bKash, Bangladesh’s leading mobile financial services (MFS) provider, has officially integrated Eastern Bank PLC (EBL) into its digital savings platform. This partnership allows customers to open monthly Deposit Pension Schemes (DPS) directly through the bKash application without visiting a physical bank branch. With this addition, the bKash app now hosts savings services from a total of five commercial banks and one non-bank financial institution (NBFI).
In a formal press release, bKash stated that this initiative aims to enhance financial inclusion by leveraging technology to make formal savings more accessible to the general population.
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Key Features of EBL Savings via bKash
The digital savings service offered by Eastern Bank through the bKash interface provides flexible terms and deposit amounts. Customers can choose tenures ranging from 6 months to 1, 2, 3, or 4 years. The monthly instalment amounts are designed to be inclusive, starting from a minimum of BDT 500 to a maximum of BDT 20,000.
To initiate a DPS, users must navigate to the ‘Savings’ icon on the bKash app home screen and select the ‘New Savings’ option. After choosing ‘General Savings’, the user specifies the term and the instalment amount. Upon selecting ‘Eastern Bank’ from the list of available financial institutions and providing nominee details, the application is finalised using the account PIN. A confirmation message is issued immediately upon the successful creation of the account.
Operational Procedures and Withdrawals
The system is designed for automated convenience. If the bKash account holds sufficient funds, the monthly instalment is automatically deducted on the specified date. Upon maturity, the principal amount plus interest is credited back to the user’s bKash account. Notably, these funds can be withdrawn without incurring any ‘Cash Out’ charges. Furthermore, the platform allows for the premature closure of the DPS via the app should an emergency arise.
Comparative Overview of Digital Savings Terms
| Feature | Details |
| Partner Institution | Eastern Bank PLC (EBL) |
| Minimum Monthly Deposit | BDT 500 |
| Maximum Monthly Deposit | BDT 20,000 |
| Available Tenures | 6 Months, 1, 2, 3, and 4 Years |
| Withdrawal Policy | No Cash Out charge on maturity |
| Automation | Auto-debit from bKash balance |
| Documentation | Paperless digital process |
Executive Insights and Market Trends
M. Khorshed Anowar, Deputy Managing Director (DMD) of Eastern Bank, remarked that this collaboration will make savings faster and more accessible for customers nationwide, allowing EBL to reach a broader demographic.
Ali Ahmed, Chief Commercial Officer of bKash, emphasised that the elimination of physical paperwork and traditional bank account requirements enables everyone—from small entrepreneurs to rural residents—to save. This, he noted, strengthens the country’s digital transaction ecosystem.
Growth of Digital Savings in Bangladesh
The digital savings journey for bKash began in 2021 in partnership with IDLC Finance. Since then, the platform has expanded to include Dhaka Bank, Mutual Trust Bank (MTB), City Bank, BRAC Bank, and now Eastern Bank.
According to data provided by bKash:
Over 6 million DPS accounts have been opened through the app to date.
Approximately 34% of these accounts are held by women.
55% of savings accounts are opened outside of traditional banking hours.
A survey indicates that 96% of customers whose schemes have reached maturity are interested in renewing their savings through bKash.
This data suggests a significant shift in consumer behaviour, with users preferring the flexibility and ease of digital financial management over traditional methods.