Frequently Asked Questions

A Recurring Deposit is a saving plan which allows customer to invest a small amount periodically with an assured return at the end of the tenor. 

A Recurring Deposit can be opened only by existing individual account holders. You will need to hold a transaction account, Current or Savings, after which you can place a request to open a Recurring Deposit through our Digital Banking application or at any of our branches. You may call our 24X7 contact centre on 04 2130000 to place a request for a call back if you are interested to open an account and you will receive a call within 1 working day.

Recurring Deposit is available to all existing individual account holders and it can be opened via Digital Banking or visiting any of our branches. You will need to hold a transaction account, Current or Savings, after which you can place a request to open a Recurring Deposit. You may call our 24X7 contact centre on 04 2130000 to place a request for a call back if you are interested to open an account and you will receive a call within 1 working day.

The Recurring Deposit will be automatically closed on maturity date and the closure proceeds (principle and interest) will be credited to the linked transactional account. 

Yes, you can redeem the Recurring Deposit before end of term. However, the applicable interest rate for premature closure will be lower / NIL as per our published Service & Price guide.

No penalty will be charged for missing an installment and you can make your payments and make up for the missing payments at any time. However, please note that interest will be accrued from the date of depositing the amounts to the Recurring Deposit account.

You can make contributions from a minimum of AED 350 up to a maximum amount of AED 10,000 per month. 

Yes, you will receive a receipt for your recurring deposit payment on your registered email ID if you have signed for e statements or otherwise to your postal address as per the bank’s records. 

In addition, you will also receive a quarterly statement for your Recurring Deposit account on your registered email or physical mailing address. 

You can open a Recurring Deposit with a tenor from 1 year up to 5 years.

We regret that a nomination facility is not available and all proceeds will be credited to the funding transactional account. 

Yes, you can change the funding account for the Recurring Deposit by visiting any of our branches. 

Interest will be accrued as per daily balances at end of day and compounded annually. Interest accrual will start from Recurring Deposit date or from the date of 1st monthly contribution amount debited from a funding account whichever is later.

You can visit any of our branches to pay the missed installment amount. 

The frequency of Recurring Deposit Statement is quarterly 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.

Yes, you can call phone banking and place a request to resend your Recurring Deposit 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. 

Monthly Contribution amount will be deducted from your account immediately and will be treated as the first month installment. All subsequent monthly installments will be collected on the Recurring Deposit date selected by you at the time of Recurring deposit request.