He said he would make the donation in his native Khammam district.
Appealing to Congress MLAs, MPs and former union and state ministers to consider making similar contribution for families of farmers who ended their lives, Reddy said the Pradesh Congress Committee can look into it.
Reddy also hailed Congress Vice President Rahul Gandhi's plans to visit Telangana to interact with families of farmers who allegedly committed suicide due to agrarian crisis.
The Congress Vice President is likely to visit Telangana to console families of farmers in second or third week of May, Telangana Congress Committee's Working President Mallu Bhatti Vikramarka told PTI.
The dates for the visit have not been announced yet.
The main opposition Congress, TDP and BJP allege that hundreds of farmers ended their lives since the TRS government assumed office last year, a charge denied by the state administration.