Deposits in no-frills accounts (NFAs) declined in April-June 2024, marking a 1.45-per cent deficit from that of the previous January-March quarter, according to Bangladesh Bank (BB) data.
However, such deposits saw a substantial 14.31-per cent rise compared to the corresponding period last year.
Total deposits in Tk 10/50/100 accounts stood at Tk 47.21 billion in the reporting quarter, revealed the central bank data.
The deposits in NFAs were more than Tk 47.91 billion between January and March.
As of 31 March 2024, the data shows, the total number of such accounts stood at over 27.26 million.
The report presents a quarterly review of NFAs, which include the accounts opened with an initial deposit of Tk 10/50/100 by low-income people, under-18 pupils and street urchins or working children.
Total NFAs has been recorded at 32.22 million in the June 2024 quarter.
The cumulative deposits in these of Tk 10/50/100 accounts (excluding school banking, street urchins and working children accounts) stood at Tk 27.77 million.
The number of accounts has increased by 1.88 per cent in the reporting quarter compared to the previous quarter and increased by 2.85 per cent over the year.
The number of Tk 10 accounts under the social safety net programme is the largest component of the NFAs, contributing 37.43 per cent of the total Tk 10/50/100 accounts.
On the other hand, the second-largest component is the number of accounts for farmers, which constitutes 37.12 per cent of the total NFAs in the quarter in question.
As of 30 June 2024, individuals with Tk 10/50/100 accounts received a cumulative amount of Tk 7,792.34 million in credit from both Tk 2.0 billion and Tk 5.0 billion refinance schemes for no-frills account holders.
The increased amount of such credit is helping the marginalised people to maintain the soundness of their financial health.
No-frills accounts play a significant role in the distribution of inward remittance.
In the June 2024 quarter, these accounts received Tk 449.88 million in foreign remittance.
The cumulative amount of remittance received through these accounts by the end of the reporting quarter reached Tk 7.3 billion.
The amount is 6.55 per cent higher than the cumulative amount received by the end of the March 2023 quarter.
In the quarter under review, 111,979 new school banking accounts were opened.
The number of school-banking accounts rose by 2.60 per cent over the previous quarter, thanks to the resumption of school-banking conferences across the country.
Street urchins and working children accounts have also increased by 0.01 per cent over the last quarter as 19 banks opened 39,633 accounts of this type.
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