CBD Fixed Deposits:
Commercial Bank of Dubai offers fixed deposits at attractive rates of interest for varying tenures. Investing in these deposits, you can earn fixed returns on your investments. The bank offers safe and low risk fixed deposits with assured returns. CBD offers both Fixed Deposits and Flexi Deposits.
What is a Fixed Deposit Account?
A fixed deposit is a financial instrument provided by banks to help you get higher rates of interest on your savings than you earn by investing in normal savings accounts. It is a kind of savings account or certificate that pays you a fixed rate of interest on a specific maturity date. In a fixed deposit account, you are not allowed to withdraw your deposits before maturity. However, banks allow you to withdraw your deposits on request. They charge a penalty for such withdrawals. Interest rates on fixed deposits offered by banks differ based on market condition and the liquidity requirement of banks. Given the guaranteed returns and ease with which a fixed despite can be opened, FDs are one of the popular investment options for individuals and business entities.
CBD Fixed Deposits: Features & Benefits
- CBD offers attractive rates of interest for its FDs.
- Choice of multiple currencies is allowed.
- Get points and participate in the bank’s rewards program.
- Deposit accepted for a minimum period of 7 days to a maximum period of 3 years.
- Minimum deposit accepted for a fixed deposit account is AED 10,000.
- Auto renewal option is available. You can opt for this at the time of opening of your FD account or any time before the FD matures. This option helps you renew your fixed deposits automatically for the same period as the original deposit.
- Premature withdrawal is allowed, but it is charged.
CDB Flexi Deposits: Features & Benefits
Infesting is Flexi Deposits offered by CBD, you can earn high returns as well as withdraw when you need cash.
- You can withdraw cash at any time.
- Overdraft facility is available for up to 90% of the FD amount.
- Get competitive rates of interest on your FDs.
- Zero balance required on linked current account.
- Get fast approval on linked overdraft.
CBD Deposit Account: Eligibility Criteria
- Both UAE and non-UAE residents can open their fixed deposit accounts with CBD.
- Minimum age required to open an FD account at CBD is 18 years.
- Minors are also allowed to open their FD account at CBD. However, they can do so with the help of guardians/ parent as co applicants.
Commercial Bank of Dubai is commonly known as CBD. The bank was established in 1969, and it started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait. In the course of time, the bank witnessed an exceptional increase in its capital base and turned into a National Public Shareholding company by 1982. Now, the government of Dubai is one of the key shareholders of CBD.CBD offers a wide range of financial products including: