Overview Of 10 best DPS providing Banks in Bangladesh

If you know how long your cash will be surplus for and can plan the term of your investment, you will see there are so many conventional banks offering you competitive rates in installment based saving schemes in Bangladesh. Be that as it may, the Islamic shariah based banks offer competitive profit rates and installments at an affordable reach on the basis of customer needs as well. Through this article, we will highlight the 10 best DPS providing banks in Bangladesh, which will help you to make decisions on your way of banking journey in Bangladesh.

Standard Chartered Bank

Standard Chartered Bank offers Monthly Saving Schemes to any Standard Chartered account holder who is a Bangladeshi national, where the accountholder’s minimum age must be 18 years and maximum age at the end of the scheme is 60 years.

Features:

  • This is a non-transactional account where interest accrues on a daily basis and is credited on a monthly basis
  • Tax applicable under the scheme will be deducted from the amount payable to the account holder
  • The nominee will receive the Target Savings Amount in the event of the untimely death of the primary account holder, i.e. death before the maturity of the selected Monthly Savings Scheme

 

 

 

 

*Maturity value at the end of the tenor.

Calculation of one unit of Monthly Savings Scheme is given here:

Tenor Initial Deposit Monthly Deposit Total payment Maturity Value Profit
36 10,000 1000 46,000 53,018 7,018

*Essential Things that you must know before you go for DPS in Standard Chartered Bank.

  • These are indicative figures only
  • Tax is payable as per government rules
  • Terms and conditions apply

Bank Asia

Bank Asia is presenting a huge style of deposit products. Deposit Pension Scheme (DPS) is one of all those. It is a unique financial savings plan with numerous tenures and quantity which permits clients to deposit month-to-month and acquire a good-looking quantity at maturity.

*Maturity value at the end of the tenor.

Monthly Saving 3 years 5 years 7 years 10 years 12 years
500 19,500 34,500 51,500 86,250 117,500
1,000 39,000 69,000 103,000 172,500 235,000
2,000 78,000 138,000 206,000 345,000 470,000
3,000 117,000 207,000 309,000 517,500 705,000
4,000 156,000 276,000 412,000 690,000 940,000
5,000 195,000 345,000 515,000 862,500 1,175,000
8,000 312,000 552,000 824,000 1,380,000 1,880,000
10,000 390,000 690,000 1,030,000 1,725,000 2,350,000

*Essential Things that you must know before you go for DPS in Bank Asia.

Key Features Documents Required Terms & Conditions
Attractive and competitive interest rates Account Opening Form Only individuals can open this account
No hidden charges Photo ID/ National ID/ Passport / Driving License of customer & Nominee(s) All the relevant source tax, excise duty, and other levies as per govt. laws and regulations or instruction of NBR.
Tax benefits as investment rebate Recent photograph of customer & Nominee(s)
SOD loan facilities can be availed Proof of Address
No online charges for monthly deposit Signed Terms & Conditions
Customer will enjoy charge free Savings Account which is used only for DPS purpose TIN Certificate (if applicable)
Tenure: 3, 5, 7, 10, and 12 years
Installment Size: Deposit amount starts from Tk. 500 to Tk. 10,000 monthly

HSBC-Hong Kong Shanghai Banking Corporation

HSBC-Hong Kong Shanghai Banking Corporation company is an international bank and money agency with its headquarters in London. it’s its branches all across the world. The DPS policy in HSBC is flexible, customer-friendly, and convenient in the market.

*Maturity value at the end of the tenor.

Features Benefits Things Need to know
A simple, safe and convenient way to make your money grow, providing you with the benefits of attractive interest rates, security, convenience, and flexibility. Monthly interest earned can be transferred to another nominated account To open a Monthly Interest Bearing Time Deposit Account you can visit one of the branches in Dhaka or Chittagong to open the account or call our Call Centre for their assistance.
Earn interest on a monthly basis with the security of a fixed deposit account. Better rates than a normal savings account The interest earned will be forfeited if the account is closed before the completion of one month.
The option of keeping the Time Deposit for a maximum period of 3 years, which will be renewed automatically every year. Debit Card for new accounts
A minimum deposit balance of BDT500,000 (Taka five lacs) to open the account

Dutch Bangla Bank Limited

Dutch Bangla Bank Limited is famed for technologically being a superior bank in Bangladesh. It has an amazing customer-friendly deposit scheme that returns a handsome amount through monthly savings in the process.

