Weekly savings option of Tk 250 to Tk 5,000 added to bKash app

Short-term ‘weekly savings’ of two banks and a financial institution has been introduced in the bKash app, facilitating people from all walks of life to save money as well as building savings habit.

This weekly digital savings service has been launched on bKash app for the first time in the country. From now on, customers, without opening a bank account, can start saving from Tk 250 to Tk 5,000 per week with IDLC Finance, Dhaka Bank and BRAC Bank, according to a media release. 

Amount of weekly savings and its term:

bKash customers can deposit Tk 250, Tk 500, Tk 1,000, Tk 2,000, or Tk 5,000 per week with IDLC Finance, Dhaka Bank, and BRAC Bank through the bKash app. The tenure for the weekly savings is between 6 and 12 months.

By comparing the interest rates offered by banks and financial institutions in the bKash app, customers can open savings in just minutes, anytime, from anywhere, the release says.

How to open savings account in bKash app:

To open weekly savings, customers need to tap on the ‘Savings’ icon from the home screen of the bKash app and tap on ‘open new savings’. Then they have to select ‘General Savings’ and select the reason for opening the savings, choose the savings tenure of six or 12 months, select deposit type (weekly), and pick the amount of deposit -- Tk 250, Tk 500, Tk 1,000, Tk 2,000, or Tk 5,000 per week.

In the next step, the scheme of IDLC, Dhaka Bank or BRAC Bank needs to be selected from the list of banks and financial institutions.

Then, details of the nominee should be given to proceed to the next step, where the customer will be asked to carefully check the deposit details and agree to the terms and conditions. Finally, by tapping and holding the bottom part of the screen following input of bKash PIN number,  the account opening procedure will be completed.

Once the savings application is completed, bKash and the bank or financial institution will send confirmation messages. Besides, one can open multiple savings schemes from the same bKash app, according to the release. 

If there is sufficient balance, the installment of the savings will be automatically credited to the savings account on a specific date, usually, the date of savings opening is the date for deposit.

However, bKash will notify you about depositing sufficient money in the account before the installment deposit date.

Upon maturity of the savings, the total money with profit will be deposited back into the bKash account. Customers can cash out the money from agent points or ATMs of selected banks without any charge.

However, if a customer wants to close their savings before the maturity date, it can be done through the app, the release adds. 

Regarding weekly savings, Ali Ahmmed, Chief Commercial Officer of bKash, said, “It is quite difficult to go to a bank or financial institution to save money every week or month. Moreover, it is almost impossible for people who earn on daily or weekly basis to go to the bank or financial institution at regular intervals. Therefore, to bring relief in financial transactions in the busy life, bKash has introduced weekly savings services of two banks and a financial institution to its platform. We believe that habit of savings will ensure financial security of individuals and the society as well, strengthening the footing of financial inclusion in the country.”