Dhaka — IDLC Finance has launched a ‘digital savings service’ where people outside the financial inclusion across Bangladesh can avail of various term savings services of the financial institutions directly through bKash Accounts.
The inaugural function was held at the IDLC head office and was attended by senior officials of both the organizations including IDLC CEO and MD M Jamal Uddin and bKash CEO Kamal Qadir.
As a result of this initiative of IDLC Finance, bKash customers can now avail themselves of a small monthly savings service now. Users can also deposit the savings instalment from the bKash app on the scheduled date of each month and after the saving period expires, the customers will get all the money including profit in their bKash account.
Under this service, bKash customers will now be able to take direct savings plans of IDLC Finance in monthly instalments of Tk500, 1000, 2000 and 3000 starting from a minimum of two years to a maximum of four years.
The savings instalment from the bKash account will be automatically credited to IDLC on the due date of each month. The customer will be notified before the due date to keep the required balance in the account.
Customers will be able to view all the required information ‘Live’ from the development app, including the total deposit amount, savings period, and profit amount.
When the savings expire or mature, the entire money including the profit will go to the customer’s bKash account and if the customer wants to withdraw money at any stage of savings, he can do so through the bKash app.
IDLC CEO and MD M Jamal Uddin said that this joint service of IDLC Finance and bKash set an example by connecting customers through MFS services like bKash with the traditional financial services sector. This availability of services like small savings will also contribute to the improvement of the living standards and economic development of the common man.
bKash CEO Kamal Qadir said that bKash, which has become a part of the lives of millions of people across the country, has once again made it easier for financial institutions to access savings services by utilizing technological innovations.
To launch the savings service, customers can launch the service in a few easy steps by clicking on the ‘Savings / Savings in Banks and Financial Institutions’ icon on the home screen of the bKash app and adding their own and nominee information.
Incidentally, as per the guidelines of Bangladesh Bank, the profit of this savings and other regulations will be complied with and only the bKash customers registered through e-KYC can avail of this savings service of IDLC.