School banking has now been extended to nearly 26,454 educational institutions across Bangladesh, reflecting a significant stride in promoting financial literacy among students. According to the latest data from Bangladesh Bank, more than 4.8 million students currently hold bank accounts under this initiative, with total deposits amounting to approximately BDT 21.7 billion. While the country has over 400,000 educational establishments, the school banking programme is proving instrumental in fostering savings habits and financial awareness among young learners.
Under the directive of Bangladesh Bank, all bank branches were instructed from March this year to bring at least one educational institution under the school banking programme. Banks are required to conduct regular financial literacy sessions at these institutions, facilitate account openings, and ensure smooth transactional services for students. Furthermore, banks are encouraged to implement initiatives that enhance students’ technological skills. Progress reports from each branch are mandated to be submitted to the central bank on a quarterly basis, ensuring close monitoring of the programme’s development.
Recent statistics indicate that 52.74% of school banking accounts are opened in rural areas, while 47.26% are in urban regions. Educational institutions in the capital and other city corporations and municipalities fall under urban branches. Gender distribution among account holders is almost balanced, with 50.81% male students and 49.19% female students participating in the programme. Of the 61 banks operating in the country, 59 are actively engaged in school banking activities.
Bangladesh Bank has also established a system to convert student accounts into regular savings accounts automatically once account holders reach 18 years of age. To date, 1.187 million accounts have been successfully transitioned in this manner. Each branch is tasked with opening at least 300 new student accounts this year, with a target of 100 accounts to be opened by September alone.
Prior to 2010, only individuals aged 18 and above could open bank accounts. The school banking initiative has since expanded this opportunity to students, requiring only their institutional ID and an initial deposit of BDT 100. For minors under 18, parental consent is mandatory.
This nationwide initiative is playing a pivotal role in enhancing financial literacy, encouraging a culture of savings, and ensuring sustainable financial inclusion for the country’s younger generation. It represents a major step forward in equipping students with the financial skills and awareness necessary for a secure and independent future.