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Accounts with over Tk1cr up by 5,097

ASM Saad
19 Sep 2023 23:18:02 | Update: 20 Sep 2023 12:44:30
Accounts with over Tk1cr up by 5,097

The number of bank accounts with deposits above Tk 1 crore increased year-on-year by 5,097 to 1.13 lakh in June this year, and such accounts hold 43 per cent of the country’s total deposit amount. This figure was 1.08 lakh in June last year.

Though the Bangladesh Bank published this data on Tuesday, it did not mention specifically how many of the accounts holding over Tk 1 crore belong to individuals, and how many to entities.

Central bank data also show that the total number of accounts stood at 12.95 crore in June this year, compared to 14.59 crore in June of 2022.

Speaking to The Business Post, the managing director of a private bank said on condition of anonymity, “Accounts holding above Tk 1 crore in deposits are usually people’s savings accounts.”

“Employees of pharmaceuticals and telecoms are getting large salaries. High-ranking employees of garments are also getting heavyweight salaries as well.”

Director and Chief Executive Officer of Citizens Bank Mohammad Masoom said, “I think that the accounts holding over Tk 1 crore are a mix of both savings and corporate accounts.”

According to Bangladesh Bank data, the accounts holding over Tk 1 crore collectively held Tk 6.80 lakh crore in deposits at the end of June, compared to Tk 7.31 lakh crore year-on-year.

Zahid Hussain, former lead economist of World Bank Dhaka Office, said, “This figure directly identifies the discrimination that has increased in social life. The price of essential products soared, and as a result, some businessmen earned a lot.

“So, they get benefits, though some middle-class families are struggling to buy essential products due to high inflation.”

He added, “The rich are getting richer. Some businessmen are getting wealthy by increasing essential product prices. On the other hand, the middle-class people cannot help but spend their savings.

“People's income has increased as well. Job holders who are getting a high salary usually have over Tk 1 crore in their accounts.”

Bangladesh’s general point-to-point inflation rate reached 9.92 per cent in August this year – up from July’s 9.69 per cent – primarily due to rising food inflation. The figure was 9.74 per cent in June, according to the Bangladesh Bureau of Statistics (BBS).

A total of 61 banks are operating in the country.

Insiders say that due to less interest against deposits and rising cost of living in the country, deposit growth in the banking sector was the lowest in FY23 compared to the previous four years.