IDLC Finance, bKash launch digital FDR service
IDLC Finance and bKash have jointly launched a digital fixed deposit receipt (FDR) service, allowing customers to open fixed-term deposits through the bKash App without paperwork.
IDLC Finance Chief Executive Officer and Managing Director M Jamal Uddin and bKash Limited Chief Commercial Officer Ali Ahmmed announced the service at an event held recently at the IDLC office in Dhaka, according to a press release.
Senior officials from both organisations also attended the event.
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Under the service, customers can open FDRs with IDLC Finance ranging from Tk10,000 to Tk1 lakh for tenures of six or 12 months.
Customers can complete the entire process digitally through the bKash App from their homes.
The service covers opening an FDR, receiving periodic interest and obtaining the full amount upon maturity.
Periodic interest from the IDLC FDR will be deposited directly into the customer's bKash account.
Customers can also download and retain their digital FDR receipts through the app.
The service includes an auto-renewal option, allowing customers to renew their FDRs automatically upon maturity.
"After introducing DPS through bKash for the first time in the country, we are now expanding into term deposits to make savings tools more accessible than ever for customers," M Jamal Uddin said.
"This collaboration between IDLC Finance and bKash reflects our shared commitment to simplifying savings for a wider population.
"By harnessing technology to reach those still outside the fold of traditional banking, we aim to foster a stronger culture of savings among them," he added.
Ali Ahmmed said bKash continued to make savings services more accessible to people across the country through partnerships with financial institutions.
"Following DPS, the new FDR service will help bKash customers grow their savings more effectively and achieve their financial goals," he said.
"We believe this collaboration between IDLC and bKash will further strengthen financial empowerment and inclusion," he added.
Customers have been using IDLC Finance's weekly and monthly deposit pension scheme (DPS) services through the bKash App for nearly five years.
The new partnership expands the digital savings facilities available to customers by enabling them to open fixed-term deposits through the app.
