IDLC savings schemes available on bKash

Star Business Desk

People can access IDLC Finance's digital savings services through their bKash accounts, a scope that would allow customers to save from anywhere in Bangladesh.

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They can start IDLC's monthly savings schemes of different terms and amounts in just two minutes without any hassle of papers and forms, a press release said.

They can avail of savings schemes in monthly instalments 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 instalments will be automatically transferred from the bKash account to IDLC Finance on a specific date of each month.

"The opportunity to save small amounts of money without any hassle will help all save money. This will bring good for the economy and improve the living standard of people," said Ali Ahmmed, the chief commercial officer of bKash.

"The service of IDLC and bKash will play a vital role in the structural transformation of the country's economy and fulfil the dream of Digital Bangladesh," said Syed Javed Noor, deputy managing director of IDLC.

Customers can withdraw the savings amount through the bKash app at any stage after three months of opening the scheme and cash out the full amount, including interest, without any charge upon the maturity of the schemes.

One simply needs to click on the "savings" (in bank and financial institution)' icon from the home screen of the bKash app to open a savings account with IDLC. Around 90,000 customers availed the savings schemes, amounting to Tk 14 crore since the inception of the service in September.

Of the customers, 64 per cent availed the service for future purposes, 25 per cent to ensure the financial security, 6 per cent to bear educational expenses and the remaining 5 per cent for other purposes.