Eastern Bank PLC (EBL) has officially integrated its Monthly Deposit Scheme (DPS) with the bKash app, marking a significant expansion of digital financial services in Bangladesh. This collaboration allows bKash users to open savings accounts with EBL directly through the mobile interface without visiting a physical bank branch. With this addition, the bKash platform now facilitates savings services from five commercial banks and one non-bank financial institution (NBFI).
According to a press release issued by bKash, this initiative aims to enhance financial inclusion by leveraging technology to make savings more accessible to the general public. The integration streamlines the process of micro-savings, particularly for those in remote areas or those without traditional banking access.
Key Features of EBL Savings via bKash
The digital savings service is designed to offer flexibility in terms of duration and installment amounts. Customers can tailor their savings plan based on their financial capacity. The following table outlines the specific parameters of the scheme:
| Feature | Details |
| Available Tenures | 6 months, 1 year, 2 years, 3 years, and 4 years |
| Monthly Instalment Range | Minimum BDT 500 to Maximum BDT 20,000 |
| Documentation | Paperless; no bank account or physical documents required |
| Payment Method | Automatic deduction from bKash wallet balance |
| Maturity Disbursement | Principal plus interest credited directly to bKash account |
| Withdrawal Benefit | Cash-out from bKash without any additional charges |
| Early Closure | Option available to close the DPS before maturity via the app |
Procedure for Opening a DPS
To initiate a savings scheme with Eastern Bank, users must navigate to the ‘Savings’ icon on the bKash app home screen. After selecting the ‘New Savings’ option, the user chooses ‘General Savings’ and specifies the desired tenure and monthly contribution. Upon selecting ‘Eastern Bank’ from the list of financial institutions, the user provides nominee details and confirms the application using their bKash PIN. A confirmation message is sent to the customer upon the successful creation of the DPS.
Financial Inclusion and Market Growth
The digital savings ecosystem on bKash began in 2021 in partnership with IDLC Finance. Since then, the platform has expanded to include several prominent local banks. The current list of partners includes:
BRAC Bank
City Bank
Dhaka Bank
Mutual Trust Bank (MTB)
Eastern Bank PLC (EBL)
IDLC Finance
Data provided by bKash indicates a robust uptake of these services. To date, more than 6 million DPS accounts have been opened through the app. Statistical analysis reveals that approximately 34% of these accounts are held by women. Furthermore, 55% of these digital savings accounts are opened outside of traditional banking hours, suggesting that users prefer the convenience of managing finances at their own discretion. A bKash survey also found that 96% of customers whose schemes have matured are interested in renewing or opening a new DPS via the platform.
Official Statements
M. Khorshed Anowar, Deputy Managing Director (DMD) of Eastern Bank, stated that this initiative will make savings faster and more accessible for customers nationwide, allowing EBL to reach a broader demographic.
Ali Ahmed, Chief Commercial Officer of bKash, highlighted that the ability to save without a bank account or paperwork empowers small entrepreneurs and individuals in marginalized areas. He noted that this development strengthens the overall digital transaction ecosystem of the country.
How would you like to see digital banking evolve further in the next five years?