Deposits in school banking accounts rise to Tk 1,428cr - Share market analysis of dhaka stock exchange, Bangladesh

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05 December, 2018 09:49 AM Source: New Age

Total deposit in the school banking accounts increased to Tk 1,428.14 crore as of September 30 this year from Tk 1,254.23 crore as of September 30 last year.
The number of bank accounts opened by schoolchildren rose to 16.10 lakh as of September 30 this year from 13.87 lakh as of September 30 last year, according to the Bangladesh Bank data released this week.
As of September 30, 2018, the amount of schoolchildren’s deposits in the private commercial banks stood at Tk 1,196.65 crore, which is 83.79 per cent of the total deposit amount.
The bank accounts of schoolchildren in the private commercial banks totalled 10.31 lakh, which is 64.04 per cent of the total accounts, the data showed.
A total of 4.46 lakh accounts were opened in the state-run commercial banks and Tk 191.15 crore were deposited in the accounts. The amount is 13.38 per cent of the total deposit.
The BB data showed that 34.60 per cent of schoolchildren’s accounts were opened with the bank branches in rural areas while 61.40 per cent in the branches in urban areas.
The accounts opened with the bank branches in rural areas secured 25.31 per cent of the total deposit while accounts with urban branches secured 74.69 per cent, the data showed.
Dutch-Bangla Bank pulled the highest amount (Tk 438.78 crore) of the deposit from students with the highest number of school banking accounts of 2.54 lakh, according to the BB data.
BB on November 2, 2010 asked banks to launch the deposit product for students to infuse them with the urge to save up, officials of the central bank said.
Fifty-six of the country’s 57 scheduled banks are now implementing the programme.
Under the programme, students below the age of 18 are allowed to open bank accounts by keeping a minimum balance. The minimum balance ranges between Tk 100 and Tk 500 depending on bank. 

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