IDLC launches digital savings service at MFS

IDLC Finance, the country's largest financial institution, has launched 'Digital Savings Services' for the first time. The service was launched through bKash Account to provide various term savings services of IDLC Finance to the people outside the financial inclusion nationwide. The service was launched at the IDLC head office by IDLC CEO & MD M Jamal Uddin and bKash CEO Kamal Qadir. Under the service, bKash customers will now be able to take direct savings plans of IDLC Finance for a maximum period of four years starting from a minimum of two years in a monthly installment of Taka 500, Taka 1,000, R Taka s 2,000 and Taka 3,000. The installment of savings from 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 necessary information 'Live' from the development app, including the total deposit amount, savings period, and profit amount. After the savings expire or mature, the entire money including the profit will go to the customer's bKash account and the customer can also withdraw money at any stage of the savings through the bKash app. In this regard, IDLC CEO & MD M Jamal Uddin said, “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 people. Kamal Qadir, CEO of bKash, said: “To further stimulate the savings trend, IDLC's savings services have brought capacity and independence in marginalized people to their doorsteps.” To start 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. It is to be noted that as per the instructions 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 this savings service of IDLC. Later all the customers will come under this service.