bKash helps open 50 lakh DPS accounts in banks, financial institutions

Customers have opened more than 50 lakh deposit pension scheme (DPS) accounts through the bKash app across four commercial banks and one financial institution (FI) in just four years since the service was launched.

Through the app, customers can start saving with as little as Tk 250 at any time and from anywhere, choosing weekly or monthly DPS schemes of various tenures offered by multiple institutions on a single platform, according to a press release.

The milestone reflects how collaboration among financial service providers can help expand customer reach and promote sustainable financial inclusion.

With this goal in mind, bKash introduced DPS services of different banks and financial institutions on its platform, creating a bridge between formal banking channels and marginal customers.

Beginning in 2021 with IDLC Finance's monthly DPS product, bKash gradually added similar services from Dhaka Bank, Mutual Trust Bank, City Bank, and BRAC Bank.

Weekly DPS products were introduced in early 2024, giving further momentum to the service. Customers seeking shariah-compliant options can also open Islamic DPS accounts offered by two partner banks.

Around 30 percent of all DPS accounts opened via the bKash app belong to women, while 80 percent of the customers live outside major cities such as Dhaka and Chattogram.

Customers across the country have opened DPS accounts through the platform, demonstrating how technology can extend essential financial services to unbanked and underbanked communities across the country.

Notably, about 55 percent of DPS accounts were opened beyond regular banking hours, indicating that customers prefer the flexibility of accessing savings services at their convenience.

A survey also revealed that 96 percent of customers whose DPS accounts had matured expressed interest in opening a new one through the bKash app.

Depending on the institution and the type of DPS -- weekly or monthly -- customers can save between Tk 250 and Tk 20,000 for tenures ranging from six months to four years. Users can tap the 'Savings' icon on the bKash home screen and follow a few simple steps to open a DPS.

They can also monitor scheduled deposits, track accumulated amounts and profits, and, upon maturity, withdraw their total savings without any cash-out fee.