bKash launches ‘Monthly DPS’ up to Tk 20,000

The country's leading mobile financial service (MFS) provider, bKash, has launched a new financial product titled "Monthly DPS" (Deposit Pension Scheme) in partnership with Dhaka Bank PLC and IDLC Finance PLC.

The launch follows the success of bKash's six-month "Weekly DPS" scheme, according to a press release.

Customers can now open a six-month DPS with a monthly instalment ranging from Tk 2,000 to Tk 20,000 without the need for a traditional bank account or any paperwork.

This short-term savings scheme is particularly suited for individuals aiming to accumulate a significant sum over a brief period to meet specific financial goals.

To open a DPS, users simply need to tap the "Savings" icon on the bKash app's home screen and select "Open New Savings".

From there, they should choose "General Savings" as the type, select the six-month tenure, opt for the monthly deposit frequency, and then choose a preferred deposit amount -- Tk 2,000, Tk 5,000, Tk 10,000, or Tk 20,000.

In the subsequent step, customers must select their preferred financial institution either Dhaka Bank or IDLC Finance and provide nominee details.

After reviewing the deposit information and agreeing to the terms and conditions, users can finalise the process by entering their bKash PIN and tapping the designated area on the screen.

Upon submission, confirmation messages will be sent by both bKash and the selected financial institution.

Customers can open multiple savings schemes through the same bKash app.

The monthly instalment will be automatically debited on a predetermined date, and upon maturity, the total amount along with the accrued profit will be credited back to the customer's bKash account.

Notably, cashing out the matured amount incurs no withdrawal charges.

Furthermore, early closure of the DPS is also possible directly via the app should the customer wish to access their funds before maturity.