Currently, DPS of five banks and an NBFI can be opened from the bKash app
Eastern Bank’s monthly DPS service can be availed through the bKash app now, followed by other four banks and one financial institution. With the aim of making financial inclusion sustainable by leveraging mutual cooperation and capabilities in the financial sector to reach more customers, bKash has integrated DPS services of various institutions on its platform, a press release said.
It is worth noting that customers, trusting in the digital savings service, have so far opened more than 6.0 million DPSs in various banks and financial institutions from the bKash app. Eastern Bank, which has recently onboarded in the bKash’s digital savings service, is offering deposits of Tk 500 to Tk 20,000 per month for a period of 6 months to 4 years.
Process to Open EBL DPS in bKash App:
To open new DPS, tap on the ‘Savings’ icon from the home screen of bKash app and click on ‘open new savings.’ Then select ‘General Savings’ and choose the savings tenure 6 months to 4 years from the list. After selecting the deposit type (monthly), the customer needs to pick the amount of deposit starting from Tk 500 to maximum Tk 20,000 and DPS tenure.
In the next step, select Eastern Bank from the list of banks and financial institutions. Then, details of the nominee should be given (if opening DPS for the first time) 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 bKash PIN to complete the DPS opening procedure. Once the savings application is completed, bKash and bank will send confirmation messages. One can open multiple savings schemes from the same bKash app.
With sufficient balance, the instalment of the DPS will be automatically deposited on a specific date, usually the date of opening. However, bKash notifies customers about keeping sufficient balance in the account before the instalment deposit date. Upon maturity of the savings, the total money with profit will come back to the bKash account. Interestingly, customers can cash out the money without any charge. However, if a customer wants to close the savings before the maturity date, it can be done right from the app.
Khorshed Anowar, DMD, Head of Retail & SME Banking, said, “The initiative to open EBL DPS through bKash app is an important step toward making savings faster, more accessible, and inclusive for customers across Bangladesh. Through this joint initiative, customers will be able to open EBL DPS easily, quickly, and seamlessly from bKash app. This will enable EBL to extend its savings services to a larger customer segment, further strengthening its objective of sustainable deposit growth through innovative digital channels.”
Ali Ahmmed, Chief Commercial Officer (CCO) of bKash, said, “This type of deeper collaboration between bKash and financial institutions paves the way towards access to finance for everyone including unbanked and underbanked, strengthening the country’s digital financial ecosystem. Small entrepreneurs to job holders, farmers, housewives, students, senior citizens, even the people from marginalised areas have been opening DPS in bKash app due to easy and paperless procedure. bKash, with its user-friendly mobile app platform, is acting as a bridge, empowering all demographics to save confidently for themselves as well as contributing to national economy.”
With the objective of shaping a savings culture in the country by providing hassle-free savings, bKash has introduced digital savings for the first time in the country. Currently, customers, without the requirement of a bank account, can open weekly or monthly DPS from the bKash app with IDLC Finance, Dhaka Bank, Mutual Trust Bank, City Bank, BRAC Bank and recently onboarded Eastern Bank.
Meanwhile, about 34 percent of the total DPS on the bKash app were opened by women. Besides, 55 percent of the DPS were opened beyond banking hours, meaning customers feel comfortable taking decisions regarding financial services like savings at their own convenient time. It was also observed in a survey that the customers whose DPS tenure has already been completed, 96 percent of them have expressed enthusiasm to open DPS again through the bKash app.
