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School banking is getting huge response among students across the country as deposits with the banking accounts have crossed Tk 12 billion.
The central bank's latest quarterly report on financial inclusion shows that a total of Tk 12.54 billion was deposited with 13,87,617 school banking accounts at 56 scheduled banks up to September 30 this year.
During July to September this year, the deposit amount and accounts increased by 22.87 per cent and 10.36 per cent respectively compared to the corresponding period of the preceding year.
During July to September last year, deposits with the school banking accounts were Tk 9.83 billion while accounts were 12,55,026.
The report says school banking service is more popular in cities than in rural areas as 8,43,607 school banking accounts were opened in cities against 5,44,010 accounts in rural areas.
The banking is also more popular among the male students than female students as 8,15,434 school banking accounts were opened by male students against 5,72,183 accounts by female students.
"Bangladesh Bank launched the programme in November 2010 for school students to help students save up for the future, learn financial literacy at an early age and encourage the habit of saving in students," a BB official told BSS in Dhaka on Thursday.
BB data shows that deposit with the school children's accounts at the state-owned banks increased to Tk 1.60 billion or 12.74 per cent on September 30 in the year from Tk 1.16 billion.
The figure rose to Tk 10.62 billion from Tk 8.39 billion in the private commercial banks, to Tk 0.09 billion from Tk 0.08 billion in the foreign commercial banks, and to Tk 0.24 billion from Tk 0.19 billion in the specialised banks.
Dutch-Bangla Bank, Islami Bank Bangladesh, Eastern Bank, United Commercial Bank and Rupali Bank are the five institutions that pulled most of the deposits from the students.
Islami Bank Bangladesh Limited (IBBL) opened 2,31,883 accounts, which is 16.71 per cent of the total accounts, while Dutch Bangla Bank ranked the top by collecting deposits of Tk 3.98 billion with school banking accounts.
"As per direction of the central bank, IBBL introduced the school banking, so that the future generation can take knowledge on financial system," said Deputy Managing Director of Islami Bank Bangladesh Limited (IBBL) Abu Reza Mohammad Yeahia.