Amid compelling interest from customers on monthly Islamic DPS service, bKash has added Dhaka Bank’s short-term “weekly” Islamic DPS in its app. Through the bKash app, customers can now save at Dhaka Bank on a weekly instalment basis- from Tk 250 to Tk 5,000 – for a tenure of 6 or 12 months, a press release said.
This weekly Islamic DPS service can be instrumental in ensuring financial security for the unbanked, particularly marginalised communities. It offers low-income individuals and daily wage earners the opportunity to save small amounts in Islamic way, which can be utilised for future security, agricultural or business investments, education, medical treatments, or any other emergency needs.
Notably, bKash launched its digital savings service in 2021 with IDLC Finance’s monthly DPS, which was later joined by Dhaka Bank, Mutual Trust Bank, City Bank, and BRAC Bank. Following this journey, City Bank’s Monthly Islamic DPS was introduced in the bKash app in 2022, later joined by Dhaka Bank as well.
Process to Open an Islamic DPS from the bKash App:
To open a new DPS, customers need to go to the ‘Savings’ icon on the bKash app home screen and tap on ‘Open New Savings’. Then select DPS type as ‘Islamic Savings’, choose DPS type- weekly, tenure- 6 or 12 months, and select weekly deposit amount- Tk 250, Tk 500, Tk 1000, Tk 2000, or Tk 5000.
Next, select Dhaka Bank from the list of financial institutions and banks, and enter nominee information. Then review the details of the savings and agree after reading and understanding the terms and conditions. Finally, enter the bKash account PIN and hold down the bottom part of the screen to complete the application. Upon successful completion, confirmation messages from bKash and the bank will be sent. Customers can open multiple DPS from the same bKash app.
If there is sufficient balance in the bKash account, the DPS instalment is automatically deducted on the scheduled date. After the maturity of the DPS, customers will receive the principal amount along with interest directly in the bKash app, which can be cashed out without any cost. Additionally, if needed, after specific time, a customer can close the DPS before maturity through the bKash app.
Meanwhile, about 30 percent of all DPS accounts opened through the bKash app have been opened by women. About 80 percent of DPS-opening customers live outside major cities like Dhaka and Chattogram. Moreover, 55 percent of DPS opened via the bKash app were opened outside banking hours, reflecting customers’ comfort in accessing essential banking services at their convenience. A survey also shows that 96 percent of customers whose DPS has already matured have expressed interest to open DPS again through the bKash app.
