bKash has introduced Dhaka Bank’s short-term weekly Islamic Deposit Pension Scheme (DPS) on its app, allowing customers to save on a weekly instalment basis for six or 12 months.
The mobile financial service provider said in a press release that the move follows strong customer interest in monthly Islamic DPS products available on the platform.
Through the app, customers can deposit between Tk250 and Tk5,000 weekly at Dhaka Bank. The scheme is designed to support financial inclusion, particularly for unbanked and marginalised communities, including low-income earners and daily wage workers.
The savings can be used for future security, agriculture or business investment, education, medical treatment or emergency needs.
bKash launched its digital savings service in 2021 with IDLC Finance’s monthly DPS. Dhaka Bank, Mutual Trust Bank, City Bank and BRAC Bank later joined the platform. In 2022, City Bank’s monthly Islamic DPS was added, followed by Dhaka Bank’s Islamic savings products.
To open an Islamic DPS, customers need to tap the ‘Savings’ icon on the bKash app and select ‘Open New Savings’. After choosing ‘Islamic Savings’, customers can select the weekly option, tenure and deposit amount, then choose Dhaka Bank, provide nominee details and confirm the application using their PIN. Confirmation messages are sent by both bKash and the bank upon completion.
Customers can open multiple DPS accounts through the same app. Instalments are automatically deducted on scheduled dates if sufficient balance is available. After maturity, the principal and profit are credited directly to the bKash account and can be cashed out without charge. Customers may also close the DPS before maturity through the app, subject to applicable conditions.
According to the press release, around 30 per cent of DPS accounts opened via the bKash app belong to women. About 80 per cent of customers are from outside major cities such as Dhaka and Chattogram, while 55 per cent of accounts were opened outside banking hours. A survey found that 96 per cent of customers whose DPS had matured expressed interest in opening another DPS through the app.
