IDLC brings instant FDR opening to bKash app

IDLC Finance PLC and bKash Limited, two of the country’s leading financial service providers, have jointly launched a digital fixed deposit receipt (FDR) service, making it easier for customers to save through fixed-term deposits.

Under the new service, customers can instantly open FDRs ranging from Tk 10,000 to Tk 1 lakh, with tenures of six and 12 months, with IDLC Finance directly through the bKash app, from the comfort of their homes and without any paperwork.

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The entire process, from opening an FDR and receiving periodic interest to receiving the full amount upon maturity, can be completed digitally through the bKash app.

M Jamal Uddin, CEO and managing director of IDLC Finance, and Ali Ahmmed, chief commercial officer of bKash, jointly made the announcement at an event held at the former’s office in Dhaka recently.

At the event, Jamal said, “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,” he added.

“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 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,” he added.

Customers will receive periodic interest from their IDLC FDRs directly into their bKash accounts.

In addition, they can download and preserve digital FDR receipts directly from the bKash app.

The service also includes an auto-renewal option, enabling customers to automatically renew their FDRs upon maturity.