Over the years, installments-based saving schemes have become very popular in Bangladesh. This type of scheme is mostly known as the Daily Profit Sharing (DPS) Scheme. Almost all private and public banks of Bangladesh has various DPS schemes hence sometimes it become very difficult for people to choose a bank to open a monthly DPS scheme. Therefore, in this article, I will highlight some of the best DPS-providing banks in Bangladesh so that you can easily make the right decision of opening a monthly DPS scheme.
Some of the best banks for opening DPS schemes are Bank Asia, Prime Bank Limited, Islami Bank Bangladesh Limited, Premier Bank, Dhaka Bank, First Security Islami Bank, Eastern Bank Limited, UCB Bank, Mutual Trust Bank, and Jamuna Bank.
Best Banks To Open Monthly DPS Scheme In Bangladesh
1. Bank Asia
Bank Asia has few numbers of DPS schemes and their scheme starts from as low as 500 tk per month. You can open a DPS scheme of various lengths like 3 years, 5 years, 7 years, 10 years, and 12 years.
Key Features
- Attractive and competitive interest rates
- No hidden charges
- Tax benefits as investment rebate
- SOD loan facilities can be availed
- No online charges for monthly deposit
- Customers will enjoy charge free Savings Account which is used only for DPS purpose
- Tenure: 3, 5, 7, 10, and 12 years
- Installment Size: Deposit amount starts from Tk. 500 to Tk. 10,000 monthly
Documents Required
- Account Opening Form
- Photo ID/ National ID/ Passport / Driving License of customer & Nominee(s)
- Recent photograph of customer & Nominee(s)
- Proof of Address
- Signed Terms & Conditions
- TIN Certificate (if applicable)
Terms & Conditions
- Only individuals can open this account
- All the relevant source tax, excise duty, and other levies as per govt. laws and regulation or instruction of NBR
Bank Asia DPS Schemes
2. Prime Bank Limited
Prime Bank Limited also offers various DPS schemes to its customers. According to these schemes, the depositor will earn a cumulative amount on maturity based on the monthly installment of his/her convenience.
Key Features
- Attractive Interest Rate
- Maturity tenures of 3, 5, 7, 10, 12, or 15 years
- Automatic realization of monthly installments
- One person can open more than one “Contributory Savings Scheme”
- Loan/overdraft facility against the deposited amount
Documents 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
Terms & Conditions
- Tenor and deposit amount may vary from time to time
- Minimum Age: 18 years
- Citizen of Bangladesh
Prime Bank Limited DPS Schemes
3. Islami Bank Bangladesh Limited
This is a renowned private bank of Bangladesh and it was the 1st Islami Bank of Bangladesh. This bank also offers exclusive DPS schemes for Bangladeshi citizen who is at least 18 years old. Here you can open Monthly DPS starting from Tk. 500/-, Tk. 1000/-, Tk. 1500/-, Tk. 2500/- and Tk. 5000/- only.
Key Features
- Attractive and competitive interest rates
- No hidden charges
- Tax benefits as investment rebate
- SOD loan facilities can be availed
- Tenure: 5, and 10 years
- No online charges for monthly deposit
Documents Required
- Account Opening Form
- Photo ID/ National ID/ Passport / Driving License of customer & Nominee(s)
- Recent photograph of customer & Nominee(s)
- Proof of Address
- Signed Terms & Conditions
- TIN Certificate (if applicable)
Terms & Conditions
- Only individuals can open this account
- All the relevant source tax, excise duty, and other levies as per govt. laws and regulation or instruction of NBR
Islami Bank Bangladesh Limited DPS Schemes
4. Premier Bank
Premier bank is also a renowned private bank of Bangladesh. This bank is popular for DPS schemes because it gives high interest rates for various schemes compared to other banks. Here, the DPS schemes start from as low as 500 tk per month.
Key Features
- No initial deposit required
- Monthly installment deposit starts from Tk. 500.00 & above
- Flexible tenor of 3, 5, 10, and 12 years
- Auto installment transfer facility
- One customer can open more than one Scheme
Eligibility
- Minimum Age: 18 years
- Citizen of Bangladesh
Document Required
- Mandatory CASA link Account for all MSS.
- Photograph of A/c holder – 1 copy
- Photocopy of Valid NID/Passport/Driving License
- Photograph of Nominee – 1 copy
Premier Bank DPS Schemes
5. Dhaka Bank
Dhaka Bank is also a great option when it comes to open monthly DPS. Dhaka Bank offers competitive interest rates and installments at affordable reach. You can open monthly DPS from 500 taka per month to a maximum of 25000 taka per month.
