Emirates NBD, a leading bank in the region, announced today the launch of Monthly Interest Payout Fixed Deposit - an innovative fixed deposit scheme that enables customers to sign up for a fixed deposit and obtain interest payouts on a monthly basis, rather than having to wait for the maturity of the deposit.
“Customer convenience and satisfaction are driving factors at Emirates NBD, as we work across various segments to provide clients with value-added solutions that meet their financial requirements,” said Mr. Jamal Bin Ghalaita, Group Deputy CEO, Emirates NBD. “The new initiative addresses the cash-flow problem normally associated with term deposits, providing increased flexibility and convenience to clients.”
The Monthly Interest Payout Fixed Deposit, which requires a minimum deposit amount of AED 10,000 or its equivalent, is available in various currencies, including the UAE dirham, US dollar, the British pound and the euro. Deposits must be for a minimum tenor of three months, while the maximum term can extend to a period of three years.
“Fixed deposits encourage and facilitate the habit of saving, but clients often hesitate to participate in such schemes because of the inconvenience of their funds being inaccessible for the period,” said Mr. Jamal Bin Ghalaita. “With this new and innovative Monthly Interest Payout Fixed Deposit, customers do not have to wait until the maturity of the deposit to receive the interest accrued.”
The bank has also devised special promotional rates, which will be available for amounts equivalent or greater than AED 100,000. More information on the product is available at any Emirates NBD branch.
