Financial management has been transformed considerably in recent years due to thriving digital transactions. Now, general customers can access banking services from the comfort of their homes. There is scope to avail different digital financial services like savings through bKash app.
The people who find it difficult to save money in bank due to busy schedule or time constraint, or those having no bank account, can open savings scheme through bKash app with much convenience. Currently, digital savings scheme of three banks and one financial institution is available in bKash app. More than 65 million customers of bKash now have opportunity to deposit monthly instalments of savings schemes through the app from anywhere and anytime.
Organisations offering digital savings schemes:
There are two types of savings products available in bKash app – General Savings and Islamic Savings. One financial institution and two banks – IDLC Finance Limited, Dhaka Bank Limited and Mutual Trust Bank Limited – are offering general savings service. In the meantime, the people who want to save money as per the Islamic Shariah can open ‘City Islamic Savings’ with the City Bank Limited through the bKash app.
Monthly deposit amount of and its term
The bKash customers can deposit Tk 500, Tk 1,000, Tk 2,000, or Tk 3,000 per month with IDLC Finance, Dhaka Bank, Mutual Trust Bank and City Bank savings schemes through the bKash app. The term for these schemes is two, three, and four years. As per the laws of the country, Advance Income Tax (AIT) and Excise Duty will be applicable on the schemes.
How to open savings account through bKash app
To open new savings scheme, tap on the ‘Savings’ icon from the home screen of the bKash app and proceed by agreeing to the terms and conditions. Now tap on ‘Open New Savings Scheme’ and then select ‘General Savings’ or ‘Islamic Savings’ as per your preference. Then choose the savings tenure of two, three or four years, and select the deposit type (monthly). Then pick the amount of deposit -- Tk 500, Tk 1,000, Tk 2,000 or Tk 3,000 per month.
In the next step, select the preferred scheme from the list of banks and financial institution. Then check the deposit details carefully and select the savings objective with the required details of the nominee. Then go through the savings summary and try to understand the terms and conditions before giving your consent. Finally, tap and hold the bottom part of the screen following input of your bKash PIN number to complete the account opening procedure. Once the savings application is completed, bKash and bank or financial institution will send confirmation messages. It should be remembered that Advance Income Tax (AIT) and Excise Duty will be applicable on the savings schemes as per the existing laws of the country. Besides, one can open multiple savings schemes from the same bKash app.
For more watch – https://www.bkash.com/products-services/islamic-savings
How to deposit monthly instalments of the savings scheme
The instalments of the savings will be automatically credited to the savings account on a specific date, usually the date of account opening is the date for deposit. Therefore, the required amount should be deposited in the bKash account before the due date. However, bKash will notify you about depositing sufficient money in the account before the instalment deposit date.
How to get back the savings money after maturity
Upon maturity of the savings schemes, the total money with profit will be deposited back to the bKash account which can be Cash Out anytime without any charge. If you want to close your savings scheme before the maturity date, you may not receive the full interest as per the chosen scheme.
What else you need to know before opening savings scheme
The interest rate on the savings schemes and other rules are followed as per the directives of Bangladesh Bank. The bKash customers registered through e-KYC can avail the savings products. Besides, the customers who submit e-TIN while opening savings will see less tax deducted at source. The bKash app users can submit the e-TIN for the savings any time before the maturity of the scheme.
For more – https://www.bkash.com/products-services?service=savings
