ila Bank launches seamless ‘Fixed Deposit’ account

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

ila Bank, the fastest growing digital mobile-only bank in Bahrain, powered by Bank ABC, has launched a seamless Fixed Deposit (FD) account with competitive interest rates.

Through a fully digital experience via the ila Bank app, customers can open an FD account within seconds and start earning a new source of income.

Nada Tarada, Head of Business & Customer at ila Bank said: “Effortlessly via the ila Bank app, customers can instantly open multiple fixed deposit accounts and choose the period that is most convenient to their savings plan.

They would also be able to track their saving performance at any time to know exactly how much they are earning daily and how much time is left until their deposits mature.”

ila’s Fixed Deposit account enables customers to save in BHD or USD and earn attractive interest payments based on the amount deposited, period and currency selected, and card category (Premium or Classic).

The minimum amount required to open an FD account is BD1,000 and/or USD2,500 and available tenures range from 1 to 12 months.

The Fixed Deposit account follows multiple innovation-driven saving solutions released by ila Bank, namely ‘Hassala’, a digital saving pot automating the saving process; ‘Jamiyah’ a collaborative saving tool stemming from a longstanding regional tradition; and ‘Al Kanz’ a digital prizelinked account with huge cash prizes, totaling US$1.5 million.