City Bank 'Islamic DPS Savings' now available through bKash

From now on, customers can avail fully Shariah based savings scheme of City Bank through their bKash app from anywhere in the country.

They can open 'Islamic DPS Savings' scheme of different tenures and amounts from the comfort of their homes in just a few minutes, avoiding the hassle of paper documents or forms, said a press release.

The service through bKash app was launched at a hotel in the capital Monday.

Aziz Al Kaiser, chairman, Md Anwar Hosain Molla, chairman of Shariah Supervisory Committee, Mashrur Arefin, managing director & CEO of City Bank and Kamal Quadir, chief executive officer of bKash along with senior officials of both the organizations were present at the event.

Due to this collaboration, customers will no longer need to visit the bank and open a new account to save money for future financial security and needs. As a result, everyone including banked and unbanked population can now easily avail Islamic Shariah-based savings service. This will encourage savings and contribute to the economy.

To open Islamic savings account of City Bank, customers need to click on ‘Savings (in bank and financial institution)’ icon from the home screen of bKash app, then select savings tenor, type and follow a few easy steps.

They can avail the savings schemes in monthly installments of Tk 500, Tk 1,000, Tk 2,000 and Tk 3,000 starting from a minimum period of two years to a maximum of four. After maturity of the scheme, customers can Cash Out the entire amount including profit from their bKash account without any charge.

The savings installments will be transferred automatically from bKash account to City Islamic account on a specific date of each month. The customer will be notified before each due date to keep sufficient balance in the account.

Customers will be able to see all the important information anytime directly from the bKash app, including total savings amount, savings period, and profits.

Any customer, who is currently registered through e-KYC, can avail this Islamic Savings service using bKash app. Customers can also update their account information through bKash app anytime.