You may be aware that we first opened a personal bank account jointly operated by Rajeshwar, Saravanan & Boby in ICICI Bank to collect the budgeted amount of Rs. 10 lakhs required for the SJC event.
Soon after we collected close to Rs. 10 lakhs we shifted the contributions to the ACCET Foundation’s bank account in Indian Bank. We negotiated hard with Indian Bank to open a Savings Bank account instead of a Current Account so that the funds in the account will earn interest.
As the funds started coming in we deposited the funds in FDs with Indian Bank. Till now, we have made FDs totalling Rs. 20 lakhs with interest rate ranging from 9.0 to 9.5% pa.
Here is the copy of the first deposit of Rs. 10. lakhs
The balance of around 4 lakhs in the account (as of July 18) is earning an interest of around 4% pa. We will be moving that to a short term deposit in a day or two.
Great Guys!!! Collecting donation is great and making it to grow is really great!!!
In this fast track world, donating money is easy but donating time is tough..
We are really proud to be part of this excellent group of friends!!!!
Vanchi
Well said Vanchi,
Its a great contribution (of time) by many of our friends!