City Bank launches ‘Islamic DPS Savings’ scheme through bKash

The City Bank launched a Shariah-based savings scheme "Islamic DPS Savings" through their bKash app Monday.

City Bank customers can fully avail themselves of the savings scheme through their bKash app from anywhere in the country, says a press release. 

Customers can open the scheme of different tenures and amounts from the comfort of their homes in just a few minutes, avoiding the hassle of paper documents or forms.

Aziz Al Kaiser, Chairman; Dr. Md. Anwar Hosain Molla, Chairman of Shariah Supervisory Committee; Mashrur Arefin, Managing Director & CEO of City Bank and Kamal Quadir, Chief Executive Officer of bKash along with senior officials of both the organisations were present at the event.

Following the collaboration, customers will no longer need to visit the bank and open a new account to save money for future financial security and needs. As a result, everyone including the banked and unbanked population can now easily avail Islamic Shariah-based savings service. This will encourage savings and contribute to the economy.

To open Islamic savings account of City Bank, customers need to click on the 'Savings (in bank and financial institution)' icon from the home screen of the bKash app, then select the savings tenor, type and follow a few easy steps. They can avail the savings schemes in monthly installments of TK500, Tk1,000, Tk2,000, and Tk3,000 starting from a minimum period of two years to a maximum of four. 

After the maturity of the scheme, customers can Cash Out the entire amount including profit from their bKash account without any charge.

The savings installments will be transferred automatically from bKash account to City Islamic account on a specific date of each month. The customer will be notified before each due date to keep sufficient balance in the account. Customers will be able to see all the important information anytime directly from the bKash app, including total savings amount, savings period, and profits.

Any customer, who is currently registered through e-KYC, can avail this Islamic Savings service using bKash app. Customers can also update their account information through bKash app anytime.