Emirates Islamic Bank Fixed Deposit Interest Rates
Following are the FD Rates of Emirates Islamic Bank, effective from the First quarter of 2016:
|Deposit Slabs (AED)||Profit Rates|
|Investment - Two years|
|<= 100 K||1.60%|
|100 K - 3.5 M||1.80%|
|> 3.5 M - 25 M||2.00%|
|<= 100 K - FCY*||0.20%|
|> 100 K - 3.5 M - FCY*||0.33%|
|Investment - Two years - Secured Over Draft|
|<= 100 K||0.25%|
|> 100 K - 3.5 M||0.37%|
|> 3.5 M - 25 M||0.48%|
|<= 100 K - FCY*||0.09%|
|Investment - one year|
|<= 100 K||1.00%|
|> 100 K - 3.5 M||1.40%|
|> 3.5 M - 25 M||1.40%|
|> 25 M - 50 M||1.40%|
|> 50 M - 100 M||1.40%|
|<= 100 K - FCY*||0.23%|
|> 100 K - 3.5 M - FCY*||0.37%|
|> 3.5 M - 25 M - FCY*||0.52%|
|Investment - one year - Secured Over Draft|
|> 100 K - 3.5 M||0.41%|
|> 3.5 M - 25 M||0.56%|
|<= 100 K - FCY*||0.10%|
|> 3.5 M - 25 M - FCY*||0.23%|
|Investment - Nine Months|
|<= 100 K||0.65%|
|> 100 K - 3.5 M||0.95%|
|> 3.5 M - 25 M||1.05%|
|<= 100 K - FCY*||0.25%|
|> 100 K - 3.5 M - FCY*||0.26%|
|Investment - Nine Months Flexi|
|<= 100 K||0.60%|
|> 100 K - 3.5 M||0.84%|
|> 3.5 M - 25 M||0.90%|
|> 25 M - 50 M||0.96%|
|<= 100 K - FCY*||0.20%|
|> 100 K - 3.5 M - FCY*||0.25%|
|Investment - Six Months|
|<= 100 K||0.60%|
|> 100 K - 3.5 M||0.90%|
|> 3.5 M - 25 M||0.95%|
|<= 100 K - FCY*||0.12%|
|> 100 K - 3.5 M - FCY*||0.24%|
|Investment - Six Months - Secured Over Draft|
|> 100 K - 3.5 M||0.07%|
|Investment - Three Months|
|<= 100 K||0.50%|
|> 100 K - 3.5 M||0.69%|
|> 3.5 M - 25 M||0.75%|
|> 25 M - 50 M||0.67%|
|> 50 M - 100 M||0.80%|
|<= 100 K - FCY*||0.00%|
|> 100 K - 3.5 M - FCY*||0.11%|
|Investment - Three Months - Secured Over Draft|
|> 100 K - 3.5 M||0.01%|
|> 3.5 M - 25 M||0.07%|
|Other Customer Balances|
|Investment Savings Account||0.30%|
|Currency Passport Savings Accounts (CPSA)||0.30%|
|Special Investment Accounts||0.30%|
|Super Savings Accounts||0.27%|
|Kunooz Savings Account||0.10%|
|Child Savings Account||0.40%|
|STI Value Account Slab 1 (< 5 K) DH||0.00%|
|STI Value Account Slab 2 (>= 5 K & < 50 K) DH||0.15%|
|STI Value Account Slab 3 (>= 50 K & < 300 K) DH||0.20%|
|STI Value Account Slab 4 (>= 300 K) DH||0.30%|
|High Value Salary Account Slab 1 (< 5 K) DH||0.00%|
|High Value Salary Account Slab 2 (>= 5 K & < 50 K) DH||0.15%|
|High Value Salary Account Slab 3 (>= 50 K & < 300 K) DH||0.20%|
|High Value Salary Account Slab 4 (>= 300 K) DH||0.30%|
|High Value Salary Account Salary Transfer No Slabs||0.40%|
These rates are subject to change from time to time depending upon the bank’s discretion.
Fixed Deposit Accounts offered by Emirates Islamic Bank in the UAE
Emirates Islamic Bank offers fixed deposit accounts in the name of ‘Investment Term Deposits’. This profit-bearing investment product gives the investors a chance to build on their savings. The profit earned is generated and distributed from a common Murdaraba pool, a joint investment pool between depositors and shareholders. The account is available in USD and AED currency. The account offers a wide range of flexible tenures. The customers can access their accounts through internet banking and phone banking. Investment Term deposit offered by Emirates Islamic bank complies by the Shari’a rules.
Features and Benefits of Emirates Islamic Bank Fixed Deposit Account
Listed below are the features and benefits of Emirates Islamic Bank fixed deposit account.
- It is a term deposit account
- Offers flexible tenure options.
- Available in AED and USD currency.
- It is an offline request account.
- The account requires a minimum balance of AED 10,000.
- The account is available to individuals and minors.
- Joint account is available for this account.
- Available for business (sole proprietorships and partnerships).
- Available for expats.
- Profit is generated and distributed from a joint investment pool between the depositors and shareholders.
- Minimal documentation.
- Easy and quick processing.
- Withdrawal instructions for Investment Time Deposits can be given through ‘Request/FD’ instruction option.
- The customer can utilize online banking to manage the account.
Other products offered Emirates Islamic Bank, in the UAE are:
What is a fixed deposit account?
Regular Fixed Deposit
A regular fixed deposit account is an investment tool that allows the investor to build on their wealth by investing a lump sum amount of money for a definite period of time. The interest paid for a fixed deposit account depends on the amount invested and the period for which it is invested. The investor gets to choose the term for which they deposit the amount.
Islamic Fixed Deposit Account
An Islamic fixed deposit account is different from the regular fixed deposit account. With Islamic fixed deposits, the profits that the investors receive depends solely on the bank’s performance. Banks with Islamic fixed deposit schemes declare profits on a monthly basis as a part of their risk sharing plan. Islamic fixed deposits follow the Sharia rules.
About Emirates Islamic Bank
Emirates Islamic Bank is a subsidiary of Emirates NBD. It was launched in 2004. The bank was launched in order to deliver quality financial service based on Shari’a principles. The bank offers financial services and products to individuals and small business institutions. The bank prohibits interest and focuses on high-risk investments that offer higher returns. The shareholders and depositors share an equal amount of risk and rewards of financing business ventures. The bank utilizes Islamic Banking tools such as Murabaha, Ijarah and Takaful to provide the best Islamic banking experience to its customers. The bank offers various financial services and products including accounts, cards, business packages, corporate banking solutions, etc.