Since the beginning of the financial year 2024-25, student savings have been continuously decreasing. Savings in school banking have decreased by about Tk 46 crore in a span of one month. And in the last five months, the savings have decreased by about Tk 285 crore.

This information has come out in the latest updated report of Bangladesh Bank.

According to the data of the central bank, in the month of November 2024, the deposit amount of students in school banking stood at 2 thousand 41 crores, which was 2 thousand 87 crores last October. According to that, the deposits have decreased by 46 crores in one month. At the end of November 2023, the balance of deposits was 2 thousand 199 crores. According to that, the deposit status has decreased by about 158 ​​crore Taka in a span of one year.

According to the report, the deposits in the last month of June were 2 thousand 325 crores. According to that, savings of students decreased by Tk 284 crore in five months. In the first month of the current financial year, students’ bank deposits were Tk 2,200 crore in July, which decreased to Tk 2,172 crore in August and Tk 2,135 crore in September. That is, the savings of school students are decreasing since the beginning of the current financial year.

At the end of last November, the number of student accounts in the bank stood at 43 lakh 42 thousand 259. And in the previous month of October, the number of accounts was 43 lakh 64 thousand 259. Accordingly, the number of accounts decreased by about 22 thousand in a month. Out of this, the latest account number of boys is 22 lakh 5 thousand 984 and the number of account number of girls is 21 lakh 36 thousand 275. In November, the number of boys’ accounts decreased but the number of girls’ accounts increased.

Those concerned with the sector said that the decrease in student deposits in school banking means that new accounts have been opened or more money is being withdrawn than the amount of money deposited as before. Students are also breaking down their savings due to financial stress.

Bankers say that many people are under pressure to withdraw money at the beginning or end of the year. Many people visit different tourist areas. Many others were forced to break the deposit to pay their school dues. However, dwindling student deposits throughout the year mean they are struggling to meet regular expenses. In this condition, the deposit has to be withdrawn.

In 2010, the central bank introduced school banking programs as part of its initiative to educate students about financial management. The aim of this program is to inculcate the habit of saving money among the students and make them more useful in financial management. So far 59 banks have launched school banking programs. Students who are between 11 to 17 years of age can open such accounts. These accounts offer concessions on all fees and charges, free internet banking, concessions on minimum status obligations and low-cost debit cards. They can open such account by depositing only 100 Takas.