Andhra Pradesh govt announces fixed deposit accounts worth Rs 10 lakh for children orphaned by pandemic
The Chief Minister of Andhra Pradesh Shri YS Jagan Mohan Reddy has announced mooted plan, that fixed deposit accounts worth Rs.10 Lakh for children orphaned by pandemic, in the name of every child who was lost their both parents.
Money Control: In a bid secure the future of children rendered orphans by the pandemic, the Andhra Pradesh government has decided to open fixed deposit accounts in their names.
The plan mooted by Chief Minister YS Jagan Mohan Reddy, envisages setting up a fixed deposit (FD) account worth Rs 10 lakh, in the name of every child, who has lost both parents to Covid-19.
Reddy, on Monday, directed government officials to collaborate with banks, and work out a financial package that provides steady income till the child reaches the age of 25 years.
The chief minister also asked the officials to negotiate the best possible interest rate on the FD amount, that can be disbursed to the child or guardian.
The officials have been tasked with drawing an action plan for the proposal.
In its efforts to alleviate the sufferings of children who are orphaned or have both their parents hospitalised, the state government has recently set up child care institutions.
Source: Money Control