More than 5 million deposit pension scheme (DPS) accounts have been opened through the bKash app in four commercial banks and a financial institution over the past four years, according to a press statement.
The service allows customers to start saving with just Tk250, enabling them to open weekly or monthly DPS accounts of different tenures from anywhere at any time.
bKash said the milestone reflects how a single digital platform can simplify access to formal savings products offered by multiple financial institutions.
The company noted that partnerships between banks and financial service providers can accelerate financial inclusion by combining their strengths to reach wider customer segments.
The DPS feature was first introduced in 2021 with IDLC Finance’s monthly product and later expanded to include Dhaka Bank, Mutual Trust Bank, City Bank and BRAC Bank.
Weekly DPS accounts were added at the beginning of 2024, boosting uptake among customers looking for smaller, more flexible savings options.
Shariah-compliant Islamic DPS accounts from two banks are also available on the app for customers seeking faith-based savings choices.
The statement said around 30% of all DPS accounts opened on the platform belong to women, indicating the service’s appeal to a customer group often underserved by traditional banking channels.
It added that 80% of account holders live outside major cities such as Dhaka and Chattogram, highlighting how digital tools are extending financial services deep into rural areas.
Users from all 64 districts have opened DPS accounts, demonstrating how technology can deliver essential financial services to unbanked and underbanked populations nationwide.
Around 55% of all accounts were opened outside regular banking hours, reflecting customers’ preference for managing their savings at their convenience.
A survey showed that 96% of customers whose DPS accounts have matured intend to open another DPS through the bKash app.
Depending on the institution and scheme type, customers can save between Tk250 and Tk20,000 for tenures ranging from six months to four years.
DPS accounts can be opened by tapping the ‘Savings’ icon on the bKash home screen and following a few simple steps.
Deposits are automatically made on scheduled dates, and customers can monitor their deposited amounts and accumulated profits directly from the app.
Upon maturity, they can withdraw the principal and profits without cash-out charges.
