Time deposits, as they’re referred to in the United States of America, are an increasingly popular investment opportunity. Also known as ‘term’ deposits, ‘bonds’ or ‘fixed deposits, they are relatively low risk investments that provide an attractive rate of interest, in return for leaving your money in the bank vaults for a particular fixed period of time. As to which bank in Dubai gives the greatest interest rate? It can vary, as it would depend on a number of key factors, such as how much you’re intending to deposit and how long you intend to leave it there?
According to the Citibank official website, they are offering five per cent return on initial time deposits of at least 1,000 Emirati Dirham (AED) and a maximum ceiling of no more than 7.5 M Dirhams, although they suggest that higher rates of interest may be available to clients who deposit a minimum of 40,000 AED (10,000 USD). HSBC bank are currently offering one year term deposits at a rate of 3.5 per cent for a minimum deposit of 10,000 AED or 5,000 if depositing in a foreign currency such as Euros, Pounds Sterling or US Dollars. Emirates NBD offer a two per cent rate starting at 10,000 AED from a year to 24 months, while ADCB and Emirates Islamic Bank offer tailored packages starting at just a seven day minimum with ADCB and three-month minimum with Emirates Islamic Bank. For the most part many of the banks will be prepared to discuss tailored packages to suit your own personal needs. The bottom line is simply that more money you deposit and the longer you leave it, the more leverage you will have when deciding which bank to invest with. It should be made aware that some banks will charge a penalty fee for early withdrawal, while some will allow withdrawal in emergencies without any cost incurred, so shop around because the better interest rate isn’t always the best option.
According to the Citibank official website, they are offering five per cent return on initial time deposits of at least 1,000 Emirati Dirham (AED) and a maximum ceiling of no more than 7.5 M Dirhams, although they suggest that higher rates of interest may be available to clients who deposit a minimum of 40,000 AED (10,000 USD). HSBC bank are currently offering one year term deposits at a rate of 3.5 per cent for a minimum deposit of 10,000 AED or 5,000 if depositing in a foreign currency such as Euros, Pounds Sterling or US Dollars. Emirates NBD offer a two per cent rate starting at 10,000 AED from a year to 24 months, while ADCB and Emirates Islamic Bank offer tailored packages starting at just a seven day minimum with ADCB and three-month minimum with Emirates Islamic Bank. For the most part many of the banks will be prepared to discuss tailored packages to suit your own personal needs. The bottom line is simply that more money you deposit and the longer you leave it, the more leverage you will have when deciding which bank to invest with. It should be made aware that some banks will charge a penalty fee for early withdrawal, while some will allow withdrawal in emergencies without any cost incurred, so shop around because the better interest rate isn’t always the best option.
