Syed Ayesha Akhtar, a homemaker residing in Adabar, Dhaka, lives with her two children, husband, and father-in-law. She attributes her savings habit to lessons instilled by her parents early in life, emphasizing the importance of financial prudence. These values, combined with a sense of responsibility and a desire to secure her family's future, encouraged her to prioritize regular saving.
She shared, "Even though I lost my father at a young age, the money he left behind allowed me to complete my education and get married. After marriage, my husband and I frequently discuss the importance of managing income and expenses to save. I've been using various bKash services for a long time, so when I saw the DPS (Deposit Pension Scheme) option on the app, I opened one right away. It only took about a minute to open a DPS with a bank through bKash."
Ayesha is one of the millions of bKash customers who have embraced digital savings options. Over the past three years, more than 3.2 million weekly and monthly DPS accounts have been opened via the bKash app in partnership with four banks and one financial institution. This convenient and paperless process allows users to open DPS accounts with Mutual Trust Bank, Dhaka Bank, City Bank, BRAC Bank, and IDLC Finance directly from their homes, even without a traditional bank account. For those interested in Shariah-compliant savings, Islamic DPS options are available from City Bank and Dhaka Bank.
Remarkably, about 30% of these DPS account holders are women, underscoring how accessible savings solutions are
fostering greater financial inclusion among women nationwide. Many women, like Ayesha, are taking advantage of the opportunity to save small amounts, which is empowering them financially and promoting long-term financial security for their families.
Young people are also embracing this digital savings revolution, with 48% of DPS account holders under the age of 35. This indicates a growing awareness among the youth about the value of savings, even from limited incomes, when reliable, technology-driven financial platforms are available. Additionally, 96% of customers whose DPS accounts have matured have expressed interest in opening new ones through the bKash app. This trend reflects a positive shift in the savings mentality of individuals and families, contributing to stronger financial management and economic stability at both personal and national levels.
The flexibility of the bKash DPS service allows customers to save amounts ranging from Tk 250 to Tk 10,000 for durations of 6 months to 4 years, depending on the institution and type of DPS-weekly or monthly. Opening a DPS account through bKash is a straightforward process:
1. Navigate to Savings: Tap the 'Savings' icon on the bKash app home screen and select 'Open New Savings.'
2. Choose Savings Type: Opt for 'General Savings' or 'Islamic Savings,' and select a tenure between 6 months and 4 years.
3. Set Deposit Preferences: Choose the deposit frequency (weekly or monthly) and amount, ranging from Tk 250 to Tk 10,000.
4. Select Financial Institution: Pick Mutual Trust Bank, Dhaka Bank, City Bank, BRAC Bank, or IDLC Finance from the list.
5. Nominee and Details: Provide nominee information, verify deposit details, and agree to the terms and conditions.
6. Complete the Process: Enter the bKash PIN to confirm. Both bKash and the respective bank or institution will send confirmation messages once the application is complete.
Customers can open multiple DPS accounts using the bKash app. Instalments are automatically deposited on the designated date, with bKash sending reminders to ensure sufficient balance in the account. Upon maturity, the total savings, including profits, are credited back to the bKash account, with no charges for cashing out. Customers also have the option to close their DPS before maturity via the app.
The flexibility of the bKash platform extends beyond savings. Users can leverage their balance for a variety of services, such as sending money, mobile recharges, utility bill payments, educational fees, government charges, NGO instalments, donations, e-ticketing, and more-all from the comfort of their homes.
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