Islami Bank Bangladesh Limited recently launched a new deposit scheme for school students titled ‘Mudaraba School Students Savings Scheme’ with the slogan ‘Write, read and make savings’.

It is aimed at developing the habit of savings and cautious expenditure among school students, eventually raising a fund for their higher education, says a press release.

Students aged below 18 years can open accounts under this scheme with only Tk.100 deposit. Profit will be given on this balance.

They can use online banking facility across the country and draw money from ATM booths. Balance can be learned through mobile SMS (short message service).

Account can also be transferred to any branch of the bank and no charge will be taken for closing the account.

The bonafide guardians can run the accounts for students who will be able to continue their own accounts as ‘Mudaraba Savings Account’ when they get matured.