School banking is gaining popularity day by day in Bangladesh. According to the Bangladesh Bank, as of December 2021, the number of accounts under school banking was 2,866,873. And students deposited Tk 22.05 billion in these accounts. The central bank introduced school banking in 2010. So far, 55 banks have rolled out school banking operations, allowing students aged between 11 and 17 years to open accounts. The accounts come with a number of advantages, such as waivers on fees and charges, free internet banking, low minimum balance requirement and debit card availability at low costs. Accounts can be opened with a minimum deposit of Tk 100.
Sometimes school and college-goers receive gifts as cash from their parents, siblings, and relatives on various occasions, or regularly save some money from their tiffin and deposit it in piggy banks. This money can be deposited in school banking account through which a student can learn more about banking and financial literacy. School banking is considered a popular money management initiative in many countries such as Australia and England. It can help the younger generation to be able to master money management from a very young age. At the same time, they can have the opportunity to build up a certain amount of capital before the end of their studies, which will help them in the future.
Research shows that age does not matter when it comes to becoming an entrepreneur. All it takes is proper planning, innovative ideas, and a strong attitude and skillsets, which a youngster can learn by opening a school bank account and making money transactions. Savings are the yardstick of the future. So, it is important for everyone to practise saving. One should save little by little from today without thinking about tomorrow. It may be a piggy bank, an association, a private organisation, or any scheduled bank. In this case, young students should show enthusiasm. At the same time, their parents, guardians, and teachers should also come forward to help them open their banking accounts.
Chandan Mondal,
Student of Department of Economics,
Govt Titumir College, Dhaka,
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