EBL, bKash to launch digital fixed-deposit service

Eastern Bank PLC (EBL) and bKash Limited will introduce Bangladesh's first bank-led digital fixed-deposit service through a mobile financial services platform, they say.

According to a press release, the service will allow bKash customers to open and manage EBL fixed deposits directly in the bKash app, without visiting a bank branch.

M Khorshed Anowar, Deputy Managing Director and Head of Retail and SME Banking at EBL, and Ali Ahmmed, Chief Commercial Officer of bKash, jointly announced the service at a ceremony at EBL's head office in Dhaka on Thursday. The invite said the event was held there.

The partners said the initiative would make formal savings products more accessible, especially for customers in semi-urban and rural areas.

M Khorshed Anowar said the initiative followed the launch of EBL's deposit pension scheme on the bKash app.

"After the successful launch of EBL DPS on the bKash app, we took the initiative to become the first bank to offer fixed deposits through the platform," he said.

"People across Bangladesh will now be able to open EBL fixed deposits at their convenience. EBL will continue to extend its savings services to a broader customer segment as part of its efforts to advance inclusive banking."

Ali Ahmmed said deeper collaboration between banks and bKash was creating opportunities to deliver accessible, customer-focused financial services nationwide.

"By leveraging bKash's extensive customer base and digital infrastructure, banks can extend their services to millions of people with greater convenience," he said.

"Through this partnership, we have further advanced our shared objective of developing financial products that support financial inclusion and empowerment."

Ziaul Karim, Head of Brand, Marketing and Communications at EBL, and senior officials from both organisations attended the event, which was held at the EBL head office in Dhaka on Thursday.