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IDLC introduces first MFS-based digital savings scheme

bKash app users can deposit installments on it

  • Staff Correspondent
  • 3 September, 2021 12:00 AM
  • Print news
IDLC introduces first MFS-based digital savings scheme
IDLC Finance Managing Director and CEO M Jamal Uddin and bKash CEO Kamal Quadir pose for a photo after launching the ‘Digital Savings Scheme’ at the corporate head office of IDLC Finance at Gulshan in the capital on Thursday.

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IDLC Finance has introduced the country’s first ‘Digital Savings Scheme’.

Due to this ground-breaking initiative of IDLC Finance, bKash customers can now open monthly savings anytime from anywhere, following a few simple steps.

Users can deposit savings installments from bKash app on the scheduled date of each month and after the savings scheme is matured, customers will receive the money including profits in their bKash account.

IDLC Finance Managing Director and CEO M Jamal Uddin and bKash CEO Kamal Quadir and other senior officials of both the organisations were present at the launching event held at the corporate head office of IDLC Finance at Gulshan, said a press release.

This collaboration aims to bring the population outside the purview of traditional banking services, under financial inclusion.

This new service is expected to inspire people from all walks of life to save money and it will make the savings process easier, safer and affordable.

Under the service, bKash customers will now be able to avail the savings schemes of IDLC Finance in monthly installments of Tk 500, Tk 1,000, Tk 2,000 and Tk 3,000 starting from a minimum period of two years to a maximum of four years.

The savings installments will be automatically transferred from the bKash account to IDLC Finance on a specific date of each month.

M. Jamal Uddin, MD and CEO of IDLC Finance said, “This collaboration between IDLC Finance and bKash to connect customers with traditional financial services through MFS will serve as an example for the industry. The access to services like monthly savings scheme will also contribute to the improvement of people’s living standards and economic development.”

Kamal Quadir, CEO of bKash said, “bKash, which has become a part of the lives of millions across the country, has once again utilized technological innovations to make it easier for customers to get access to savings service of financial institutions.”

To open savings account in IDLC, customers need to click on 'Savings (in bank and financial institution)' icon from the home screen of bKash app and follow some easy steps.

Only bKash customers who are currently registered through e-KYC can use this savings service of IDLC Finance.

Gradually all customers will be brought under this service.