IDLC Finance and bKash have launched a digital fixed deposit receipt (FDR) service, allowing customers to open FDRs instantly through the bKash app without paperwork.
Customers can open FDRs ranging from Tk10,000 to Tk100,000 with tenures of six and twelve months. The entire process- from opening an account and receiving periodic interest to receiving the full amount upon maturity- can be completed digitally. Customers will receive interest payments directly into their bKash accounts and can download digital receipts from the app. The service includes an auto-renewal option, said a press release on Saturday.
IDLC Chief Executive Officer Jamal Uddin and bKash Chief Commercial Officer Ali Ahmmed announced the service at an event at IDLC’s office in Dhaka. Senior officials from both organisations were present.
Jamal Uddin said the partnership aims to make savings tools more accessible. “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 said.
Ali Ahmmed said the FDR service would help bKash customers grow their savings and achieve financial goals. “We believe this collaboration … will further strengthen financial empowerment and inclusion,” he said.
Customers have been using IDLC’s weekly and monthly DPS services through bKash for nearly five years.
