Term Deposits require a minimum amount of Dhs. 10,000, with any additional amount to be in multiples of Dhs. 100. The period of the deposit is from 30 days to 120 months.
Premature withdrawals of term deposits are permitted as under:
1) While premature withdrawals of term deposits of maturity 15 days to 45 days are permitted, no interest is paid thereon.
2) For deposits of Dhs.1 Million and less which have run for more than 45 days, interest will be paid at the rate applicable for deposits for the period for which the deposit has actually remained with the Bank.
3) For deposits over Dhs.1 Million which have run for more than 45 days, interest is paid @ 1.00% less than the rate applicable for the period for which the deposit has actually remained with the Bank.
Features
- Higher interest rate compared to Savings Account,
- Guaranteed repayment of principal and interest at agreed rate at regular intervals or at the time of maturity,
- Interest rate is unaffected for the duration of the deposit irrespective of market fluctuations,
- Interest rate varies depending upon the duration of deposit.
- Minimum deposit AED10,000.00 or its equivalent in other currencies
Benefits
- Better return for idle funds
- Safety of principal and interest
- No upper limit for deposit
- Deposits can be placed for a fixed period depending on one's requirement
- Loan facility is available against the security of FD
- Premature withdrawal is permitted but against a reduced rate of interest
Fees/Charges
No charges other than against premature withdrawal where interest rate is reduced by one percent from the rate of interest corresponding to period run.
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