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Frequently Asked Questions

Term Investment Deposit

Term Investment Deposit is a term deposit placed with the bank by a customer for a fixed period that is usually one month, three months, six months or one year.

You can open a Term Investment Deposit in AED, USD and GBP currencies. Euro and other currencies are available on special request and subject to the Bank’s approval.

Minimum amounts are AED 25,000, USD 10,000 or GBP 10,000..

No, a cheque book and Debit Card cannot be issued on a Term Investment Deposit.

Both resident and non-resident individuals and companies are eligible to open a Term Investment Deposit

No, statements are not issued on a Term Investment Deposit. You will be issued with a confirmation receipt, which will be sent to your mailing address. A similar confirmation will also be posted to you if you choose to rollover your Term Investment Deposit on maturity

There are no ledger fees on a term deposit. However, AED 25000/- is required to place a Term Investment Deposit.

Profit paying Term Investment Deposit product is managed under the Islamic principle of “Mudaraba”. Under the concept, depositors are eligible for a profit payout which will differ based on amount slabs under each tenure. Profit is calculated based on the term and amount of the investment on a quarterly basis and credited into customer’s settlement account

Only full redemption is available - no partial redemption is allowed. The profit rate for the early redeemed deposit will be calculated as per the broken profit rate of the respective period for which the deposit was placed with the Bank. For further details contact RAKdirect services on 04 213 0000.

On deposit maturity, customers have the following options:

  • To credit proceeds back to his existing bank account.
  • Rollover the deposit for a similar period.