BRAC Bank customers can now open FD, DPS accounts via app

BRAC Bank customers can now open Fixed Deposits (FD) and Deposit Pension Scheme (DPS) on the bank’s ASTHA mobile app anytime, anywhere, without visiting a branch.

The process is fully digital and paperless, where the FD and DPS accounts will be opened instantly with just a few clicks, the bank said in a statement on Wednesday.

This new feature in the ASTHA app is expected to make the customers’ lives easier. They will not need to visit any branch, do not need to fill up any form, and provide documents and photographs.  

The customers can open DPS in any multiples of Tk 500 for one year up to 10 years through the app. The fixed deposit amount will start from Tk 10,000 up to Tk 10 lakh with tenor options of 3/6/12/24/36 months.

They can see the statement and maturity date at any time on the app. 

This new feature is available in Android and IOS mobile versions and on the web platform. Customers who have enabled the auto-update feature will get the functionality now, and others need to download the latest version ASTHA2.9 from their Google Play/App Store. 

“We in BRAC Bank are always innovating and trying new ways to create convenience for our customers. This FD and DPS capability of the ASTHA app will bring ease, comfort, and control over how customers do banking nowadays,” said Md Mahiul Islam, head of retail banking of BRAC Bank.

He said it will also play a role in instilling the habit of savings for a secured future as the customers can open savings instruments from the comfort of their homes.

The bank said it is a secured process with verification through one-time password (OTP). After the successful opening of FD/DPS, the customer will get an email notification. Joint Account holders can also open FD and DPS provided that the applicant’s name will be CIF holder who has logged into ASTHA.

Customers can also encash the FD/DPS as the principal, and accrued interest will be credited to the linked account on maturity.