Deposits with the school banking accounts at commercial banks have increased by 28.20 percent at end of the June 2017 compared to the corresponding period of the preceding year.
The central bank’s latest quarterly report on financial inclusion shows that a total of Taka 1,128.73 crore was deposited with 13,34,343 school banking accounts at 56 scheduled banks up to June 30 this year which was Taka 880.40 crore with 11,82,179 school banking accounts up to June 30 in the previous year.
According to the report, the school banking service is more popular in cities than in rural areas as 8,12,423 school banking accounts were opened in cities against 5,21,915 accounts in rural areas.
The banking is also more popular among the male students than female students as 7,71,138 school banking accounts were opened by male students against 5,53,200 accounts by female students.
“Bangladesh Bank launched the programme in November 2010 for school students to help students save up for the future, learn financial literacy at an early age and encourage the habit of saving in students,” a BB official told yesterday.
BB data shows that deposit with the school children’s accounts at the state-owned banks increased to Taka 159.65 crore or 14.14 percent on June 30 in the year from Taka 94.89 crore.
The figure rose to Taka 936.15 crore from Taka 758.51 crore in the private commercial banks, to Taka 9.77 crore from Taka 7.40 crore in the foreign commercial banks, and to Taka 23.16 crore from Taka 19.61 crore in the specialised banks.
Dutch-Bangla Bank, Islami Bank Bangladesh, Eastern Bank, United Commercial Bank and Rupali Bank are the five institutions that pulled most of the deposits from the students.
Islami Bank Bangladesh Limited (IBBL) opened 2,22,915 accounts, which is 16.70 percent of the total accounts, while Dutch Bangla Bank ranked the top by collecting deposits of Taka 359.91 crore with school banking accounts.
“As per direction of the central bank, IBBL introduced the school banking, so that the future generation can take knowledge on financial system,” said Deputy Managing Director of Islami Bank Bangladesh Limited (IBBL) Abu Reza Mohd. Yeahia.