Call Deposits
UAB Call Deposit Account provides competitive interest rates which is accumulated on a daily basis and paid by every month end. Flexibility to withdraw your funds with a minimum prior notice of 24-hours. Available to you in AED and all major currencies.
Fixed Deposits
UAB offers best funds investment opportunity, offering time deposits with highly competitive rates and flexible periods tailored to suit your needs and preferences. Time Deposits are available in AED and all major currencies.
Escalator
Escalator is a fixed term deposit for long-term duration with the interest payment on a six monthly basis. The interest rate progressively increases for each next interest period. This deposit scheme carries many additional features for the depositors, which are not available in conventional term deposits.
Longer the period, higher the reward!
Guaranteed Interest Rate*
- For validity and more information, please contact your branch
Benefits
- High returns assured for investors compared to conventional deposit products available on the market.
- Protection against falling interest rate scenario and any undesirable fluctuation in the interest rates market.
- Capital is protected at all times.
- Protection against falling interest rate scenario and any undesirable fluctuation in the interest rates market.
- No hidden surprises or fee on joining or early redemption (after six months), nor linked with any market instrument, capital is all time protected.
- Provide guaranteed rising interest rates during the life of the deposit.
- Currency: UAE Dirham
- Minimum Deposit Amount: AED 25,000
- Minimum Lock-in period : One year with freedom to chose maturity between one, two and three years
- Interest payment: Step-up / six monthly basis
- Early Redemption: Possible, with no penalty (1).
- Interest rate protection: against any unfavorable interest rates fluctuations
- Loan facility against deposit: Possible with minimum formalities (2).
(1) Redemption: Redemption of the deposits before maturity is subject to a notice of at least two (2) UAE business days in writing and no penalty if deposit is canceled on any interest payment date, otherwise applicable penalty will be one percent on the interest rate applied.
(2) Loan / OD Facility: Possible up to 90% of the Deposit amount. In case of loan at an interest rate 2% p.a. over prevailing six months EBOR rate OR deposit rate (whichever is higher) and in case of Overdraft 3% over EBOR rate or Deposit rate (whichever is higher), secured against lien on the underlying deposit.
Eligibility
- Any U.A.E resident individuals. Available for non-residents under some conditions.
- Minimum age to open such account is 21 years old.
How to apply?
To open such Deposit, please visit your nearest UAB branch with:
- Your original passport.
- Escalator offer letter to be signed at the branch by the customer.
Frequently Asked Questions
Q.1 Can I cancel the deposit at any time and without penalty?
Yes, deposit amount booked under Escalator can be redeemed in full or partial amount (provided the remaining amount should not be less than required minimum deposit amount) with five UAE business days notice in writing. There will be no penalty if deposit is redeemed on any six monthly interest payment date.
Q.2 Can I cancel and invest subsequently in this product again?
Yes as Q.1, You can cancel any time, but to reinvest in the product would be subject to prevailing market rates at that time.
Q.3 If I need money for short term requirement but would like to continue this product, what is the solution?
UAB provides customer loan (up to 90% of the deposit amount) against this product at a very attractive price to meet any short-term cash flow requirement.
Q.4 If I have funds lower than the minimum deposit amount, what other products is the Bank offering?
Please don’t hesitate to contact us, to find out other attractive deposit products for smaller amounts.
Q.5 Is it possible to have this product in other currencies?
Yes, we can structure similar product in other major currencies and with various maturities.
Dual Currency Deposit - DCD
A Dual Currency Deposit combines a normal term deposit with a currency option to provide a higher yield than that available for a standard deposit. In DCD a fixed deposit carries an embedded FX option for the alternate currency of client’s choice. Since DCD has an embedded option written by the client, it carries more risk than a normal deposit but with a higher reward. DCD prices are quoted on request for various tenors and in all major currencies.
Flexi Term Deposit
Flexi Term Deposit is fixed deposit for one year duration with step-up interest rates and interest is paid on monthly basis. This deposit scheme carries many additional features for the depositors, which are not available in conventional term deposits.
Characteristics
- Minimum deposit amount: AED 100,000
- Maximum deposit amount: AED 3,000,000
- Interest rate / payment: Step-up on monthly basis(1)
- Redemption: possible, with no penalty(2)
- Interest rate protection: against any unfavorable interest rates fluctuations
- Loan facility against deposit: possible with minimum formalities (3)
Guaranteed step-up interest Rates **:
| Interest Period |
Interest Rates (Per Annum) |
Interest Period |
Interest Rates (Per Annum) |
| 1st month |
1.85% |
7th month |
2.75% |
| 2nd month |
2.00% |
8th month |
3.00% |
| 3rd month |
2.10% |
9th month |
3.25% |
| 4th month |
2.25% |
10th month |
3.50% |
| 5th month |
2.40% |
11th month |
3.75% |
| 6th month |
2.55% |
12th month |
4.00% |
**Series-1- Rates are available for deposit made during the offering period from 16th - 31st July 2010.
Benefits
- High returns assured for investors compared to conventional deposit products available on the market.
- Protection against falling interest rate scenario and any undesirable fluctuation in the interest rates market.
- No hidden surprises or fee on joining or early redemption on monthly interest payment dates, nor linked with any market instrument, capital is all time protected.
- Provide guaranteed rising interest rates during the life of the deposit.
- Currency : UAE Dirham
Eligibility
- Any U.A.E. resident individuals. Available for non-residents under some conditions.
- Minimum age to open such account is 21 years old.
How to apply
To open such deposit, please visit any UAB branch with :-
- Original passport.
- Flexi deposit offer letter to be signed by the customer.
Terms & Conditions:-
(1) Monthly Interest payment- Accrued Interest will be credited in the current account on each monthly interest payment date as per the above table.
(2) Redemption: Early redemption of the deposits is subject to a notice of at least two (2) UAE business days in writing and no penalty if deposit is canceled on any monthly interest payment date, otherwise, one percent penalty on the interest rate applied.
(3) Loan or OD Facility: up to 90% of the Deposit amount at an interest rate 2% p.a. over prevailing three months EBOR or 2% spread over deposit rate (whichever is higher) in case of loan and 3% p.a. over prevailing three months EBOR or 3% spread over deposit rate (whichever is higher) in case of Overdraft, secured against lien on the underlying deposit.
(4) Final Maturity:-Flexi-deposit amount will be credited in the customer’s current account on the final maturity date.
(5) Switching of amount from the existing fixed deposit (before its maturity) is not allowed to join the Flexi-deposit scheme.
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