Smart Deposits

Features

• Tenures available for two, three, four, five, seven and ten years
• Available in AED, USD, GBP and EUR
• Choose to have interest paid monthly, bi-annually or on maturity
• Minimum deposit, AED 30,000 or USD 10,000 (or an equivalent amount in any other currency)

Eligibility

• Applicable for UAE residents and non-residents
• Salaried and non-salaried
• Minors are eligible, but deposit account must be opened and operated on the instruction of the minor’s father or court-appointed guardian

Required documents

• Completed Fixed Deposit application form
• Copy of a valid passport/resident visa/Emirates ID (originals must also be presented)

Note: Additional documents may be required on a case-by-case basis

Fees and charges

• AED 100 fee for premature withdrawal or early breakage of smart deposit

Conditions

• Interest will be paid only if the deposit is retained for a minimum period of 6 months
• Customer should have an existing account for funding the Smart Deposit. The Smart Deposit will be opened in the same currency of the account and the proceeds will be credited to the same currency account
• Partial withdrawal is not allowed, but the Bank may at its sole discretion allow a premature withdrawal of the whole of the Smart Deposit. The Customer accepts that by doing so, the Samrt Deposit may be subject to a lower interest and premature withdrawal fee. If the interest earned has already been paid to the Designated Account under the "Monthly Interest Payment" or the "Half Yearly Interest Payment" option, the excess amount paid as interest will be recovered from the principal amount
• In the case of a Smart Deposit withdrawn in full within 6 months of making the Deposit, a fee of AED 100/- shall be payable by the Customer and the Customer shall not be entitled to any interest
• In the case of a Smart Deposit withdrawn in full after 6 months of making the Deposit, a fee of AED 100/- shall be payable by the Customer and the Customer shall be entitled to 50% of the interest rate, for the period that the deposit has been maintained

Terms and conditions apply.