In a move to enhance digital savings accessibility, bKash has introduced a new feature allowing customers to open a monthly Deposit Pension Scheme (DPS) of up to Tk 20,000 directly from its mobile app.
The latest offering is available in partnership with Dhaka Bank and IDLC Finance, aiming to support individuals who wish to meet specific short-term financial goals, according to a bKash Statement.
This six-month DPS scheme is part of bKash’s broader initiative to promote financial inclusion by offering simple, paperless access to savings products from regulated banks and financial institutions. The monthly DPS feature follows the earlier success of bKash’s six-month “weekly” DPS, which gained wide popularity since its rollout.
Customers can now open digital DPS accounts without needing a bank account or physical documentation. Monthly deposits can range from Tk 2,000 to Tk 20,000, offering flexibility for users with varying savings capacities. The simplified onboarding and seamless integration into the bKash app make the process user-friendly and accessible to millions.
To open a monthly DPS of Tk 20,000, users need to tap the ‘Savings’ icon on the home screen of the bKash app and select ‘Open New Savings.’ After choosing ‘General Savings,’ users can select a six-month tenure and opt for ‘Monthly’ as the deposit type. They can then pick the deposit amount from the available options of Tk 2,000, Tk 5,000, Tk 10,000, or Tk 20,000, followed by selecting Dhaka Bank or IDLC Finance from the list of institutions. Nominee details are required to proceed, and once reviewed, users can confirm the deposit using their bKash PIN.
Once submitted, confirmation messages will be sent from both bKash and the partner institution. Customers can also open multiple DPS accounts from the same app to manage various savings goals.
Each month, the selected deposit amount will be auto-debited on a preset date. Upon maturity, the total savings along with accrued profit will be credited back to the user’s bKash wallet. The withdrawn amount incurs no cash-out charge. Additionally, customers retain the option to close their DPS before maturity directly through the app.
Since the introduction of digital DPS in 2021, over 4.3 million savings accounts have been opened via the bKash platform, highlighting the growing trust in mobile-based financial solutions. This latest collaboration with Dhaka Bank and IDLC Finance further strengthens bKash’s role in democratizing financial access and fostering a culture of regular savings among Bangladesh’s growing base of mobile financial service users.