*Maturity value at the end of the tenor.

Monthly Saving 3 Years 5 Years 8 Years 10 Years
500 19,747 35,000 61,552 82,064
1000 39,493 70,000 123,105 164,128
1500 59,240 105,002 184,658 246,192
2000 78,986 140,003 246,211 328,256
2500 98,733 175,004 307,764 410,320
3000 118,480 210,005 369,317 492,384
4000 157,973 280,007 492,423 656,513
5000 197,467 350,009 615,529 820,641
10000 394,934 700,018 1,231,059 1,641,282
15000 592,402 1,050,027 1,846,588 2,461,924
30000 1,184,804 2,100,054 3,639,177 4,923,848
50000 1,974,674 3,500,090 6,155,295 8,206,413

Prime Bank Limited

Prime Bank Limited is a commercial bank and is managed privately in Bangladesh. It offers to have the best competitive rate of interest on the monthly installment based saving scheme(DPS).

Key Features:

  • No initial deposit required.
  • The monthly installment deposit starts from Tk. 500.00 & above.
  • The flexible tenor of 3, 5, 10, and 12 years.
  • Auto installment transfer facility.
  • One customer can open more than one Scheme

*Maturity value at the end of the tenor.

Monthly Savings 3 Years 5 Years 10 Years 12 Years
500 20,312.54(8%) 37,168.72(8.50%) 94,291.60( 8.75%) 126,657.93(9.00%)

*Essential Things that you must know before you go for DPS in Prime Bank Limited.

Key Features Documents Required Terms & Conditions
No initial deposit required. Mandatory CASA link Account for all MSS. Tenor and deposit amount may vary from time to time
The monthly installment deposit starts from Tk. 500.00 & above. Photograph of A/c holder – 2 copies Minimum Age: 18 years
The flexible tenor of 3, 5, 10, and 12 years. Photocopy of Valid NID/Passport/Driving License Citizen of Bangladesh
Auto installment transfer facility. Photograph of Nominee – 1 copy For any further query please contact your nearest Premier Bank Branch
One customer can open more than one Scheme

Shahjalal Islami Bank Limited

The Shahjalal Islami Bank Limited is one of the Islamic banks in Bangladesh and is managed privately in Bangladesh.  In accordance with the instruction of Bangladesh Bank’s Islamic Banking Guideline-2009, Shahjalal Islami Bank Limited has constituted a Shariah Supervisory Committee consisting of prominent Fuqaha/Islamic Scholars, Economists, Bankers, and Lawyers. The SIBL has the mudaraba Monthly Deposit Scheme, you save on a monthly basis and get a handsome amount at maturity through this scheme.

*Essential Things that you must know before you go for DPS in Shahjalal Islami Bank Limited.

Key Features Documents Required Terms & Conditions
No initial deposit is required. Mandatory CASA link Account for all MSS. Tenor and deposit amount may vary from time to time
The monthly installment deposit starts from Tk. 500.00 & above. Photograph of A/c holder – 2 copies Minimum Age: 18 years
The flexible tenor of 3, 5, 10, and 12 years. Photocopy of Valid NID/Passport/Driving License Citizen of Bangladesh
Auto installment transfer facility. Photograph of Nominee – 1 copy For any further query please contact your nearest Premier Bank Branch
One customer can open more than one Scheme

*Maturity value at the end of the tenor.

Period 500 1,000 2,000 5,000 10,000 25,000 50,000
3 Years 19,850 39,700 79,400 198,500 397,000 992,500 1,985,000
5 Years 35,400 70,800 141,600 354,000 708,000 1,770,000 3,540,000
8 Years 63,100 126,200 252,400 631,000 1,262,000 3,155,000 6,310,000
10 Years 85,250 170,500 341,000 852,500 1,705,000 4,262,500 8,525,000

Islami Bank Bangladesh Limited (IBBL)

Islami Bank Bangladesh Limited was founded in 1983. It was the first Islamic bank in Southeast Asia, providing a variety of economic banking services that supported Islamic Shari’ah law. With 332 branches, it owns the biggest branch network among the non-public sector banks in Bangladesh. Providing exclusive DPS policies according to the guideline of Islamic shari’ah law, it is one of the prominent banks in Bangladesh.

Amount of deposit installments:

Accounts beneath this scheme can be opened for month-to-month deposits of Tk. 100/-, Tk. 200/-, Tk. 300/-, Tk. 400/-, Tk. 500/-, Tk. 1000/-, Tk. 1500/-, Tk. 2500/- and Tk. 5000/- only. The deposit could be acquired on Mudaraba Principle.

