Bank Islam Brunei Darussalam (BIBD) today launched its first ever digital certificate of deposit, dubbed BIBD Aspirasi.
The fixed-income product is available via the bank’s mobile and online NEXGEN platforms – customers can make deposits, monitor their investment progress or make instant redemption on their smartphones.
The digital certificate of deposit provides customers with basic investment opportunities and offers better returns than general savings accounts – which gives a return of 0.15 per cent per annum.
With a return rate of 0.2 per cent per annum, BIBD Aspirasi allows Bruneians to start an e-certificate with as low as B$500 and a maximum of B$100,000 with one-time to subscription fee of B$5.
Subsequent investments can be made with a minimum of B$50 per investment.
BIBD Head of Retail Banking Hjh Nurul Akmar Hj Md Jaafar said that the launch of BIBD Aspirasi represents a step forward for BIBD’s digital banking initiative NEXGEN, following the roll out of its peer-to-peer cashless mobile payment QuickPay and corporate mobile banking app BizNet early this year.
“We noticed that the market has not offered products that are easily accessible to investors. BIBD Aspirasi opens the opportunity to do so,” she added.
With the launch of Aspirasi, which coincides with the National Savings Day today, BIBD is incentivising Bruneians to save and invest their money.
“We want to promote a savings culture and financial management in Brunei,” said Hjh Nurul Akmar.
In its bid to attract more savers and investors, the bank is also giving away an annual grand prize of B$250,000, with a quarterly prize of B$25,000 and monthly prizes of B$2,500 when they purchase BIBD Aspirasi e-certificates.
Each investment entitles BIBD account holders to an entry ticket per investment of B$50 into the monthly, quarterly and annual grand prize.