VRIDDHI

Saving is difficult for blue collared workers. This means that workers are bereft of pensions, and are forced to continue to work, well after the official retirement age. Project Vriddhi aims at encouraging saving for informal sector employees. Nepathya Foundation adds a penny to each penny contributed by its beneficiaries and invests this sum in index funds in stock markets which are relatively low risk, to earn a decent rate of interest as every penny counts.

Instead of the conventional low-risk, low-return model of fixed deposits, Nepathya enables their investment to give them higher interest rates at moderate risk. Savings for blue collar households can empower them against exploitation and provide relief in emergency situations.

The purpose of this Project is to instigate methodical savings pattern in blue-collar employees such that they have a fair amount of money to cover their living expenses. We equip them with necessary documents such as PAN Card, Aadhar Card, Pass Book, ATM Cards and Bank accounts which are necessary for survival and exposure in Financial Markets. In this process, we also enroll them in government schemes such as PRADHANA MANTRI SURAKSHA BHIMA YOJANA which provides life coverage of Rs.2 lakhs for accidental demise and permanent disability.

Vriddhi was implemented in Bangalore by the finance department of Nepathya Foundation in January and has been a booming success. We have enrolled about 7 people in our project and invested close to rupees 18,000 in HDFC Index Funds after having identified the most low risk stocks and we forecast a return of more than 150 percent at the end of three years. From 18,000 to 45,000, Project Vriddhi will help our beneficiaries grow their savings exponentially!