The number of bank accounts holding deposits more than Tk1 crore continues to grow, despite ongoing economic crisis and inflation.
According to Bangladesh Bank data, the number of such accounts increased by 3,322 and reached 116,908 at the end of December last year.
The figure is up from 113,586 in September 2023 and 109,946 in December 2022.
Deposits in the accounts of individual customers increased to Tk954,000 crore in December from Tk944,000 crore in September.
They included deposits in individual businessmen’s accounts, which also rose to Tk214,000 crore in December from Tk202,000 crore in September.
However, despite the growth in high-value accounts, the majority of bank accounts in Bangladesh hold relatively small amounts.
Out of a total of 15.35 crore bank accounts nationwide, 11.16 crore accounts hold less than Tk5,000 each, as per central bank data.
The accounts holding more than Tk1 crore represent only 0.075% of the total bank accounts, yet they account for 42.4% of aggregate deposits.
The total deposits in the banking sector stood at Tk1,749,000 crore at the end of December.
It included Tk741,000 crore in accounts holding more than Tk1 crore.
Among the accounts with over Tk1 crore deposits, 1,812 accounts hold deposits over Tk50 crore each, collectively holding more than Tk253,000 crore.
The volume of money in accounts holding Tk1 crore each was Tk730,000 crore at the end of June 2023, and Tk677,000 crore at the end of December 2022.
This growth in high-value accounts has been consistent over the past five years, with the number of accounts each holding over Tk1 crore increasing from 75,563 in December 2018 to 101,976 by the end of December 2021.
Bankers said that the country’s economic challenges, including soaring inflation, mounting external debts, a dollar crisis, falling foreign reserves, and energy shortages, have limited investment opportunities for affluent individuals, leading to a rise in deposits in their bank accounts.
Additionally, the government’s decision to issue bonds to repay its due payments of around Tk42,000 crore has further increased money flow and raised deposits in accounts.
