IDLC Finance has introduced the country's first "Digital Savings Scheme" through which people can enjoy the term-deposit services of the nonbank financial institution through their bKash accounts.

M Jamal Uddin, MD and CEO of IDLC Finance, Kamal Quadir, CEO of bKash, and other senior officials of both the organisations were present at the launching event in the capital.

"This collaboration between IDLC Finance and bKash to connect customers with traditional financial services through mobile financial services (MFS) will serve as an example for the industry. The access to services like monthly savings schemes will also contribute to the improvement of people's living standards and economic development," Jamal said.

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"To further encourage the savings trend, IDLC's savings service has been brought to the doorsteps of marginalised people to enhance their efficiency and independence in financial management," Kamal said.

bKash customers can now open monthly savings anytime from anywhere, following a few simple steps.

Users can deposit savings instalments from the 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.

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Under this service, bKash customers will now be able to avail of the savings schemes of IDLC in monthly instalments of Tk500, Tk1,000, Tk2,000 and Tk3,000, 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 on a specific date of each month. The customer will be notified before each due date to keep a sufficient balance in the account.

Customers will be able to see all the important information "Live" from the bKash app, including total savings amount, savings period, and profits. When the savings period expires or matures, the entire money, including profits, will be transferred to the customer's bKash account. If the customer wants to withdraw money at an early stage of the savings period, they can do so through the bKash app.

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Terms and conditions and profits of the savings will be followed according to the Bangladesh Bank guidelines.

Only bKash customers who are now registered through e-KYC can use this savings service of IDLC. Gradually all customers will be brought under this service, said a press release Thursday.