Introduction to the ADIB Fixed Deposit Accounts in UAE
ADIB (Abu Dhabi Islamic Bank) offers a very unique kind of fixed deposit account. The fixed deposit account offered by ADIB is called ‘Recurring Investment Option’. It works like a regular fixed deposit account and lets you build on your savings. ADIB lets you invest your savings for a fixed period of time in the account and once the term is completed the amount is reinvested. The customer can choose to transfer the profit to an account of their choice or add up the profit with the principal amount and invest it again. The account offers a very high rate of profit along with flexible investment period options.
Features and Benefits of ADIB Fixed Deposit Account
Listed below are the features and benefits of ADIB fixed deposit account.
- It is a reinvestment fixed deposit account.
- Offers flexible tenure options.
- Offers a very high profit rate.
- The profit can either be transferred to another account or the profit along with the principal amount can be reinvested.
- The customer can avail any of ADIB financing option equivalent to the amount invested with the bank.
- Offers a free Visa Cashback card.
- The account is based on the Islamic principle of Mudaraba.
- Minimum investment amount is AED 10,000.
- Non-residents of UAE are eligible.
- Offers mobile banking and internet banking for the account.
- Hassle free application process.
Other products offered by Abu Dhabi Islamic Bank, in UAE are:
What is a Fixed Deposit Account?
A fixed deposit account is a term deposit account which helps you build on your savings. A fixed deposit account lets the account holder deposit a certain amount of money for a certain period of time while the banks pay interest on the amount deposited. The interest paid is calculated on the amount deposited and the tenure for which it is deposited. Some banks require the investor to invest a minimum amount of money in order to open a fixed deposit account. The account holder can also avail a loan against their fixed deposit account. Banks allow the account holder to make premature withdrawals but the account holder will have to pay a penalty charge for the same.
About Abu Dhabi Islamic Bank
ADIB (Abu Dhabi Islamic Bank) is based in UAE. This Islamic bank was established in 1997 and commenced operations in 1998.All the contracts and operations carried out by the bank is based on Sharia’ principles. The bank offers various kinds of accounts, cards and finances such as car finance, instant finance and travel finance.