IDLC Finance, bKash launch digital FDR service

IDLC Finance and bKash, two of the country’s leading financial service providers, have jointly launched a 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 FDRs ranging from BDT 10,000 to BDT 100,000, with tenures of six and 12 months, 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 the bKash app, says a press release. 

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 recently at the IDLC office in the city. Senior officials from both organisations were also present.

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

It is worth mentioning that customers have already been availing themselves of IDLC Finance’s weekly and monthly DPS services through the bKash app for nearly five years, which have received a tremendous response from customers. With this partnership, the new FDR service will provide customers with an opportunity to make fixed-term deposits digitally.