FID Circular Letter No. 02: Regarding transformation of school banking account into general savings account

The document advises scheduled banks in Bangladesh to promptly convert school banking accounts of students who have reached the age of 18 into general savings accounts, subject to the account holder's consent. Banks are required to regularly report progress on this conversion to the Financial Inclusion Department using the format specified in the attachment of FID Circular Letter No. 01 dated January 28, 2018.

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FID Circular Letter No. 02

Bangladesh Bank (Central Bank of Bangladesh)

Head Office

Motijheel, Dhaka-1000

Bangladesh

Financial Inclusion Department

FID Circular Letter No.: 02
Date: 17 December 2018
03 Poush 1425

Managing Director / Chief Executive Officer

All Scheduled Banks Operating in Bangladesh

Dear Sir,

Regarding the transformation of school banking accounts into general savings accounts.

Reference is drawn to your attention to GBCSR Circular No. 07 dated October 28, 2013, and FID Circular Letter No. 01 dated January 28, 2018.

It is advised to convert the accounts of students whose age has exceeded 18 years into general savings accounts at the earliest, with the consent of the account holder.

In this context, you are requested to regularly send information regarding the progress of this matter to this department in the format specified in Annexure-B of FID Circular Letter No. 01 dated January 28, 2018.

Yours faithfully,

(Md. Abul Bashar)

General Manager

Phone: 9530343

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Lineage: In force

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Source: Bangladesh Bank — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works