Introduction to the Arab Bank Fixed Deposits in the UAE
Arab Bank offers fixed deposit with an attractive rate of interest and flexible tenure options to cater to different needs of its customers. The Arab Bank fixed deposit lets you build on your savings without having to invest time and again. It is a single time investment account. It also provides a facility called ‘Roll over facility’ which will allow you to automatically renew your deposit. The fixed deposit account holder can add more principal amount automatically to the account at the time of renewal. Another added advantage of Arab Bank fixed deposit is that it is available in major currencies other than UAE.
Arab Bank Fixed Deposits: Features and Benefits
Listed below are the features and benefits of Arab Bank fixed deposit.
- The interest on the amount deposited is credited on maturity.
- Offers roll over facility(Automatic renewal of the fixed deposit account)
- Offers various tenure options to suit the needs of the customers.
- Simple and easy documentation.
- Can be applied for online.
- Speedy processing.
- Attractive rate of interest.
- Dedicated team of professionals.
- Offers the option of adding a fixed amount to your account at the time of automatic renewal.
- Available in AED and other major currencies.
- No hidden costs.
- Application process is very easy.
Other products offered by Arab Bank, in UAE are:
What is a fixed deposit account?
A fixed deposit account is a term deposit where in the account holder deposits a fixed amount of money at the time of opening the account and earns interest on the same for a certain period of time. The customer gets to choose the tenure of the deposit and interest will be paid out either at intervals or at maturity depending on the fixed deposit account. The interest paid depends on the amount deposited and the tenure for which the deposit has been made.
Premature withdrawal is allowed in fixed deposits but the bank charges a penalty fee for premature withdrawals or doesn’t pay out the interest. One can also avail loans against fixed deposit accounts. Some fixed deposit accounts come with an auto renewal option where in the account holder can renew the account on maturity with the same amount or by adding extra principal amount to the already existing account.
About the Arab Bank
Arab Bank is the biggest financial institution in Middle East. Founded in 1930, it is the first private sector bank in Arab. Over time the bank has expanded and currently has over 600 branches in 30 countries and 5 continents. The bank employs over 6,457 employees worldwide with women constituting 36.3% of the staff. The bank offers consumer banking services in addition to corporate and institutional banking services. The bank offers financial products and services such as loans, accounts, cards, expat banking services, etc. The bank has a dedicated team of professionals always ready to aid the customers and also offers online banking and mobile banking to make banking much easier.