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Fawrun Term Deposit
Why wait for the things you really want? Get your profit upfront and enjoy your returns right away**.
Now you don’t have to wait for long periods to enjoy your returns. Unlike other fixed deposits, profit is paid when you make the deposit, not at maturity. So, whatever you want from life, you can enjoy it right away.
*Structured Deposit on Murabaha Contract Basis.
**RAKislamic will purchase Sharia Compliant Commodities from you on Murabaha basis and pay the profit upfront and the capital on Maturity
Features
- Know your profit at the time of deposit placement
- Receive profit on deposit placement
- Choose from flexible tenors between 1 month to 36 Months
- Minimum Deposit of AED 100,000 or USD 25,000
- SMS notification on deposit placement and profit payment
The Fawrun Term Deposit is completely Sharia compliant. Why wait? Open your Fawrun Term Deposit, today.
Open your Fawrun Term Deposit, today!
Click the Apply button, Call 600 54 0044 or SMS "Fawrun" to 7011
Profit Rates Fawrun Term Deposit – AED*
Rates effective from 10th April 2022:
| Amount | >=1Months to < 3 Months | >=3 Months to <6 Months | >= 6 Months to <12 Months | >= 12 Months to <18 Months | >= 18 Months to <24 Months | 2 Years | 3 Years |
|---|---|---|---|---|---|---|---|
| >=100K to <500K | 0.10% | 0.15% | 0.25% | 1.25% | 1.25% | 2.00% | 2.10% |
| >=500K to <1Mio | 0.15% | 0.20% | 0.35% | 1.25% | 1.25% | 2.00% | 2.10% |
| >=1Mio to <5Mio | 0.15% | 0.20% | 0.35% | 1.25% | 1.50% | 2.00% | 2.10% |
| >=5Mio up to 10Mio | 0.20% | 0.30% | 0.45% | 1.25% | 1.50% | 2.00% | 2.10% |
Profit Rates Fawrun Term Deposit – USD*
Rates effective from 10th April 2022 :
| Amount | >=1Months to < 3 Months | >=3 Months to <6 Months | >= 6 Months to <12 Months | >= 12 Months to <18 Months | >= 18 Months to <24 Months | 2 Years | 3 Years |
|---|---|---|---|---|---|---|---|
| >= 25K to <200K | 0.03% | 0.05% | 0.10% | 1.25% | 1.25% | 2.00% | 2.10% |
| >=200K to <600K | 0.05% | 0.10% | 0.15% | 1.25% | 1.25% | 2.00% | 2.10% |
| >=600K to <1.5 Mio | 0.05% | 0.10% | 0.15% | 1.25% | 1.50% | 2.00% | 2.10% |
| >=1.5Mio up to 2.72 Mio | 0.10% | 0.15% | 0.20% | 1.25% | 1.50% | 2.00% | 2.10% |
Note: Takaful cover is not offered on Fawrun Deposit.
*For Deposit amounts below AED 100K and USD 25K and tenor below 1 Month, applicable profit rate is 0%.
For Deposit amounts in excess of AED 10 Mio or USD 2.72 Mio, please contact your Relationship Manager or visit any RAKBANK branch. Applicable for New and Existing Deposits placed with instruction of renewing the deposit for a similar period.
Risks & Limitations
- Minimum deposit amount to be maintained is AED100,000 or USD 27,000.
- Minimum tenor for deposits in the account is one month.
- In order to place deposits in the account, the customer must have an active transactional account.
- For early redemption/ pre-mature closure, the Bank will:
- Calculate the remaining period agreed up to maturity, and debit the profit applicable for that period from the deposit amount prior to upliftment.
- At the time of any Prepayment Request, 1% rebate of Murabaha Profit (related to the relevant Murabaha Contract) is applicable to a Deferred Payment Price and is to be prepaid pursuant to a Prepayment Request.
Customer Obligations
You are required to:
- Review this document and all other terms & conditions set out in the application form in detail;
- Regularly check our website www.rakbank.ae for updates;
- Notify the Bank in writing if there is a change in your employment or income details, contact details, residential status, identification details, financial details or any other material information as declared in the application form; and
- Always safeguard sensitive banking details such as account number, cheque book, debit card, login ID, passwords, pin number etc.
Key Terms & Conditions
- The Bank may amend the features, fees, charges, terms & conditions of the Account on 60 days’ notice to you in advance.
- The Bank may amend the profit rates of the Account on 30 days’ notice to you in advance.
Warnings
- If the linked transaction account balance is not sufficient to settle outstanding dues, these will be recovered as and when such deposit account is funded or alternatively from any other account held by you with the Bank.
- The Bank may close the Account if KYC or identification documents are not updated regularly, or if required as internal policies or upon request from regulatory / judiciary entities.
