About thirty eight banks are offering school banking service in the country now. School banking was introduced in 2010. The aim of school banking was to accustom school goers with money saving. New policy by the central bank is expected to bring more transparency in the system.
Student’s age must be at least six. With this account school students get a charge free debit card by which they can withdraw up to two thousand taka. Guardian may request to increase the limit up to five thousand taka. Student and guardian both have to fill up personal information form and both forms must be signed by guardian. Attested copies of birth certificate, student ID card will also be required. Bank can’t impose any service charge except government fees. This account will be converted to normal savings account when the student reaches to eighteen.
School banking can be maintained by legal guardians in absence of parents.