Bkash adds Dhaka Bank’s weekly Islamic DPS to application
bKash has added Dhaka Bank's short-term weekly Islamic DPS to its app, allowing customers to save through weekly instalments, the company said.
Through the bKash app, customers can open a weekly Islamic DPS with Dhaka Bank with instalments ranging from Tk250 to Tk5,000 for tenures of six or 12 months.
bKash said the product could support savings for people who remain outside formal banking, particularly low-income earners, by enabling small, regular deposits that can be used for future needs, including education, medical costs and emergencies.
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bKash introduced its digital savings service in 2021 with IDLC Finance's monthly DPS, and later added partners including Dhaka Bank, Mutual Trust Bank, City Bank and BRAC Bank, it said. City Bank's monthly Islamic DPS was added in 2022, followed by Dhaka Bank's Islamic DPS, bKash added.
To open an Islamic DPS, users need to go to the Savings icon on the bKash app, select Open New Savings, choose Islamic Savings, select weekly, choose a six- or 12-month tenure, and pick an instalment amount from Tk250, Tk500, Tk1,000, Tk2,000 or Tk5,000. Users then select Dhaka Bank, add nominee details, review the terms and conditions, and complete the application using their bKash PIN, the company said.
bKash said instalments are deducted automatically on the scheduled date if there is sufficient balance. On maturity, customers will receive the principal and profit directly in the app, and can cash out without charge, it added. The company also said customers can close the DPS early through the app after a specified time, and that users can open multiple DPS accounts from the same app.
bKash said around 30% of DPS accounts opened through the app are by women, while about 80% of customers opening DPS accounts live outside major cities such as Dhaka and Chattogram. It added that 55% of DPS accounts were opened outside banking hours. A survey found 96% of customers whose DPS has matured expressed interest in opening another DPS through the app, the company said.
