City Bank launched its first-ever Shariah-based savings scheme City Islamic DPS Savings today.

People can now open the Islamic DPS Savings account of different tenures and amounts from anywhere in the country through bKash app.

The minimum monthly instalment of the savings scheme will be Tk 500 and a maximum of Tk 3,000.

The tenure of the schemes will start from two years and can be up to four years.

To open the Islamic savings account of City Bank, the customers need to click on the bank and financial institution's "Savings icon" from the home screen of bKash app.

Then they have to select the savings tenure, type and follow a few easy steps to complete the process.

Earlier, the bank signed an agreement with bKash to launch the scheme.

Aziz Al Kaiser, chairman of City Bank; Mashrur Arefin, managing director; Md Anwar Hosain Molla, chairman of the bank's shariah supervisory committee, and Kamal Qadir, chief executive officer of bKash, attended the launch of the new product at The Westin Dhaka.

After maturity of the scheme, the customers will be able to cash out the entire amount, including profit from their bKash account, without any charge.

Profit will be announced on the basis of Mudaraba. The customers profit will increase if the bank racks in more profit.

"We needed a proper channel to send our product to people. In this case, bKash is the right choice. bKash has a strong technological base that we are seeking to invest in," Arefin said.

"We want to attract small savings so that we can make a good deposit from this scheme. For this, we need to give special focus on the new product to make it a success," the City Bank CEO said.