School-Goers Contributes To The Economy: School Banking Scheme Draws Good Response

According to Bangladesh Bank, the number of Bank account opened up by the school goers rose to 6,39,465 at the end of June this year, up from 2,95,465 in June last year. Their deposited amount also marked significant growth—from Tk 128.47 crore in June last year to Tk 407.29 crore this year.

In 2010, Bangladesh Bank has introduced that move. BB asked all the banks to introduce school banking branches saying students should be brought under banking system to contribute to economic activities through savings.

Any student, aged between 6 and 18 years, can open an account with banks supporting the service. The account can also be opened at ease with three copies of photo of the account holder and a parent. This is basically a joint account between the student and the guardian.

Features like waivers of fees and charges, free internet banking, a waiver of minimum balance requirement, debit card at lower costs, etc have been offered to enhance investment.

Particularly the rural housewives have long been reluctant to accept banking services because of their poor standing on financial literacy. But this scheme has opened up a new era.