Weekly savings option of Tk250-5,000 added to bKash app

Short-term 'weekly savings' of two banks and a financial institution have been introduced in the bKash app, facilitating people from all walks of life to save money as well as building savings habits.

This weekly digital savings service has been launched on bKash App for the first time in the country. From now on, customers, without opening bank accounts, can start saving from Tk 250 to Tk 5,000 per week with IDLC Finance, Dhaka Bank and BRAC Bank.

The new weekly savings will be instrumental in ensuring financial security, especially for marginalised communities who are out of financial inclusion. Low-income and daily wage-based professionals will be able to save little by little through these weekly savings, which will be useful for their future security, investment in business or agriculture, education, medical or any other urgent needs.

Amount of Weekly Savings and its Term:

bKash customers can deposit Tk 250, Tk 500, Tk 1,000, Tk 2,000, or Tk 5,000 per week with IDLC Finance, Dhaka Bank, and BRAC Bank through the bKash app. The tenure for the weekly savings is 06 and 12 months. Comparing the interest rates offered by banks and financial institutions in the bKash app, customers can open savings in just minutes anytime from anywhere.

How to Open Savings Account in the bKash App:

To open weekly savings, tap on the 'Savings' icon from the home screen of the bKash app and tap on 'open new savings'. Then select 'General Savings' and select the reason of opening the savings. Choose the savings tenure of six or 12 months, select deposit type (weekly), and pick the amount of deposit -- Tk250, Tk500, Tk1,000, Tk2,000, or Tk5,000 per week.

In the next step, select the IDLC, Dhaka Bank or BRAC Bank scheme from the list of banks and financial institutions. Then, details of the nominee should be given to proceed to the next step where the customer will be asked to carefully check the deposit details and agree to the terms and conditions. Finally, tap and hold the bottom part of the screen following input of your bKash PIN number to complete the account opening procedure. Once the savings application is completed, bKash and bank or financial institution will send confirmation messages. Besides, one can open multiple savings schemes from the same bKash app.

If there is sufficient balance, the instalment of the savings will be automatically credited to the savings account on a specific date, usually, the date of savings opening is the date for deposit. However, bKash will notify you about depositing sufficient money in the account before the instalment deposit date. Upon maturity of the savings, the total money with profit will be deposited back into the bKash account. Customers can cash out the money from agent points or ATMs of selected banks without any charge.

However, if a customer wants to close the savings before the maturity date, it can be done from the app.

Regarding weekly savings, Ali Ahmmed, Chief Commercial Officer of bKash, said, "It is quite difficult to go to a bank or financial institution to save money every week or month. Moreover, it is almost impossible for people who earn on daily or weekly basis to go to the bank or financial institution at regular intervals. Therefore, to bring relief in financial transactions in the busy life, bKash has introduced weekly savings services of two banks and a financial institution to its platform. We believe that habit of savings will ensure the financial security of individuals and the society as well, strengthening the footing of financial inclusion in the country."

It is to be noted that the monthly savings were launched in the bKash app back in 2021.

Due to the convenience of the product, bKash customers opened nearly 2 million savings with four banks and a financial institution. About one-third of those customers are women. Currently, savings can be opened with IDLC Finance, BRAC Bank, Dhaka Bank, Mutual Trust Bank, and City Bank.

Details of the savings can be found at the following link– https://www.bkash.com/products-services/savings.