bKash DPS Interest Rate: Are you looking for bKash DPS Interest Rate? Don’t worry! In this artilce, we will be writing for you the details about bKash DPS Rate. So let’s start.
What is bKash
‘bKash’ is a word that resonates with development, people’s prosperity, and social growth. Since its inception in 2011, bKash has become an integral part of the lives of millions today. Through fast, easy, and secure digital transactions, it has become a member of every household in Bangladesh, and the word ‘bKash’ has become a verb. People now say ‘bKash koro (me)’ instead of ‘send me money’. Catering to people’s daily transactional needs, it is empowering them to fulfill their dreams as well as taking the country forward.
What is bKash DPS
bKash launched a new feature for their customer. Now bKash customers can save money week by week, from just 250 Taka. Now deposit money in BRAC Bank Limited, IDLC Finance Limited and Dhaka Bank Limited easily and safely every week, from the bKash App from the comfort of your home! If you want to know more about bKash DPS Interest Rate, just scroll below.
Feature of bKash DPS
- No hassle of paperwork
- Charge-free Cash Out with profit after maturity
- 6 months or 12 months’ period
- So open Weekly DPS today with the bKash App!
Details of Weekly DPS
- Deposit Amount: Tk. 250/500/1,000/2,000/5,000 per week
- Term: 6 months or 12 months
- Charge-free Cash Out with profit after maturity
- AIT and Excise Duty will be applicable
How to Create bKash DPS Account
If you follow these steps, you can easily create DPS account from the bKash App.
- Tap on Savings from bKash App home screen
- Tap Open New Savings from the Savings Dashboard
- Select “DPS” from Savings Type
- Select your purpose
- Select 6 months or 12 months as Tenure
- Select Weekly as DPS Type
- Select Deposit Amount (Tk. 250/500/1,000/2,000/5,000 weekly) and tap Proceed
- Select your preferred scheme of the list of Financial Institutions and Banks and see the total deposit amount
- Enter Nominee-related information and tap Proceed
- After reviewing Savings Summary, tap Confirm
- Tap Accept after reviewing Scheme Terms & Conditions
- Enter your PIN on the PIN Screen
- Tap and hold to start DPS
- You will get a confirmation from both banks/financial institutions and bKash on the next screen if the request submission is successful
Now you have successfully opened your Weekly DPS. Keep sufficient balance in your bKash Account on the specific day of every week. After the full term of your savings, the total deposit with profit will be disbursed in your bKash Account and Cash Out without any charge!
bKash DPS Interest Rate
Here is the main point. I know you are looking for the Interest Rate of bKash DPS. Along with keeping money safe, you can also enjoy up to 3% Interest (per annum) on Savings at your bKash Account.
Interest Rate:
| Balance/Slab | Rate p.a. |
| 5,000.00 – 50,000.99 | 0.50% |
| 50,001.00 – 150,000.99 | 1.00% |
| 150,001.00 – 250,000.99 | 2.00% |
| 250,000.99 + | 3.00% |
Conditions :
- Only individual bKash account holders will be eligible.
- Minimum balance of Tk. 5,000 every day of a calendar month.
- Interest amount will be calculated on the average daily balance in a month.
- Interest rate slab will be considered based on the lowest day end balance in a month.
- bKash account holder must have a minimum financial transaction of 10 or more in a month.
- To receive interest, account status, and incoming transaction of bKash account must be active. If interest disbursement is unsuccessful due to bKash account status issue, the customer will not be eligible to receive interest for that payment cycle.
- In case interest disbursement is unsuccessful due to any unknown/unforeseen reason except for bKash account status issue, bKash will retry interest disbursement manually for one time within 2 months after the initial disbursement date. If all attempts fail, no other attempt will be made and the customer will no longer be entitled to that interest.
- The interest amount will be credited after the necessary government TAX/VAT deduction.
- Interest will be disbursed on a biannual basis.
Service Activation:
Upon fulfilling the above-mentioned conditions, all existing and new bKash customers can earn interest; no service activation is required
Service Deactivation:
If you do not wish to receive interest on your bKash Account, please follow the steps below:
- Call 16247
- Select language ( 1 for Bangla and 2 for English )
- Press 5 for Interest on Savings and other information
- Press 1 to discontinue receiving interest or to reactivate your previously discontinued interest service
- After your status change request is processed, you will be notified instantly through same call
Interest is offered to bKash Customer Accounts only.
You must know the followings related to bKash DPS:
- You can open multiple DPS from your bKash App
- You can change the nominee information if needed
- There is no hidden/additional charge for DOS from bKash/Institutes
- Upon completing a DPS to maturity and having DPS maturity amount disbursed into the bKash user’s account, if the bKash user fully or partially cashes out the DPS maturity amount the corresponding Cash Out fee borne by the user will be offset by bKash.
- DPS cannot be cancelled before completion of 3 months. However, you can request for early encashment any time after completing 3 months
- bKash shall not be responsible if anyone using your PIN, Verification Code and other information fraudulently cancels the DPS facility through this platform
- If you want to close your DPS before the maturity date, you may not receive the full interest as per your chosen DPS. For more information, related to forgone interest income and other charges (if any) please see Bank/FI’s T&C
- If you do not have sufficient fund in your bKash Account or your account is not in active status at the time of attempted debit transaction, the transaction will fail and bKash will retry to debit your account on the following three consecutive days. If the debit transaction fails due to insufficient balance or account status, you may not be entitled to potential interest earnings from the DPS Provider Bank/FI for that specific day. If the debit transaction fails at the last attempt it will be considered as a missed instalment and you will not be entitled to potential interest earnings from the DPS Provider/Bank/FI related to the relevant deposit amount
- The interest rate on DPS shall be determined solely by Bank/FI
- bKash reserves the right to change or amend any of the terms & conditions mentioned above at any time without prior notice to bKash Customer
Conclusion
We hope you got your point. We describe all the functions of bKash DPS Interest Rate. If you like this article, please do share with your friends.