There has been a notable increase in bank account deposits among marginalized and low-income individuals. The latest report from Bangladesh Bank indicates that the total deposits in no-frills (NFA) or charge-free accounts reached 5,360 crore taka by the end of June this year, up from 4,888 crore taka at the end of March. This reflects an increase of approximately 140 crore taka over a three-month period.

Stakeholders in the sector report that, despite economic challenges, the bank savings of marginalized individuals have risen, suggesting an enhancement in financial inclusion and trust in the nation.

As per the central bank, the number of no-frills accounts in banks was 28,236,770 at the end of March, which grew to 28,769,799 by the end of June. This indicates that around 470,000 new accounts were opened in just three months.

Restoration of trust in savings: Sector stakeholders assert that individuals have regained faith in the banking sector following recent political turmoil. Furthermore, Bangladesh Bank has implemented various measures to maintain a robust financial sector. Consequently, individuals with marginal incomes have begun to deposit money in banks.

Increase in expatriate income: At the end of March, the expatriate income in these accounts was 777.8 million taka, which rose to 800.45 million taka by the end of June. This signifies an increase of about 230 million taka over three months.

The Bangladesh Bank report also disclosed that at the end of March this year, the deposits of farmers under the no-frills account amounted to 718 million, 231 million for the extremely poor, 467 million for garment workers, 1,013 million for freedom fighters, and 1,731 million for beneficiaries of social security programs.

By the end of June this year, the deposits of farmers had increased to 770 million, 246 million for the extremely poor, 465 million for garment workers, 961 million for freedom fighters, and 1,821 million for beneficiaries of social security programs.