Opening of Account:

  • Any bonafide citizen of Bangladesh of eighteen years or above with sound thoughts might also additionally open an account in his call beneath this scheme with the aid of using the utility in the Bank’s revealed utility shape designed for this purpose.
  • The applicant shall be brought with the aid of using a bonafide account holder of the Branch in which he intends to open an account or any purchaser of any Branch of IBBL or any decent man or woman recognized to the Bank and shall supply passport length picture on the time of starting the account.
  • This account may be opened withinside the call of a minor with the aid of using his/her father/mother/criminal dad or mum giving vital practice for the operation of the account.
  • The account can be transferred from one department to any other department of the Bank at the written request of the account holder.
  • A separate account range will be allocated for every account.
  • At the time of opening the account, the purchaser has to offer his specimen signature in a separate card.
  • The account can be additionally opened with the aid of using the thumb effect withinside the case of an illiterate man or woman. In this sort of case, the introducer has to put up an appropriate assertion to the impact in a shape prescribed for this purpose.
  • No checkbook will be issued towards this account.

Deposit of installment:

  • Under this scheme, the depositor has to deposit constant installment on the fee of his desire from the alternatives as cited above (i.e. Tk. 100, Tk. 200, Tk. 300, Tk. 400, Tk. 500, Tk. 1000, Tk. 1500, Tk. 2500 and Tk. 5000) every month regularly.
  • Installment ought to be deposited inside sixth to the twenty-fifth of every month. If the twenty-fifth of any month is a Govt. vacation then installment can be deposited on the following running day. 
  • Installment can be additionally deposited with the aid of using a cheque. In such case proceeds in opposition to the cheque ought to be accrued on the tenth day of the month. If the cheque is dishonored then the cheque will be lower back to the depositor looking at due formalities and the installment will be dealt with as overdue. 
  • Advance Installments can be allowed to be deposited with the right association among the Bank and the consumer in this regard. 
  • The depositor might also additionally difficulty wrote status coaching for the month-to-month switch of installment quantity from another account maintained with the equal department for credit score to his MSS account. In that case, the consumer ought to make certain enough credit score stability in his/her Savings or Current account and he/she has to pay a rate of Tk. five most effective for every such switch.  

Profit-Sharing and Weightage:

The Mudaraba Special Savings (Pension) Scheme account holders shall percentage profits derived from funding i.e., profits from the usage of the Mudaraba price range in financial sports accredited through Islamic Shariah. This consists of income, dividend, capital gains, hire, and other profits derived from funding. The account holders below this scheme alongside different Mudaraba depositors shall get a minimal 65% of the profits derived from the deployment of Mudaraba Fund withinside the funding all through any accounting 12 months in keeping with their percentage withinside the overall funding on the day by day product foundation making use of the subsequent weightage:05 years Mudaraba Special Savings (Pension) Scheme: 1.10  10 years Mudaraba Special Savings (Pension) Scheme: 1.30Benefits of complete weightage with every year cumulating of income shall emerge as payable if withdrawn on maturity.  No income shall accrue if the account is closed inside 365 days.  In instances of untimely withdrawal after 365 days income will be payable on the charge relevant for Mudaraba Savings Deposit. In the case of 10 12 months, time period MSS Account encashed after five years however earlier than 10 years, income will be payable on the charge relevant to five 12 months time period MSS Account for five (five) years and on the charge of Mudaraba Savings deposit for the following period.

Payment of Pension:

The pension is payable on the adulthood of the time period for which the account is opened both in a lump sum or on a month-to-month foundation at a set quantity as in line with the written choice of the depositor. The depositor might also additionally extrude his/her choice in writing in the course of the forex of the time period. In case of choice for receiving a month-to-month pension, the depositor shall get income on the fee payable to Mudaraba Savings Deposits after the adulthood of the account and pension might be paid till such time there stays enough stability withinside the account.

Pension quantity will be paid to the account holder as in line with the settlement and in case of his/her loss of life to his/her nominee as in line with the education given. In case of bills to the nominee/ nominees guidelines defined under will be applicable.

The lump-sum quantity of pension payable on the give up of a selected time period might also additionally range because of the variable fee of income given at the every year deposit. This will suggest that the pension quantity might also additionally be in the long run range and can be greater-or-much less than the determined stated withinside the table. If the real quantity payable will become greater than the quantity proven withinside the table, the account holder or beneficiary gets a better quantity and contrarily if the real quantity payable in the long run will become much less than the quantity proven withinside the table, the beneficiary gets much less quantity than what’s proven withinside the table.

