United Arab Bank FD:
United Arab Bank (UAB) is a leading bank in based in Sharjah and has 20 branches all over the UAE serving the customers. The bank offers both commercial and retail banking solutions to its customers out of which Fixed Deposit is one. UAB has several fixed deposit schemes offering higher rate of return, added features and benefits and flexibility.
United Arab Bank Fixed Deposits: Benefits & features
UAB FDs, which come in regular FD, Dual Currency Deposits, USD and AED floater and Escalator options, offer several features and benefits to their customers. Let’s take a glance at them:
- A high rate of returns for depositors for their savings
- Tenures can be from 1 month to 3 years
- UAB offers both fixed and variable rates
- Flexibility of withdrawals at any time
- Early withdrawals do not attract penalties
- Facility of loan/overdraft
- FDs may be opened for AED 10,000 onwards in major currencies such as AED, USD, GBP, Euro
- EIBOR linked interest rates offered on floater deposits
Types of UAB Fixed Deposits:
United Arab Bank offers following types of deposit accounts in UAE:
Dual Currency Deposits (DCD)
UAB also offers its customers the option of a Dual Currency Deposit. In this deposit, a normal term deposit is aired with an alternate currency option. Such a deposit can provide better returns than a standard fixed deposit. Another forex stays embedded in DCD deposit and the customer can choose this alternate currency. This carries a higher risk but offers better returns. UAB branches carry the rate chart for various tenors and currencies for DCD.
UAB also offer a type of fixed deposits known as floater AED deposit which offer a higher return compared to regular deposits. The currency of offering is AED. UAB allows personal floater deposits to be opened at AED 200,000 and a commercial one with AED 2,500,000. These deposits have a minimum tenor of at least a year, going up to 3 years on annual basis. What is key about this deposit is that it protects a minimum quarterly interest, the depositor can be spared losses in case the interest rate falls or if there is any unfavorable fluctuations in market. These interest rates are linked to EIBOR rate, and in case EIBOR rises, the depositor stands to gain. Early redemptions are allowed.
For those customers who think US Dollars can help their FD grow faster, UAB also offer a type of fixed deposits known as floater USD deposit which offer a higher return compared to regular deposits. The currency of offering is AED. UAB allows personal floater deposits to be opened at USD 50,000 and a commercial one with USD 500,000. These deposits have a minimum tenor of at least a year, going up to 3 years on annual basis. What is key about this deposit is that it protects a minimum quarterly interest, the depositor can be spared losses in case the interest rate falls or if there is any unfavourable fluctuations in market. These interest rates are linked to LIBOR rate, and in case LIBOR rises, the depositor stands to gain. Early redemptions are allowed.
Escalator Fixed Deposits
UAB also offers Escalator deposits in AED where the minimum deposit is AED 25,000. These have a tenor of one to three years on annual basis. Interest rates can be on step up or six monthly basis. That means if the deposit earns 1.00% p.a. for first six months, the interest rate will rise by 0.25% in the next six months and so on. Early redemption is free of charges or with nominal penalty. Here are a few other points about Escalator deposits:
- Step-up interest Rates (% Per Annum) are guaranteed
- Interest rate protection
- A great way for corporate treasurer to manage cash
United Arab Bank Fixed Deposit: Eligibility criteria
UAB fixed deposits can be opened by any UAE resident over 21 years old or a company subject to their fulfilling certain terms and conditions.
About United Arab Bank
United Arab Bank, P.J.S.C. (UAB) incorporated 40 years ago, as a joint venture between Société Générale (SG) of France and diverse UAE investors. The bank provides an array of banking services to customers and corporates in UAE.
In the first quarter of 2015, the bank’s operating profit rose by 10% to AED 246 million. UAB’s net profit stayed stable at AED 161 million while its total assets were up by 12% to AED 26.5 billion.
Other products offered by United Arab Bank are: