being daily wage laborers, they make next to no savings. However, even when sometimes they do save some money, due to bad habits, such as addictions, many of them end up splurging and then losing that very little saving as well. But when the LSE Girls explained to them how their savings are not only secure in banks but also gain interest over a period of time, they were happy to learn about the same.

And so soon after, these girls went ahead and opened their own bank accounts, with of course the support of Mumbai Smiles Foundation. There was an orientation session for all the girls once again by bank officials, where these girls and their parents were told specifically about opening of savings accounts and the procedure to follow it. For the opening of the accounts, KYC or “Know Your Customer” process is important, which includes submission of some very important documents such as Aadhar Card, Pan Card etc which are proofs of Indian citizenship. Out of the 50 LSE girls, 34 girls had all the required documents but the rest need to get it made yet and so their accounts shall be opened later.

So here we are, with new Savings Account opened for 34 LSE girls (rest will have it soon too!) of their own! We are so happy for them and they have promised to make very wise use of it to save for themselves and their families and also spread financial literacy among their extended family and friends.