Deposits in bank accounts held by marginalised individuals saw a slight increase in December 2024 compared with September, according to Bangladesh Bank鈥檚 quarterly report.
Deposits in these accounts rose to Tk 4,685 crore in December from Tk 4,532 crore in September. However, the figure remained lower than the Tk 4,721 crore recorded in June 2024.
These accounts, introduced under the central bank鈥檚 financial inclusion programme, allow financially disadvantaged individuals to open accounts with a minimal deposit of Tk 10, Tk 50, or Tk 100, which is called non-frill accounts.
The initiative aims to extend basic banking services to underserved populations, including farmers, garment workers, extremely poor individuals, and beneficiaries of social safety net programmes.
The number of non-frill accounts increased to 3.25 crore in December from 2.78 crore in September.
Additionally, students under 18 years of age can open accounts with an initial deposit of Tk 100, encouraging financial literacy and savings habits from a young age. These accounts are free of maintenance charges, making them accessible to the underprivileged.
Bankers attributed the slight rise in deposits to increased government disbursements of subsidies and salaries.
Up to December 2024, the government distributed more than Tk 727.92 crore in subsidies and salaries to 87,745 borrower accounts held by marginalised individuals under a Tk聽750 crore revolving refinance scheme. This financial support has helped maintain some level of financial stability for these account holders, BB report said.
Despite this, deposits in non-frill accounts did not see a significant surge due to persistently high living costs driven by inflation.
Inflation, which stood at 11.38 per cent in November, eased slightly to 10.89 per cent in December and further declined to 9.32 per cent in February 2025. However, it has remained above 9 per cent since March 2023.
Additionally, the continued devaluation of the local currency has compelled many to keep more cash on hand to meet rising expenses for daily essentials.
The total number of accounts held by extremely poor individuals rose slightly to 33.26 lakh in December from 33.22 lakh in September.
However, it remained significantly lower than the 34.83 lakh recorded in December 2023, indicating a potential decline in financial inclusion among the most vulnerable groups.
Non-frill accounts also play a crucial role in the distribution of foreign inward remittances.
The cumulative amount of remittances received through these accounts grew by 6.16 per cent, reaching Tk 772.8 crore in December from Tk 727.9 crore in September.
The report also noted that 10,439 new school banking accounts were opened during the quarter, promoting savings habits among students.
Moreover, as of December 2024, 19 banks, in collaboration with 53 NGOs, have opened 39,634 accounts for street children.
聽The total deposits in these accounts reached Tk 43 lakh by the end of the reporting quarter, reflecting efforts to provide financial inclusion for vulnerable children.
