Fixed Deposit Account
It is a financial medium provided by financial institutions or banks to provide the account owner with a high interest rate up to the pre-set maturity date. The interest rate (profit rate) allowed on a fixed deposits account is higher than the savings account. These accounts typically have short-term maturities of up to a few days to a few years. Following this fixed-term investment, the account holder cannot withdraw his funds before the end of the term or maturity date. However, withdrawals can be allowed depending on the bank and subjected to significant fees. The fixed deposit account is defined as a frozen money block in one account, which is only open to the owner to withdraw at a specified time. The interest rate of the fixed block depends on market requirements, the size of the block, and the duration of its freeze.
Documents required opening a fixed deposit account
- The original tour passport is valid for at least three months.
- A valid visa for those arriving in the United Arab Emirates.
- A valid UAE working paper or identity as UAE citizens.
- Proof of the customer's address by disclosing a bank account, assistance invoice, salary lease, or salary transfer statement.
- The client must be the holder of a current account or savings account at CIB to qualify for the fixed deposit account.
Documents required opening an on-call deposit account
Opening an on-demand fixed deposit account requires the same documents as the previous fixed deposit account. Features of opening an on-demand deposit account at CIB UAE 1- A more significant financial profit than on-demand accounts with interest daily. 2- Access to funds also accounts without any bank fees. 3- Commercial Bank has set customers a balance of AED 50,000 or equivalent in the dollar and euro to start an on-demand deposit account.
Fixed deposit account opening specialties
- Minimum deposit of AED 10,000.
- Providing the customer to open multiple accounts in all significant money, such as UAE dirhams, US dollar, euro, including sterling.
- Providing guaranteed overdraft amenities is available up to 90%, subject to approval.
- Interest is paid monthly or annually.
- Individuals and companies are allowed to start fixed deposit accounts.
Open an on-call fixed deposit account.
This type of account allows customers to withdraw their bank financial deposits on request without warning, to facilitate non-cash payments by cheque.