Md. Zillur Rahaman: There is a proverb that money is the root of evil and in this case many students become stalkers because of money and if they don’t save in time, their future will be dark. It is not possible to get admission in a good educational institution due to lack of money, sometimes there is an attempt to stop studying. Since all commercial banks have the opportunity to open school banking accounts, motivating students to do so will lead to better results in the future, as students’ savings today are the foundation for a better future investment and a golden ladder for the future.
According to the updated data of the Central Bank, about 27 lakh students have deposited around Tk 2,000 crore and the scope of school banking activities is gradually increasing. At the end of December 2020, school banking accounts grew by 9.79 percent and deposits by 7.11 percent. Despite the slowdown in school banking accounts and deposits in this COVID-19 pandemic, there has been a significant increase in school banking activities compared to last year.
School banking has been introduced in Bangladesh since 2010 at the initiative of Bangladesh Bank. In school banking, the target group is 11 to 17 year olds, students who have no source of income. They receive gifts or cash from their parents, siblings, relatives at various festivals or regularly to save some of the money that they receive for lunch at a bank branch near the school.
In fact, school banking is an important attempt to inculcate the attitude and habits of boys and girls to increase and save financial skills. Commonwealth School Banking is considered as a popular savings growth initiative in School Banking in various countries including Australia and England. This type of banking has been started to help the students to develop the habit of saving by reducing the cost.
| ব্যাংক, ব্যাংকার, ব্যাংকিং, অর্থনীতি ও ফাইন্যান্স বিষয়ক গুরুত্বপূর্ণ খবর, প্রতিবেদন, বিশেষ কলাম, বিনিয়োগ/ লোন, ডেবিট কার্ড, ক্রেডিট কার্ড, ফিনটেক, ব্যাংকের নিয়োগ বিজ্ঞপ্তি ও বাংলাদেশ ব্যাংকের সার্কুলারগুলোর আপডেট পেতে আমাদের অফিসিয়াল ফেসবুক পেজ 'ব্যাংকিং নিউজ', ফেসবুক গ্রুপ 'ব্যাংকিং ইনফরমেশন', 'লিংকডইন', 'টেলিগ্রাম চ্যানেল', 'ইন্সটাগ্রাম', 'টুইটার', 'ইউটিউব', 'হোয়াটসঅ্যাপ চ্যানেল' এবং 'গুগল নিউজ'-এ যুক্ত হয়ে সাথে থাকুন। |
Through this, young students will be able to develop bank account opening rules, account management skills and habits from an early age. And the habit of saving that will be formed through this will give lifelong benefits. Maybe this savings will be very useful in his college, university, higher education in the country or abroad
At present, this student banking scheme exists in 55 banks in our country. In this case, the private banks are far ahead of the government banks. To run a bank account, the customer has to pay some or the other charge. But under the direction of Bangladesh Bank, the students of the school do not have to pay any cost to run this account. There is no charge for taking check books, there are other facilities including deposit books, debit cards, mobile banking.
According to the Bangladesh Bank, the total number of school banking accounts stood at 26,90,550 at the end of December 2020 and deposits stood at around Tk 2,000 crore. During this period, school banking account has increased by 9.79 percent and deposits have increased by 7.11 percent and out of these, 57.34 percent accounts were opened in urban areas and 42.66 percent in rural areas. At the rural level, it has increased by 19.27 percent and in urban areas by 3.67 percent.
It is learned that 56 percent boys and 44 percent girls are students in school banking and 55.18 percent boys and 44.82 percent girls in terms of deposits. At the end of December 2020, the accounts of boys and girls increased by 7.90% and 12.24% respectively. During the same period, deposits increased by 7.01% and 7.23%.
On November 2, 2010, Bangladesh Bank issued a circular on school banking to introduce young school students to banking facilities and information technology services. Since then, the country’s commercial banks have launched various lucrative schemes to motivate school-going students. Although the ‘School Banking’ program started in 2010, students have been able to deposit money since 2011. In the first year, 29,080 school banking accounts were opened.
Analysis of Bangladesh Bank’s data shows that Dhaka Division has the highest number of school banking accounts and deposits. 30.15 percent of the total school banking accounts are in Dhaka division with 8,11,144 accounts. The Dhaka division has 46.03 percent of the total deposits amounting to Tk 898.23 crore. Besides, Chittagong has 20.36 percent accounts with 5,47,713 accounts and deposits with 22.79 percent amounting to Tk. 444.73 crore. At the same time, the share of students in Rajshahi division is 13.46 percent which is 3,62,168 and its deposit is 8.04 percent which amounts to Tk 156.98 crore. Besides, Khulna, Barisal, Sylhet, Rangpur and Mymensingh accounted for 10.77, 4.61, 9.09, 7.07 and 5.46 percent respectively. The amount of money is 6.94, 3.28, 5.64, 4.05, 3.23 percent respectively.
The participation of commercial banks in school banking activities is increasing with the interest of students. As a result, the amount of deposits opened in the banks under this program as well as the amount of deposits is continuously increasing. Incidentally, the former governor of Bangladesh Bank Atiur Rahman initiated the ‘School Banking’ program in 2010 to inspire savings among students. However, students have been able to deposit money since 2011. Although the account was opened with Tk. 10 in 2011, later it was asked to deposit Tk. 100 to open the account. There is also the opportunity to convert these accounts into general savings.
This is the ultimate truth in the case of storage of tiny sand particles drop by drop water. Savings are the yardstick of the future, the ladder of dreams and the friend of extreme danger. In the future, saving in leisure time in old age, reading and writing for boys and girls, getting married, meeting medical expenses in case of sudden illness, etc. are very useful savings.
So it is important for everyone to make a habit of saving to meet the financial crisis in the future. Students should save their future as the forerunner of the future, the craftsman of the nation.
Writer: Md. Zillur Rahaman, banker & freelancer.
