Since its introduction three years ago, bKash's Deposit Pension Scheme (DPS) service has facilitated the opening of over 3.3 million accounts through its mobile app. Deposits range from Tk250 to Tk10,000, providing an option for users without requiring paperwork or traditional bank accounts.
Among these DPS accounts, 30% belong to women, indicating an increase in financial inclusion. Additionally, 48% of account holders are under the age of 35, reflecting an interest among young earners in structured savings, according data obtained from bKash.
Customers can open DPS accounts with five partner institutions – Mutual Trust Bank, Dhaka Bank, City Bank, BRAC Bank, and IDLC Finance – through the bKash app. Islamic DPS options are available through City Bank and Dhaka Bank.
To open a DPS via bKash, users select the ‘Savings’ icon, choose between ‘General Savings’ or ‘Islamic Savings,’ specify the deposit amount and tenure (6 months to 4 years), and select a financial institution. Once completed, both bKash and the bank send confirmation messages.
Instalments are deducted from the customer’s bKash balance on a designated date. Upon maturity, the accumulated savings, along with profits, are credited back to the bKash account. There are no charges on cash-out, and customers can also use the funds for mobile recharges, bill payments, or other transactions within the app.
According to data, 96% of customers whose DPS accounts have matured have expressed interest in opening new ones. The service provides an alternative savings mechanism for individuals who prefer digital transactions over traditional banking methods.