Premier Bank Ltd

The Premier Bank Limited turned into included in Bangladesh as a banking employer on June 10, 1999, below Companies Act.1994. Bangladesh Bank, the central bank of Bangladesh, issued a banking license on June 17, 1999, below Banking Companies Act.1991. The Head Office of The Premier Bank Limited is placed at Banani, one of the principal business and enterprise regions of Dhaka city. We are going to learn the DPS policies of Premier Bank Ltd afterward.

Key Features:

  • No preliminary deposit required.
  • The monthly installment deposit begins off evolving from Tk. 500.00 & above.
  • The flexible tenor of 3, 5, 10, and 12 years.
  • Auto installment switch facility.
  • One patron can open a couple of Scheme

Monthly Savings Schemes:

*Maturity value at the end of the tenor.

Monthly Savings Scheme (MSS)

3 Years @ 8.00% @ Tk. 500.00 Maturity Amount: 20,312.54
5 Years @ 8.50% @ Tk. 500.00 Maturity Amount: 37,168.72
10 Years @ 8.75% @ Tk. 500.00 Maturity Amount: 94,291.60
12 Years @ 9.00% @ Tk. 500.00 Maturity Amount: 126,657.93

 Eligibility:

  • Minimum Age: 18 years
  • Citizen of Bangladesh

Document Required:

  • Mandatory CASA link Account for all MSS.
  • Photograph of A/c holder – 2 copies
  • Photocopy of Valid NID/Passport/Driving License
  • Photograph of Nominee – 1 copy

Dhaka Bank Ltd.

A group of highly acclaimed businessmen of the country grouped together to respond to this need and established Dhaka Bank Limited in 1995. under the Companies Act, 1994. The Bank started its commercial operation on July 05, 1995 with the Authorized Capital of Tk. 1,000 million and Paid-up Capital of Tk. 100 million. The present Authorized Capital of the Bank is Tk. 10,000 million. We are going to learn the DPS policies of Dhaka Bank Ltd in the process.

Key Features:

  • Monthly Installment, Minimum Tk. 500 To Maximum Tk. 25,000
  • Flexible Tenure, Minimum 2 Years To Maximum 10 Years
  • Maximum Maturity Value Around Tk. 43.02 lac
  • Any Number of Accounts You Can Open
  • Premature Encashment Includes Immediate Earlier Maturity Value

Eligibility:

  • Any Bangladeshi citizen, 18 years or over
  • A minor operated by a legal guardian may also open the account

*Maturity value at the end of the tenor.

Monthly Saving 3 Years 5 Years 8 Years 10 Years
Tk 500 19,722.40 35,142.57 63,237.87 86,041.96
1,000.00 39,444.80 70,285.11 126,475.74 172,083.86
2,000.00 78,889.61 140,570.22 252,951.45 344,167.72

One Bank Ltd

OBL-One Bank Ltd. is a private sector commercial bank dedicated to the business line of taking deposits from the public through its various saving schemes and lending the fund in different sectors at a margin. Proper risk assessment and compliance is meticulously followed in the selection of asset and liability portfolio. Bank financing is concentrated in both working capital financing and long term financing.

Features:

    • Account opening balance is Tk. 20,000 and four different maturity tenors
    • Interest rate
  •  
  • 6 months – 3.50% p.a
  • 1 year – 4.00% p.a
  • 2 years – 4.50% p.a
  • 3 years – 5.50% p.a
    • The minimum single transaction amount is Tk. 500
    • No fixed date for deposit and no fixed monthly installment
    • Flexible deposit facility with no withdrawal option before maturity
    • Maximum 90% Cash Line facility against this account

Wrapping Up:

As it is pretty much affordable for the customers to avail of the monthly installment based saving scheme, so there are DPS facilities in both Conventional banking and Islamic shariah based banking as well. Banks are digitizing themselves to give their users the best experience and the best service in the market, on the basis of this thought, to ensure a random user to get the most authentic information, we are going to highlight the 5best DPS service providing banks(Conventional and Islamic bank) in Bangladesh. 

This article will guide you through the way of choosing the right bank, having the best competitive rate of interests, and ensuring the best customer service for the installment based saving scheme(DPS) in Bangladesh.