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. 40.82 lac
- Any Number of Accounts You Can Open
- Premature Encashment Includes Immediate Earlier Maturity Value
Eligibility
- Minimum Age: 18 years
- Citizen of Bangladesh
Documents Required
- Account Opening Form
- Photo ID/ National ID/ Passport / Driving License of customer & Nominee(s)
- Recent photograph of customer & Nominee(s)
- Proof of Address
- Signed Terms & Conditions
- TIN Certificate (if applicable)
Dhaka Bank DPS Schemes
6. First Security Islami Bank
This is a very popular and renowned Islami bank of Bangladesh and it offers monthly DPS schemes of various amounts and time duration. Moreover, it also provides a handsome interest rate compared to many private banks.
Key Features
- Monthly Installment: 500/- to 25,000/-
- 3, 5, 8, 10 & 12 Years
- Installment fixed by choosing the tenure or the installment
- Deposit the installment at any branch through the month around the country
- Installments have to deposit within the 20th day of the month
Required Documents
- One copy passport size photograph of the applicant
- One copy passport size photograph of the nominee (photograph to be attested by the applicant)
- Photocopies of National ID Card/Passport/Driving License of both applicant and nominee
- TIN Certificate (if applicable)
- Introducer (in case of new applicant and/or applicable)
Eligibility
- Minimum Age: 18 years
- Citizen of Bangladesh
First Security Islami Bank DPS Schemes
7. Eastern Bank Limited
Eastern bank allows people to open monthly DPS schemes as per requirements. Here you can open a DPS as low as 500 taka per month. If you want you can increase the amount to 20,000 taka per month. The duration of the DPS schemes is 3, 5, 7, 10 years.
Key Features
- Attractive interest rate
- Interest will be calculated on a daily balance
- Maturity Amount mentioned above is before Tax
- EBL Confidence can be opened at any multiple of Tk. 500 to Tk. 20,000.00 per month
- Automatic realization of monthly installments
- Maximum 90% Loan facility
- Closed Before One Year – No Interest will be provided
- Closed After one Year but before three Year- Interest at prevailing Savings Rate
- Closed After 3 Closed Years- 2% less than EBL Confidence Rate
Required Documents
- One copy passport size photograph of the applicant
- One copy passport size photograph of the nominee (photograph to be attested by the applicant)
- Photocopies of National ID Card/Passport/Driving License of both applicant and nominee
- TIN Certificate (if applicable)
- Introducer (in case of new applicant and/or applicable)
Eastern Bank Limited DPS Schemes
8. UCB Bank
UCB bank offers regular monthly savings schemes and helps you build your future gradually. This is an excellent way to grow your hard-earned money at a competitive rate. Here you can open monthly DPS schemes for 3/5/10 years and as low as 500 taka per month. Moreover, UCB bank offers a handsome interest rate.
Key Features
- Convenient Monthly Installment
- Flexible tenor of 3/5/10 years
- Monthly compounding interest calculation
- Preferential Interest Rate for Senior Citizens (60 years & above)
- 7 days Grace period for installment payment after the due date without penal charge
- Free auto installment transfer from link account
- 24/7 instant installment deposit to link an account through UCB Recyclers
- SMS & e-mail alert for installment payment
Documents 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
Terms & Conditions
- Tenor and deposit amount may vary from time to time
- Minimum Age: 18 years
- Citizen of Bangladesh
UCB Bank DPS Schemes
9. Mutual Trust Bank
Mutual Trust bank monthly DPS is for people who have low to medium income and want to build a better future by monthly savings. Any Bangladeshi citizen of 18-year or above can open a monthly DPS in this Bank. MTB provides a better rate of interest compared to many other banks.
Key Features
- Convenient Monthly Installment
- Flexible tenor of 3/5/10 years
- A customer can open this account for 3/5/8/10 years
- The customer can avail loan of up to 90% of the payable amount
- The customer can avail credit card limit of up to 80% of the payable amount
- Government tax/tax at source etc. will be deducted from the payable amount as per govt. rules
Required Documents
- NID/Birth certificate/Passport
- Photograph – 2 Copies
- Nominee photograph – 1 Copy
- Nominee’s NID/Birth certificate/Passport
- Income source document
- E-TIN
Terms & Conditions
- Tenor and deposit amount may vary from time to time
- Minimum Age: 18 years
- Citizen of Bangladesh
Mutual Trust Bank DPS Schemes
10. Jamuna Bank
Jamuna bank has a huge array of monthly DPS schemes that starts from 500 taka per month and the maximum you can deposit is 10,000 taka per month. Here, you can open a monthly DPS for 3, 5, 8, and 10 years.
Key Features
- Attractive and competitive interest rates
- No hidden charges
- Tax benefits as investment rebate
- Automatic realization of monthly installments
- No online charges for monthly deposit
Required Documents
- Account Opening Form
- Photo ID/ National ID/ Passport / Driving License of Customer & Nominee(s)
- Recent photograph of customer & Nominee(s)
- Proof of Address
- Signed Terms & Conditions
- TIN Certificate (if applicable)
Jamuna Bank DPS Schemes
