BM Desk: The total number of small savings accounts, designed to promote savings among marginalized communities, reached 32.5 million in the fourth quarter of December 2024, with cumulative deposits totaling Tk 68,236.28 crore, as reported by Bangladesh Bank.

The count of Tk 10/50/100 accounts—excluding School Banking, Street Urchins, and Working Children Accounts—was recorded at 28.1 million, with total deposits amounting to Tk 46,851.15 crore during the reviewed quarter.

This quarterly report focuses on No-Frill Accounts (NFAs), which are established with an initial deposit of Tk 10/50/100 by low-income individuals, students under 18, and street children or working minors.

In comparison to the previous quarter, the total number of NFAs saw an increase of 0.90 percent, while the year-on-year growth was noted at 4.22 percent.

Among these accounts, those associated with Social Safety Net (SSN) programs constituted 37.12 percent of the total Tk 10/50/100 accounts, followed closely by accounts for farmers, which made up 36.95 percent.

As of December 31, 2024, holders of Tk 10/50/100 accounts benefited from Tk 896.26 crore in credit from a Tk 750 crore refinancing scheme for NFA holders.

This expansion of credit is assisting marginalized individuals in enhancing their financial security.

Furthermore, NFAs are vital in the distribution of remittances, with total foreign remittances received through these accounts reaching Tk 7,727.93 crore by the end of the quarter.

In summary, NFAs remain an essential tool for integrating financially excluded populations into the formal banking sector.