Rodela Hasan, a private-sector employee in the capital, once believed that saving for her son's school admission would be a difficult task. With a demanding work schedule and Dhaka's notorious traffic, the traditional process of visiting a bank to open an account or deposit instalments in a savings scheme felt burdensome.
Her outlook changed when a friend introduced her to digital savings through the bKash app. After exploring the option, Rodela opened a DPS account with a bank directly via the app in under a minute-without any paperwork or the need to visit a branch.
Rodela is now among millions of savers turning to digital platforms. Over the past four years, more than 6 million weekly and monthly DPS accounts have been opened through the bKash app in partnership with five banks and a financial institution. Since launching its savings product in 2021 in collaboration with IDLC Finance, bKash has developed a robust financial ecosystem. It now connects users with leading commercial banks, including BRAC Bank, Dhaka Bank, Mutual Trust Bank, City Bank, and Eastern Bank, helping bridge the gap between unbanked populations and formal financial services.
Notably, around 34 per cent of customers using bKash savings services are women. The ability to save small amounts from home has encouraged greater participation among women, contributing to financial inclusion nationwide. Meanwhile, nearly 48 per cent of DPS holders are under the age of 35, indicating growing interest among younger people in structured savings, even with limited incomes.
Customer retention has also been strong: approximately 96 per cent of users whose DPS accounts have matured expressed interest in opening another through the app. In addition, about 55 per cent of DPS accounts were opened outside regular office hours, suggesting that users prefer to manage their finances at their convenience.
A consumer survey by bKash found that people save for a variety of reasons, including financial security, medical expenses, business investment, purchasing household appliances or electronics, travel, and education. Some also save to repay loans or clear existing debts.
Depending on the institution and type of DPS-weekly or monthly-customers can save between Tk 250 and Tk 20,000 through the app, for tenures ranging from six months to four years. In addition to conventional DPS options, customers seeking Shariah-compliant savings can opt for Islamic DPS offered by City Bank and Dhaka Bank.
How to open a DPS via the bKash app
To open a DPS account, users need to tap on the 'Savings' icon on the home screen of the bKash app and select 'Open New Savings'. They can then choose between 'General Savings' and 'Islamic Savings', followed by selecting a tenure ranging from six months to four years.
After choosing the deposit type-weekly or monthly-users select the deposit amount, which can range from Tk 250 to Tk 20,000, depending on the institution and tenure. They then choose from partner institutions such as IDLC Finance, Mutual Trust Bank, Dhaka Bank, City Bank, BRAC Bank, or Eastern Bank.
In the next step, users provide nominee details, review the deposit information, and agree to the terms and conditions. Finally, by entering their bKash PIN and confirming the request, the account opening process is completed. Confirmation messages are sent by both bKash and the respective bank or financial institution. Users can open multiple savings schemes through a single bKash account.
If sufficient balance is available, instalments are automatically deposited on a fixed date, typically the account opening date. Users receive reminders to maintain adequate balance ahead of the due date. Upon maturity, the principal along with profit is credited back to the user's bKash account, and funds can be withdrawn without any charge. Early closure of the savings scheme is also possible directly through the app.