ila Bank, the digital banking arm of Bank ABC, has launched a novel feature offering monthly payouts on fixed deposits and Wakala investments.
This move allows customers to earn competitive interest or profit rates on their investments with the added benefit of receiving monthly payments. Both fixed deposits (conventional banking) and Wakala accounts (Sharia-compliant) can be opened in either Bahraini dinars or US dollars within minutes through the ila app, with a minimum investment of BD500 or $1,500 for a 12-month term.
The monthly interest/profit earned will be automatically credited to customers’ accounts, catering to those seeking a steady stream of income from their savings.
“Opening a fixed deposit or Wakala account with ila is a fast and easy way to save and grow your money,” said Abdulla Abuidrees, head of marketing and acquisition at ila Bank. “We’re excited to offer the additional benefit of monthly income generation. This initiative demonstrates our commitment to listening to customer needs and providing tailored solutions for their financial goals.”
The launch of monthly payouts aligns with ila’s focus on innovative savings products, offering customers a wider range of options.
Full details of interest/profit rates are available on the ila app and website, with calculations based on the deposited amount, chosen term, currency, and account tier (Premium or Classic).
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