How to open a school banking account in Bangladesh?

Bangladesh bank, the central bank of Bangladesh, introduced school banking in 2010 as a part of its efforts to extend financial inclusion and make students financially literate. The scheme “School Banking account in Bangladesh” aims to encourage the habit of savings among students, make them more efficient in money management and ensure their participation in the country’s economy. So far, 56 banks have rolled out school banking operations, allowing student’s age of 06 years to below 18 years to open accounts.

Main Features of School Banking Account:

School banking account is a savings deposit account heading with the name of student and will be operated through guardian’s signature.

1. All kinds of scholarship/stipend of students can be deposited through School Banking Account.
2. Minimum initial deposit for such accounts will be Tk. 100/-.
3. No account maintenance fee.
4. No service charge except government fees.
5. Free debit card.
6. Free SMS banking & internet banking.
7. Free standing instruction.
8. Banks can collect monthly fee of students on behalf of educational institutions.
9. Whenever account holder (student) will turn into 18 years; the account will be transformed into regular savings account with his/her consent. But for this they have to submit usual documents for a normal account.

Read Also: How to open a bank account in Bangladesh?

Required Documents For School Banking Account:

For Student;

1. Current Valid Student Photo ID
2. Two copies of recent Passport Size Photograph of the student.
3. Certificate from Head of Educational Institution with Photo/Current Valid Passport.
4. Birth Certificate/student ID card with birth certificate.
5. Receipt of School Fees of latest month of students.

For Guardian:

1. National ID / Current valid passport / Birth Certificate (with additional photo ID) of the Guardian.
2. Two copies of recent Passport Size Photograph of the guardian.

Other Requirement:

• A Nominee has to assign for this account, guardian can be the nominee of the account. (NID, Photograph and other related documents have to submit)
• Nationality of both the account holder and Guardian/Legal Guardian will be citizen of Bangladesh.
• Other documents have to provide as per banks satisfaction like, utility bill copy for address confirmation.

Special Guidelines for School Banking Account:

1. Maximum limit for monthly withdrawal through ATM Card and Point of Sales (POS) will be Tk. 2000/-.
2. This limit may be increased up to Tk. 5000/- on request of the Guardian.
3. There will be a system of SMS Transaction Alert to the mobile number of account holder’s guardians.
4. School banking account will be opened as Savings Account.
5. For School banking accounts, both guardians and students have to fill up Personal Information part of Account Opening Form and both forms must be signed by the legal guardian.

Bangladesh Bank Guidelines:

FAQs: