IDLC Finance and bKash, country’s two leading financial service providers, have jointly launched digital FDR (Fixed Deposit Receipt) service, making it easier for customers to save through fixed term deposits.
Under the new service, customers can instantly open FDR ranging from Tk10,000 to Tk100,000 having tenures of 6 and 12 months with IDLC Finance directly through the bKash App, from the comfort of their homes and without any paperwork.
The entire process, from opening an FDR and receiving periodic interest to receiving the full amount upon maturity, can be completed digitally through bKash app.
M Jamal Uddin, CEO and managing director of IDLC Finance, and Ali Ahmmed, chief commercial officer of bKash Limited, jointly made the announcement at an event held at IDLC office in the city recently.
Senior officials from both the organizations were also present on the occasion.
Customers will receive periodic interest from their IDLC FDR directory into their bKash account. In addition, they can download and preserve digital FDR receipts directly from bKash App.
The FDR service also includes an auto-renewal option, enabling customers to automatically renew their FDRs upon maturity.
M Jamal Uddin, CEO and managing director of IDLC Finance, said: “After introducing DPS through bKash for the first time in the country, we are now expanding into term deposits to make savings tool more accessible than ever for customers. 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.”
Ali Ahmmed, chief commercial officer of bKash, said: “Through partnerships with financial institutions, bKash continues to make savings services more accessible to common people across the country. Following DPS, the new FDR service will help bKash customers grow their savings more effectively and achieve their financial goals. We believe this collaboration between IDLC and bKash will further strengthen financial empowerment and inclusion.”
It is mentionable that customers have already been availing IDLC Finance’s weekly and monthly DPS services through the bKash App for nearly five years that gained tremendous response among the customers.
With this partnership, the new FDR service will now provide customers with an opportunity to open fixed term savings.