After a month's hard work or a week's wages, it's too common for us to spend what we earn without much thought, often missing out on opportunities to save for something more purposeful. Recognising this, bKash has introduced its DPS with banks and financial institution, designed to benefit everyone regardless of their profession or age.

Ali Ahmmed, Chief Commercial Officer (CCO) of bKash, states, "A large number of common people rely on earnings that are generated on a daily or weekly basis. Many of such individuals don't have access to a bank account."

"To cater for the needs of this large unbanked customer segment, bKash has introduced weekly DPS in partnership with multiple banks and NBFI after successfully gaining the trust and confidence of millions of customers on the monthly DPS product."

bKash's savings revolution

bKash took a pioneering step by introducing monthly and weekly savings options under the DPS – which was initially introduced in 2021 – enabling savings directly through mobile financial services, a first involving banks and non-banking financial institutions (NBFIs) in the region.

This service includes partnerships with notable financial institutions such as IDLC Finance, BRAC Bank, Dhaka Bank, Mutual Trust Bank, and City Bank, and has seen over 2.4 million DPS accounts opened via the bKash app. This also allows the customers without any bank account to do savings in multiple banks as per their choice and needs.

M Sabbir Hossain, DMD and Chief Operating Officer of BRAC Bank notes, "BRAC Bank and bKash have a long track record on financial inclusion-related collaboration. DPS through the bKash wallet enables customers of all classes and genders from even remote corners of the country at lucrative interest rates."

bKash's DPS service user Raisool Hoque, a schoolteacher at Jibon Nagar Government Primary School, explains his banking choice: "As a teacher, frequent bank visits are hard. That's why I use bKash – it's like having a bank in my pocket."

"Typically, after covering my expenses, I'm left with a small sum – maybe Tk 500 or Tk 1000 –which, unfortunately, often gets spent inadvertently. To manage this better, I opened a DPS account with bKash for two years at a 9.5% interest rate. I'm very pleased with how my savings are growing."

So, how to open a DPS in bKash?

To use bKash's DPS service, download the app from Google Play or the Apple App Store. After launching the app, tap the 'Savings' icon, then 'Open New Savings,' and select 'DPS'. You'll be asked to specify a reason for opening the DPS – like future security, emergencies, or investments – and the term, from six months to 4 years. 

For weekly deposits, choose from Tk 250 to Tk 5,000 per week; confirm the amount and term, then input your bKash PIN to finalise. For monthly deposits, the process is similar; select terms from two to four years and amounts from Tk 500 to Tk 3,000 monthly, select a partner bank, enter nominee details, agree to terms, and finalise with your PIN.

Weekly DPS suits variable incomes, allowing small regular savings, while monthly DPS is better for steady incomes with larger, consistent savings.

Regarding the convenience of the bKash app, Dr Nazia Hossain says, "As a doctor, I rarely get the time to go to the bank and complete the lengthy paperwork. To avoid the hassle, I opened my DPS account with bKash and the process has been very smooth.  Instalment are adjusted automatically, and I am being notified to keep sufficient balance before the instalment date. I would recommend it to everyone, especially those with hectic schedules like me."

Live dashboard and charge-free transactions, automatic instalment

What sets the bKash DPS apart is the real-time tracking through a live dashboard within the app. This feature allows customers to see exactly how much they've saved, the accrued interest, and any upcoming due dates for deposits. This transparency helps users stay informed and motivates them to continue saving. Instalments are adjusted automatically, and the customer gets notified before the date to keep sufficient balance.

Additionally, upon the maturity of a DPS, the total amount saved plus interest is deposited back into the customer's bKash account. Customers can then withdraw the money from any bKash agent point or ATM booth without charges. Even if a user needs to close their account early, they can do so directly through the app – a flexibility that caters to the unpredictability of life.

Financial discipline for every demographic

bKash's DPS plan can encourage financial discipline among young savers, especially students. The ability to manage finances through a smartphone means they can save time and avoid visits to physical bank branches, which might conflict with their class schedules.

By automating the savings process with scheduled deductions for DPS, students can cultivate the habit of saving without remembering to make manual deposits. This flexibility extends to those who can use the service: from small entrepreneurs and daily wage earners to homemakers and senior citizens, bKash has made financial security accessible to all demographics.

Empowering through saving

One of the most appealing features of bKash's DPS is its inclusivity – approximately 30% of these accounts are held by women, reflecting a significant step towards financial empowerment. The process of opening a bKash DPS is straightforward and user-friendly, allowing anyone with a smartphone to start saving within minutes.

It is more than just a savings plan. For you, it can be a gateway to financial stability and peace of mind. By saving small amounts today, you can ensure a secure and prosperous tomorrow, making bKash an indispensable partner in your financial journey.