Number of small accounts rises: BB

The total number of small savings accounts, aimed at encouraging savings among marginalised people, reached 3.25 crore in the December 2024 quarter, with cumulative deposits amounting to Tk 68,236.28 crore, according to the latest report by Bangladesh Bank.

The number of Tk 10/50/100 accounts—excluding School Banking, Street Urchins, and Working Children Accounts—stood at 2.81 crore, with total deposits of Tk 46,851.15 crore during the quarter under review.

The quarterly report examines No-Frill Accounts (NFAs), which are accounts opened with an initial deposit of Tk 10/50/100 by low-income individuals, school students under 18, and street urchins or working children.

Compared to the previous quarter, the total number of NFAs increased by 0.90 percent, while the year-on-year growth was recorded at 4.22 percent. 

Among these, Tk 10 accounts for Social Safety Net (SSN) programmes made up 37.12 percent of total Tk 10/50/100 accounts, followed by accounts for farmers, which comprised 36.95 percent.

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

This credit expansion is aiding marginalised individuals in strengthening their financial stability.

NFAs also play a crucial role in remittance distribution, with total foreign remittances received through these accounts reaching Tk 7,727.93 crore by the end of the quarter.

Overall, NFAs continue to be a key instrument in bringing financially excluded populations into the formal banking system.