The school bank is gradually receiving a huge response among students across the country as deposits with bank accounts have crossed Tk 1,200 crore by the end of September 2017.
The latest quarterly report of the central bank on financial inclusion shows that a total of 1,254.23 Tk crores were deposited with 1,387,617 school bank accounts in 56 banks scheduled to 30 September of this year.
Between July and September, the amount of the deposit and the accounts rose by 22.87% and 10.36% respectively over the same period of the previous year.
Between July and September 2016, deposits with school bank accounts amounted to 982.59 crt and accounts to 1 255 026.
According to the report, school banking is more popular in cities than in rural areas, with 843,607 school bank accounts opened in cities versus 544,010 accounts in rural areas.
Banks are also more popular among students than students, since 815,434 school bank accounts were opened by male students against 572,183 by female students.
"The Bangladesh Bank launched the program in November 2010 so that schoolchildren help them save for the future, learn financial literacy at an early age, and usually save money. "said a BB official yesterday. ]
The Bangla Dutch Bank, Islami Bank Bangladesh, East Bank, United Commercial Bank and Rupali Bank are the five lenders who drew most of the student deposits.
Islami Bank opened 231,883 accounts, accounting for 16.71% of the total accounts, while the Dutch-Bangla bank ranked first by collecting deposits of 397.60 Tk crores with bank accounts school.
"According to an instruction from the central bank, Islami Bank has introduced the school bank, so that the future generation can gain knowledge about the financial system," said Deputy Director General of Islami Bank Abu Reza Mohd Yeahia.