ila News

Manama, Bahrain: 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. This comes as part of the Bank’s steadfast commitment to empower consumers with smart financial management tools that help build their wealth.

Commenting on the FD product launch, Nada Tarada, Head of Business & Customer at ila Bank said: “ila was built with a mission to make banking easier, smarter and faster for modern day customers. Our digital Fixed Deposit Account, like all our propositions, was designed carefully in a way that exemplifies this commitment as it empowers our customers with a seamless saving solution, accessible within seconds, in the palm of their hands.”

“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. This latest addition to our customer-driven banking proposition offers competitive and leading interest rates in the market for both Bahraini dinar deposits and US dollar deposits,” added Nada Tarada.

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 FD account’s unmatched interest rates are published on the ila Bank app. Further information is available on the ila Bank app and corporate website: Fixed Deposit | ila Digital Bank - Bahrain (ilabank.com).

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 prize-linked account with huge cash prizes, totaling US$1.5 million.

The accelerated increase in customer usage of ila’s tailored saving products demonstrate a paradigm shift in consumers preferences towards seamless digital-only banking experiences.