Customers have opened over 5 million DPS (deposit pension scheme) accounts through the bKash app in four commercial banks and a financial institution in just four years since launch of the service. From the bKash app, customers can start saving in banks and financial institutions with just Tk 250 anytime from anywhere. This milestone was achieved in a short period of time, as customers were able to conveniently open both weekly and monthly DPSs of different tenures with multiple institutions from just a single platform, a press release said.
By working together, financial service providers can leverage their respective capabilities to reach a larger customer base to ensure sustainable financial inclusion. Keeping that in mind, bKash introduced DPS services of different banks and financial institutions on its platform. This timely initiative has also created a bridge between formal banking and marginal customers.
Starting in 2021 with IDLC Finance’s monthly DPS service, similar products of Dhaka Bank, Mutual Trust Bank, City Bank, and BRAC Bank were gradually added to bKash app. Alongside monthly DPS, weekly DPS services were introduced in the beginning of 2024, giving impetus to the service. Customers interested in Shariah-compliant savings can also open Islamic DPS of two banks from the app.
It is to be noted that about 30% of all DPS opened through bKash app were by women. Meanwhile, 80% of DPS customers reside outside major cities like Dhaka and Chattogram. Customers from all 64 districts have opened DPS through bKash, proving that technological innovation can deliver essential financial services to every corner of the country—even to unbanked and underbanked population.
Besides, about 55% of all DPS accounts were opened beyond regular banking hours, indicating that customers prefer accessing essential financial services like savings at their convenient time. Moreover, a survey revealed that 96% of customers whose DPS accounts have matured expressed interest in opening DPS again through the bKash app.
Depending on institution and DPS type (weekly or monthly), customers can start saving from Tk 250 to Tk 20,000 for a tenure of six months to four years. Any customer can tap the ‘Savings’ icon on home screen of bKash app and follow a few simple steps to open a DPS. From automatic deposits on scheduled dates to checking deposited amounts and accumulated profits, customers can view everything from the app. Upon maturity, they can withdraw the principal amount along with profits without any cash-out charges.
