bKash Broadens Banking Basket with Dhaka Bank’s Weekly Islamic DPS

After Mutual Trust Bank, City Bank and BRAC Bank, Dhaka Bank’s short-term weekly Islamic Deposit Pension Scheme (DPS) has now been launched on the bKash app. The two institutions introduced the service in response to customer demand. As a result, customers can now deposit weekly instalments ranging from Tk 250 to Tk 5,000 directly through the bKash app. The deposits can be made for tenures of 6 or 12 months.

The weekly Islamic DPS service is expected to support financial security for people who remain outside formal financial inclusion, particularly marginalised communities. This weekly DPS will enable low-income earners and daily wage-based professionals to save small amounts regularly, which may help ensure their future security and support investments in agriculture, business, education, medical treatment or other emergency needs.

bKash announced the new DPS in a press release on Sunday, February 22.

According to the statement, to open a new DPS, customers need to click on the ‘Savings’ icon from the home screen of the bKash app and tap on ‘Open New Savings.’ From the savings type options, they must select ‘Islamic Savings’ and then choose the DPS type—weekly, tenure of 6 or 12 months—and select the weekly deposit amount of Tk 250, 500, 1,000, 2,000 or 5,000. In the next step, customers must select Dhaka Bank from the list of financial institutions and banks and provide nominee-related information. After reviewing the savings details and carefully reading and understanding the terms and conditions, customers must provide their consent. Finally, by entering the bKash account PIN number and pressing and holding the bottom of the screen, the DPS application will be completed. Upon successful completion of the process, confirmation messages will be sent from both bKash and the bank.

Customers have the opportunity to open multiple DPS accounts through the bKash app. Subject to sufficient balance in the bKash account, the DPS instalment amount will be automatically deducted on the specified date. After the maturity of the DPS, customers will receive the principal along with profit directly in the bKash app, which can be cashed out without any charge. In case of urgent necessity, customers can also prematurely encash the DPS through the bKash app after a stipulated period.

It has been learned that so far, nearly 30 percent of the DPS accounts opened through the bKash app have been opened by women. Eighty percent of DPS customers reside outside major cities such as Dhaka and Chattogram. Additionally, 55 percent of DPS accounts opened via the bKash app were opened outside banking hours. This indicates that customers prefer accessing essential financial services like savings at their convenience. A survey further revealed that 96 percent of customers whose DPS tenures have already matured expressed interest in opening another DPS through the bKash app. These figures were shared by bKash.

DBTech/SMEH/EK/OR