Students can now open bank accounts until 25, enjoy credit cards

The Bangladesh Bank has raised the age limit for opening a 'Student Banking' account. 

According to the new guidelines, now individuals under 25 years of age can open a 'Student Banking' account.

Previously, only those under 18 years of age could open a 'Student Banking' account.

The central bank's Financial Inclusion Department issued a policy on the matter today (9 February) and sent it to the managing directors and executive directors of all banks. 

Additionally, what was previously known as 'School Banking' will now be called 'Student Banking', as per the Bangladesh Bank.

Under the new guidelines, customers of Student Banking will also be able to obtain credit cards. Earlier, credit cards were not available, and transactions could only be made through debit cards.

Currently, the monthly withdrawal limit at ATMs is up to Tk15,000, but it can be increased to Tk25,000 upon application by a guardian. Under the previous guidelines, the maximum withdrawal was Tk5,000.

The new guidelines state that a maximum of Tk25,000 can be deposited per month, and the maximum account balance can be Tk3 lakh.

Students going abroad for studies do not need to open a special student file or account for overseas use. This account can be used in such cases.

If a student legally receives remittance, they can transfer it through this account. Additionally, for higher education, students can take loans with a guardian's guarantee to purchase necessary educational materials.

Regarding this, Bangladesh Bank spokesperson and Executive Director Arif Hossain Khan said, "If loans are provided to students, the maximum interest rate will be 7%."