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Frequently Asked Questions
1. What are the main features of Flexi Fixed Deposit?
A Flexi Fixed Deposit is a special kind of deposit which is a combination of demand deposit and a Fixed Deposit. The depositor is able to enjoy liquidity of Current Accounts as well as the returns of Fixed Deposits.
2. Is Flexi Fixed Deposit available to customers who do not hold an Account with the bank?
A Flexi Fixed Deposit can be opened only by existing individual Current Account holders.
3. How can I open a Flexi Fixed Deposit?
Flexi Fixed Deposit can be opened via Digital Banking or visiting any of our branches. You will need to hold a Current Account, through which you can place a request to open Flexi Fixed Deposit.
4. What are the Sweep In & Sweep out Limit?
| Flexi Fixed Deposit | Sweep Out Limit | Sweep In Limit |
|---|---|---|
| Normal | AED 10,000/- | AED 3,000/- |
| RAKselect | AED 50,000/- | AED 3,000/- |
| RAKelite | AED 100,000/- | AED 3,000/- |
5. How will the Flexi Fixed Deposit get created on my Account?
- Any available balance in dominations of AED 1,000/- in the Current Account in excess to Sweep Out Limit value gets swept out to create Flexi Fixed Deposit
- Every sweep out creates a new Flexi Fixed Deposit
- Sweep out will be scheduled once every month
Sweep Out Limit can be increased by the customer by submitting a request at the Branch.
6. How will funds be available for withdrawals and Account debits?
- If customer debit to Account reduces balance more than the sweep in threshold then a Flexi Fixed Deposit is broken to service the debit request.
- Flexi Fixed Deposit are broken in multiples of AED 1,000 and remaining amount keeps earning interest at the pre-defined rate.
7. What is the tenor set for Flexi Fixed Deposits & is there a penalty for early upliftment?
All Flexi Fixed Deposits are opened with a tenor of 1 year with auto rollover. In case of early upliftment of Flexi Fixed Deposit the Premature Closure rates will be applied on a pro-rata basis.
8. Will I get a receipt for my Flexi Fixed Deposit?
There is no separate receipt for the Flexi Fixed Deposit. Details of the deposits will be included in the Current Account statement.
9. How is interested calculated on the Flexi Fixed Deposit?
Interest will be accrued as per daily balances and pay-out will be at Maturity to the linked current account.
10. What is the frequency of Statement for Flexi Fixed Deposit?
The details of the Flexi Fixed Deposit will appear on your Current Account statement and you will receive it on your registered email ID if you have signed for e-statements or otherwise to your postal address as per the bank’s records.