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School students prefer pvt banks to save their money

  • Published at 01:52 pm October 17th, 2017
  • Last updated at 05:14 pm October 17th, 2017
School students prefer pvt banks to save their money
Nearly 60% of the bank accounts opened by school children in the last seven years are with private commercial banks. More than 13 million schoolgoers currently have bank accounts, with their total deposits amounting to Tk1,128.73 crore as of June this year. Private banks have 82.94% of the total deposits, Bangladesh Bank data show. State-owned banks have 408,100 accounts of schoolgoers who have deposited Tk159.65 crore until June 30, 2017. However, 793,599 schoolchildren have opened accounts with private banks during the same period and deposited Tk936.15 crore. The Islami Bank Bangladesh Limited (IBBL) has the highest number of student accounts while Dutch-Bangla Bank Limited (DBBL) leads in terms of deposits. At IBBL, there are 222,915 accounts or 16.70% of the total, followed by Agrani Bank with 182,330 accounts. Students, on the other hand, have deposited Tk359.91 crore, which is 31.89% of the total, in DBBL, followed by IBBL with Tk110.83 crore.
Also Read- Tk1,138 crore in Bangladeshi students’ bank accounts
The Bangladesh Bank data showed that school banking was less popular in rural areas compared to the cities. Until June 30, the number of accounts in city bank branches stood at 812,423, while only 521,915 accounts were opened with rural branches. School banking programme was launched by the central bank in November 2010, to help students and parents save money for future, provide students financial literacy at an early age and encourage the habit of saving. Fifty-six out of the country’s 57 scheduled banks are now implementing the programme. Some banks have dedicated counters and desks. A central bank official said the banks had earlier taken a number of initiatives to boost the school banking programme. “The Bangladesh Bank now wants to spread school banking through education,” the official told the Dhaka Tribune. “We have organised a meeting with concerned authorities related to education ministries to include school banking in the syllabus.”