EBL, bKash to launch digital fixed-deposit service

Eastern Bank PLC (EBL) and bKash have jointly launched what they described as Bangladesh's first digital fixed deposit service through the bKash app.

The service lets bKash customers open a fixed deposit with EBL without visiting a branch or submitting physical documents, according to a press release.

Customers can deposit Tk10,000 to Tk1 lakh for six or 12 months, with automatic renewal available. Interest will be credited periodically to their bKash accounts, and digital receipts can be downloaded and stored in the app.

M Khorshed Anowar, deputy managing director and head of Retail and SME Banking at EBL, and Ali Ahmmed, chief commercial officer of bKash Limited, jointly launched the service at EBL's head office in Dhaka on 29 July.

Senior officials from both organisations attended the event.

M Khorshed Anowar said EBL introduced the service after launching its deposit pension scheme through the bKash app.

"This is a testament to the inclusive banking EBL is striving for. People across Bangladesh can now open an EBL fixed deposit at their convenience through the bKash app," he said.

He added that EBL would continue expanding its savings services to reach a broader customer base.

Ali Ahmmed said closer 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.

He added that the partnership would support the development of financial products to advance financial inclusion and empowerment.